Starting a Retail Business Store in Singapore

Starting a Retail Business Store in Singapore

Often regarded as a bridge between the eastern and western cultures, Singapore's society is hinged upon eastern values and substance, while conducting business with a western flair. 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

Make sure your business is registered. ACRA has incorporated the use of an electronic filing system called Bizfile. Bizfile permits businessmen to reserve a company name and file their incorporation forms online. As of 2010, an application fee of S$15 is billed for the registration of business.

Get a business profile. You can get your business profile online via ACRA as long with the business incorporation. It will just take 15 minutes to make the whole process done. Inland Revenue Authority of Singapore will be providing the tax number.

Make sure you have a company seal for your business. You can obtain your company seal from a third part stationary suppliers. Prices range from S$35 for a three day service and S$70 for a whole day service.

Ensure a work injury compensation insurance. Get a honest insurance agent to help you purchase a compensation insurance for your company. The whole process will depend on the insurance agent you got.

Ensure a business facility. Find what is the best location for your business. To look for a retail shop, be noted on this two important things, the visibility and access. Bear in mind that your sign is big enough so that passers by can see it.

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. If the business is a member of Singapore Retailers Association, the business will enjoy some of the benefits from this organization and can expect help from them.

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