Singapore has one of the most quickly developed entertainment industries in the world, which grew by up to 150 per cent in a few years. This industry involves a wide range of businesses that play an essential role in the daily lives of the people.
From nightclubs, bars, and cinemas to a theme park, there are great opportunities to manage a successful business within the entertainment industry in the country. This comprehensive guide will show you the necessary steps on how to start an entertainment business in Singapore.
Find the Right Location
The first thing you need to do is to find an appropriate premise to set up your company. Entertainment companies often set up commercial locations in high-traffic areas to attract customers, but some forms of entertainment companies, such as theme parks and spectator sports often choose locations based on the lot size.
Every premise used for commercial purposes should meet fire safety measures and building codes. If you need to renovate the whole structure, it is compulsory to acquire the necessary permit from the Urban Redevelopment Board of Singapore.
Depending on the form of entertainment or recreation that you are going to offer, the facility might have strict guidelines concerning the layout and design. After completing the building works, you need to acquire the following two permits from the Urban Redevelopment Board: the Permit of Temporary Occupation and the Statutory Completion Certificate.
Open an Entertainment Company (Singapore)
After choosing and setting up your premise, it’s time to start the incorporation of your company with the Singapore Accounting and Corporate Regulatory Authority (ACRA). There are three main options to consider, including private limited, partnership, and sole proprietorship. This process could be done easily and quickly on BizFile+.
The following documents should be submitted during the incorporation process:
- Your company’s name – make sure the name does not have any restricted word or is similar to an existing business in Singapore. This will ensure that your incorporation process would be faster and smoother without any delays.
- Detail of your company activities, including offered services, schedules for each activities, and additional activities inside the premise
- The details of the shareholders and directors of the company
- The registered address of the business
- Business structure, including the exact number of employees and details of each department of the business
Acquire the Right Permits and Licenses
Every entertainment business must acquire the right licenses and permits before operating fully. The first one is the License of Public Entertainment from the Police Force of Singapore and the License of Copyright from the Composers and Authors Society of Singapore, which allows your company to play recorded and copyrighted music for commercial purposes.
Depending on specific services and activities that your business wants to offer, there will also be other licenses or permits to acquire. If you want to serve drinks and food on the premises, then it is compulsory to acquire the License of Restaurant.
To organise and conduct ad-hoc public entertainment, the License of Public Entertainment Ad-Hoc is necessary, regardless of whether these events offer paid admission or free. Keep in mind to do your research and know which licenses or permits to acquire before your business starts operating. This is important to avoid any legal issues in the future.
Market Your Entertainment Company
In the entertainment industry, reputation is key to success. The media industry is highly competitive, and there will be multiple companies like yours rivalling for the same target audience. Thus, it is important to plan and implement effective marketing strategies to attract as many customers and clients as possible. Basically, there are two main methods to achieve this:
Just like other businesses, networking plays an essential role in the success of your entertainment business. Thus, it is important to attend major industry events and familiarise yourself with important players in the entertainment industry in order to acquire helpful contacts. This can be time-consuming and challenging, but it would pay off in the long run.
In this multifaceted industry, it is essential to establish your own set of connections in various aspects within the business. For instance, having connections to makeup artists and choreographers will open new networks for similar departments, which will help you find suitable partners to work with.
Social media is undoubtedly one of the best and most affordable ways to spread the buzzword. That’s why most entertainment businesses choose these platforms to market their services, particularly in early stages when they don’t have enough money for advertising. High-quality content and creative campaigns are key to having successful social media strategies.
Social media is also an inexpensive way to market your business. However, the challenge for social media marketing is standing out from the rest of the competition. If your marketing campaigns blend into the thousands of posts and ads seen by users each day, then you may not see social media as an effective tool. Likewise, if you reach out to the wrong target market, then your social media campaigns may not attract customers to your company.
Set Up with WealthBridge
The entertainment industry is not just about movies and feature films, but it refers to any activity that holds the attention of an audience. There are multiple types of entertainment companies that are part of this industry, and we at WealthBridge have years of experience incorporating, opening, and setting up various companies.
Make us your partner in establishing your company, and make business management more convenient for you!