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Open a Retail Outlet in Singapore

Open a Retail Outlet in Singapore

The retail industry in Singapore is one of the most developed sectors, accounting for a significant share of the city-state Gross Domestic Product. The number of retail outlets increased significantly during the last few years thanks to the development of the tourism industry. Among the most sold products in Singapore retail stores are electronics, cosmetics, clothing articles, medicines and furniture. The sector also employs a large number of individuals living in Singapore. Retailers in the city-state can register with the Singapore Retailers Association which recently issued a code of good practice for outlets carrying out operations in the city-state.

You can also watch this video created by our agents on how to open a company in Singapore as a retail store:

Steps for setting up a retail store in 2024 presented by our Singapore company formation agents

Foreign citizens who want to open a retail outlet in Singapore can do that by following several steps. The first step is to select a company name and submit for approval with the Accounting and Corporate Regulatory Authority. Then one must have the company’s incorporation documents prepared and filed with the same authority. Our experts in opening companies in Singapore can draft the articles of association and handle the business registration procedure. The last steps before starting operating is to select the location for the retail store and apply for the appropriate license.

Licensing of retail outlets in Singapore

One of the most important aspects to take into consideration when opening a retail outlet in Singapore is the premises as it must comply with the regulations for the activities to be carried out within. The Urban Redevelopment Authority issues the special license for any retail activity in 2024.

The other licenses to be obtained in order to open a company in Singapore as a retail store depend on the products one wants to sell. The list of business licenses includes:

  • supermarket licenses for those setting up a supermarket;
  • a pharmacy license for those selling pharmaceutical products;
  • telecommunications dealer’s license for those selling telecom equipment;
  • liquor license for those selling spirits;

There are also cases in which certain authorities must be notified about the products to be sold in the Singapore retail outlet.

Retail sector on the rebound

Just like in other countries, retail is one of the pillars of Singapore’s economy. According to recent statistics, the sector reached a revenue of approximately SGD 150.61 billion in 2023. The amount represents the total registered by the wholesale and retail subsectors.

Tourism and local consumption both participated in the increase of this sector, with a focus on food and beverages industry. Together, they help the economy grow to 2.2% at the end of the year.

For the near future, it is estimated that the number of retail spaces to grow to more than 3.4 million square feet between 2024 and 2027, with an average growth of 872,000 square feet per year.

For assistance in obtaining one of the licenses above or any other permit, do not hesitate to contact our company formation representatives in Singapore.