The food and beverage sector in Singapore enjoys numerous government-backed incentives aimed at promoting industry growth to meet market demands.
Here is 8 steps to set up an F & B business in Singapore, including:
- Competitive Analysis and Strategy:
To excel in the competitive F&B industry, conduct a thorough analysis of your competitors and identify areas they can improve. Implement these insights to outperform them and distinguish your business.
- Financial Planning:
Create a precise budget to determine the capital required for your F&B venture. Account for expenses like renovations, equipment, rentals, manpower, and establish a financial safety net to avoid running out of funds during the project.
- Business Name Registration:
Choose a unique name for your F&B business and register it with the Accounting and Corporate Regulatory Authority (ACRA) before proceeding with incorporation.
- Appoint Company Officers:
Hire corporate company officers to manage legal paperwork and annual filings, ensuring compliance with local regulations.
- Select Location:
Carefully choose a physical or e-store location based on your target market. Work with real estate agents to find the ideal space and consider factors like tenancy agreements and storage.
- Business Incorporation:
Register your company with ACRA through www.bizfile.gov.sg, following the relevant SSIC descriptions for the F&B sector. Choose the appropriate business structure (e.g., private limited company) and complete the registration process.
- Human Resource Recruitment:
Use job sites or F&B industry-related platforms to hire kitchen staff. Determine the foreign worker quota if hiring non-locals and ensure compliance with MOM regulations.
- Obtain Licenses:
Depending on your F&B concept (restaurant, caterer, café, bar), apply for the necessary permits and licenses, keeping in mind any specific requirements or restrictions at your chosen establishment.