How to Start a Food Stall Business in Singapore
Singapore is one of the best countries if you are looking forward to establishing a profitable restaurant business.
In fact, there are some people from all over the world who are planning to start a food business in Singapore.
Though Singapore is one of the best places to start your food business, it is important for you to know the facts before you plan about it.
Legalize Your Business
The first thing you need to do is to incorporate your own business. There are different food stall businesses you can try in Singapore. There are different registration processes and requirements you need to follow if you want to open your business in this place. Usually, you need to secure food stall license and other permits. By legalizing your business, there are no legal concerns you need to worry about in the future. Of course, this entails financial requirements as part of the processing. Therefore, you should be prepared for this matter. The amount needed is based on case to case.
Choose the Best Location
Finding the location for your business is also important. There are so many promising places in Singapore to choose from. As much possible, you need to select the location before you apply for a business permit. Depending on the type of business you want, see to it that it is accessible for your target customers. Aside from that, you should establish your business in a place where there are no other similar businesses that operates. Keep in mind that location is one of the vital aspects you need to consider in order for your business to succeed.
Now that you are done with the licensing and on the selection of location, you need to look for employees who will work for you. Take note that Singapore allows you to hire employees from other countries. This is especially applied for foreign entrepreneurs who want to try their luck in the country. Of course, you can still hire people from the country if you want to. Just make sure that the staff you want to hire is dedicated, hard working and can help you grow your business. You can do the screening process by your own to choose the best employees.
Lastly, you need to have your business registered to GST or Goods and Services Tax. Keep in mind that all restaurants that are capable of earning more than $1 million are required to register in Goods and Services Tax. The amount of tax that will be deducted from your profits is about 7% of the total profit you earn. This is usually being paid annually straight to those taxation authorities. This is usually processed in the Inland Revenue Authority in Singapore. So to avoid any possible legal implications in the future, consider this tip.