Foreign and local enterprisers who want to start a business in Singapore and have not decided on the industry they will invest in yet, can take a look at the retail sector which is very promising in the city-state. With salaries going up in the past few years, the consumer business industry is currently one of the best economic sectors in Singapore. Investors can select various residential areas in which they can set up shops of different sizes.
If you want to open a shop in the Lion City and need assistance, you can rely on our Singapore company formation services.
The video below shows the main steps to open a store in Singapore:
The first steps in opening a store in Singapore
Any individual who wants to open a company in Singapore, no matter its activity, must first register a business with ACRA. The Singapore company formation process is simple and fast. The same principle applies when opening a shop in Singapore. Our company registration agents in Singapore can handle the business incorporation procedure on behalf of foreign investors allowing them to focus on other important tasks such as choosing the right location for the store.
One must first decide on how large the Singapore shop will be and then apply for the necessary approvals with the Urban Redevelopment Authority and from the Civil Defense Force. Then the licensing phase of the shop will begin.
Licenses related to setting up a shop in Singapore
Most of the products sold by shops in Singapore are fast-moving consumer goods, therefore various types of licenses will be required depending on the category of products which will be sold. Among these permits are:
- – a supermarket license;
- – a tobacco retail license;
- – a liquor license;
- – a cosmetic products notification.
Our company formation experts in Singapore can offer more information on the licensing requirements related to starting a shop.
The retail industry in Singapore
Retail is currently one of the main engines of the Singapore economy, as a recent report issued by the Statistics Office indicates an overall increase of 2.4% in incomes for stores between May 2016 and May 2017. Also, the total sales registered by shops in Singapore during the last year rose to 3.7 billion SGD.
If you are interested in opening a shop in this city-state and need assistance, do not hesitate to contact our company formation advisors in Singapore.