How To Start A Retail Business In Singapore

Singapore is a combination of an Eastern and Western way

, the community is enriched with eastern ethics while at the same time mingled with Western way of conducting business. Since Singapore does not have its own natural resources to boost its economy, it relied on other field such as exporting and manufacturing. The business environment in Singapore is enticing businessmen and aside from that there is growth in retail sector of the economy. Practically speaking, a retail business, can be a very lucrative business in Singapore if handled efficiently.

Instructions

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore is responsible for the registration of business names and business incorporation in Singapore. Bizfile is an electronic filing system that has been used by ACRA. A businessman can choose a name in advance and have it recorded in Bizfile while at the same time filing forms of incorporation online. There is an application fee of S$15 paid for the business registration, as of 2010.

Ensure a business profile.You can get your business profile online via ACRA as long with the business incorporation.15 minutes will be the processing time.Inland Revenue Authority of Singapore will be providing the tax number.

Make a company seal for your business.Third-party stationary suppliers generally supply company seals.Prices range from S$35 for a three day service and S$70 for a whole day service.

Ensure a work injury compensation insurance. Locate a reputable insurance agent and secure compensation insurance for your company.The time and fees associated with this step will depend on the company you choose to obtain the policy from.

Make sure you have a facility for your business.Look for the perfect situation of your business.To look for a retail shop, be noted on this two important things, the visibility and access.Be noted that the sign of your business should be visible enough for the people passing by.

Enroll for an association.When opening a retail location in Singapore, it helps to team up with other retailers to keep up with market changes and improve on business strategies.The Singapore Retailers Association is a nonprofit organization that assists retailers in a variety of ways, and membership in such a group would beneficial to any new retailer.

by: Ashley-biz

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