Setting up a Ride Hail Service Company
To set up a ride-hailing service company in Singapore, you will need to:
1. Register your company with the Accounting and Corporate Regulatory Authority (ACRA). You can do this online.
2. Apply for a Ride-Hail Service Operator Licence (RSOL) from the Land Transport Authority (LTA). To be eligible for an RSOL, you must meet the following criteria:
Have a paid-up share capital of at least SGD $100,000
Have a representative in Singapore who is a Singapore citizen, permanent resident, or Employment Pass holder
Have a good track record of compliance with the law
3. Develop a ride-hailing platform. This is the software that will connect riders with drivers. You can either develop your own platform or outsource this task to a third-party company.
4. Recruit drivers. Your drivers must be at least 21 years old and have a valid Singapore driving licence. They must also have a good track record of driving safety.
5. Market and launch your service. Once you have everything in place, you can start marketing and launching your service to riders and drivers.
Here are some additional tips for setting up a ride-hailing service company in Singapore:
Focus on a niche market. This could be a specific type of vehicle, or customer segment. By focusing on a niche market, you can differentiate yourself from your competitors and build a loyal customer base.
Invest in technology. A reliable and user-friendly ride-hailing platform is essential for success. You should also invest in other technologies, such as GPS tracking and fraud prevention systems.
Provide excellent customer service. This is key to building a strong reputation and attracting repeat customers. Make sure that your drivers are professional and courteous, and that your customer support team is responsive and helpful.
The ride-hailing market in Singapore is competitive, but there is still room for new entrants. By following the steps above, you can increase your chances of success.
Application for Ride-Hail Service Operator Licence (RSOL)
Under the Act, any person intending to provide a ride-hail service must be authorised to do so by a Class 1 Ride-Hail Service Licence unless authorised to do as an exempt ride-hail service operator.
To apply for a Ride-Hail Service Operator Licence (RSOL) in Singapore, you must first meet the following eligibility criteria:
Have a paid-up share capital of at least SGD $100,000
Have a representative in Singapore who is a Singapore citizen, permanent resident, or Employment Pass holder
Have a good track record of compliance with the law
You can then submit your application to the Land Transport Authority (LTA) email and by mail. The application form can be downloaded from the LTA's website.
In addition to the application form, you will also need to submit the following supporting documents:
A copy of your company's Certificate of Incorporation
A copy of your company's Constitution
A copy of your company's latest audited financial statements
A copy of your company's business plan
A copy of your company's insurance policy
A copy of your company's security plan
A copy of your company's driver recruitment and training plan
Once you have submitted your application, the LTA will review it and may contact you for additional information. If your application is approved, you will be granted an RSOL for a period of three years.
Here are some tips for preparing your application for a RSOL:
Ensure that your application form is complete and accurate.
Gather all of the required supporting documents in advance.
Proofread your application carefully before submitting it.
If you have any questions, contact Bestar for assistance.
Here are some additional tips for increasing your chances of success:
Make sure that your business plan is well-written and comprehensive.
Highlight your company's strengths and competitive advantages.
Demonstrate that your company has a good understanding of the Singaporean market and the regulatory environment.
Show that your company is committed to safety and compliance.
Why Singapore
There are several reasons why Singapore is a good place to set up a ride-hailing service company:
Large and growing population: Singapore has a population of over 5.7 million people, and the population is expected to continue to grow in the coming years. This provides a large and growing market for ride-hailing services.
High smartphone penetration: Singapore has one of the highest smartphone penetration rates in the world, at over 80%. This means that a large majority of the population has access to ride-hailing apps.
Supportive government: The Singapore government is supportive of the ride-hailing industry. It has introduced a number of regulations to promote fair competition and protect the safety of riders and drivers.
Good infrastructure: Singapore has a good transportation infrastructure, with a network of roads, expressways, and public transportation options. This makes it easy for ride-hailing drivers to get around and serve riders.
In addition to these general factors, there are a number of other reasons why Singapore is a good place to set up a ride-hailing service company, such as:
High disposable incomes: Singaporeans have a high disposable income, which means that they are willing to spend money on ride-hailing services.
Strong tourism industry: Singapore is a popular tourist destination, and tourists are often willing to use ride-hailing services to get around.
Tech-savvy population: Singaporeans are very tech-savvy, and they are quick to adopt new technologies. This means that they are likely to be receptive to ride-hailing services.
Of course, there are also some challenges to setting up a ride-hailing service company in Singapore. The market is competitive, and there are a number of established players. However, the factors listed above make Singapore a good place to start a ride-hailing service company.
Application Fee
Applicants must pay a non-refundable application fee of Singapore Dollars $2,500.
How Bestar can Help
Bestar can help you set up a ride-hailing service company in Singapore in a number of ways:
Company incorporation: Bestar can help you incorporate your company with the Accounting and Corporate Regulatory Authority (ACRA).
License application: Bestar can help you apply for a Ride-Hail Service Operator Licence (RSOL) from the Land Transport Authority (LTA).
Driver recruitment: Bestar can help you recruit drivers who meet the LTA's requirements.
In addition to these services, Bestar can also provide you with advice and guidance on other aspects of setting up and running a ride-hailing service company, such as:
Compliance with regulations: Bestar can help you ensure that your company complies with all applicable regulations.
Financial management: Bestar can help you set up and manage your company's finances.
Human resources: Bestar can help you manage your company's human resources, such as hiring, training, and payroll.
By working with Bestar, you can save time and hassle, and increase your chances of success in setting up a ride-hailing service company in Singapore.
Here are some additional benefits of working with Bestar:
Experience and expertise: Bestar has extensive experience in helping companies to set up and run ride-hailing services in Singapore.
Local knowledge: Bestar has a deep understanding of the Singaporean market and the regulatory environment.
Comprehensive services: Bestar can provide you with a wide range of services, from company incorporation to accounting and tax.
Competitive rates: Bestar offers its services at competitive rates.
If you are interested in setting up a ride-hailing service company in Singapore, contact Bestar to learn more about how we can help you.
Comments