Why Set Up Your Pharmaceutical Company in Singapore?
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Well-established infrastructure
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Strong intellectual property protection
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Supportive regulatory environment
The above factors make Singapore an attractive location for pharmaceutical manufacturing, research and development.
Some prominent pharmaceutical companies who have operations in Singapore include Pfizer, Bayer and AstraZeneca. These companies contribute significantly to Singapore’s pharmaceutical and healthcare sectors and cement Singapore’s place as a key player in the global pharmaceutical industry.
Step-by-Step Guide to Setting up a
Pharmaceutical Company in Singapore
Step 1: Define the legal structure of the company
- Choose a business entity which suits your operations – options include Private Limited Companies (Pte Ltd), Branch Office or Representative Office.
- Register your company with the Accounting and Corporate Regulatory Authority (ACRA). Registration includes choosing a company name, appointing directors and providing a registered office address.
Step 2: Obtain the necessary licensing and regulatory approvals
- Pharmaceutical companies must comply with the regulatory requirements set by the Health Sciences Authority (HSA) in order to ensure the safety, efficiency and quality of pharmaceutical products. They are also required to obtain the necessary licenses.
Step 3: Ensure compliance with local and international standards and adhere to corporate and taxation requirements
- Your company should comply with Pharmaceutical Good Manufacturing Practices (GMP) as well as Singapore’s corporate governance regulations, including the appointment of key roles such as company secretaries and directors.
- You should register the company with the Inland Revenue Authority of Singapore (IRAS) for taxation purposes and register for GST with IRAS if you meet the criteria.
Step 4: Employ staff for your company
If you plan to hire foreign employees, you will need to apply for the necessary work passes for them (eg Employment Pass, S Pass etc) depending on the employees’ qualifications.
Setting up a pharmaceutical company in Singapore is no easy feat – companies looking to venture into the pharmaceutical industry should be prepared to put in extra attention to adhering to Singapore’s strict regulations.
ScAilable is here to help you by streamlining these tedious processes and keeping an eye out for your business, ensuring that your business maintains compliance with local laws. With ScAilable’s help, you’ll be able to make full use of Singapore’s favourable business environment and bring your business to greater heights.