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Start a Business for Selling Textiles in Singapore

Start a Business for Selling Textiles in Singapore

The fashion industry is one of the most powerful economic sectors in countries all over the world. This is also available in Singapore, where due to the high purchase power of the population, clothing and jewelry stores register good and stable incomes.

Both foreign and local enterprises are welcome to open shops where they can sell various fashion items, as the Singapore legislation is very permissive, and the company registration process is rather simple.

Our Singapore company formation agents can help investors who want to set up a business for selling textiles in the city-state.

Preliminary steps for opening a business for selling textiles in Singapore

Foreign investors who want to open a company in Singapore and sell clothes in 2024 are not subject to any special requirements, however, if they want to ensure the success of their business, our local consultants recommend them to:

  1. prepare a solid business plan which will help them target reachable goals;
  2. choose the location for the textile business carefully in order to for clients to find them easily;
  3. choose the right type of legal entity for their future company;
  4. prepare a marketing strategy in order to promote their business.

Investors must also know they can sell clothes from a physical location, however, an online shop is also a good idea when setting up a Singapore business for selling textiles.

Requirements for opening a clothes store in 2024 – presented by our Singapore company formation agents

Before being able to operate a business for selling clothes and fabrics, an entrepreneur must follow a few compulsory steps, among which are:

  • register a company with the Accounting and Corporate Regulatory Authority (ACRA);
  • register for taxation and GST purposes with the Singapore tax authorities;
  • apply for the necessary businesses licenses, among which the fire safety certificate;
  • register with the Customs Authorities, in case the company plans to import clothes and fabrics.

It is also the business owner’s duty to verify that the clothes he or she intends to sell in Singapore comply with the local regulations.

Our company formation advisors in Singapore can guide foreign enterprisers who want to register a company with the purpose of selling clothes in 2024.

The apparel market in Singapore

Clothing stores enter the industry of apparel sales and setting up a business in this sector in 2024 is a good idea. According to recent statistics and forecasts:

  • in 2024, the apparel market is expected to have a revenue of USD 2.68 billion;
  • between 2024 and 2028, the same industry is projected to register an annual growth of 2.60%;
  • the largest sector of the market is represented by women’s clothes, with a market volume of USD 1.40 billion in 2024;
  • in 2024, the largest sector of this market belongs to the non-luxury segment with 77% of the sales;
  • the average volume of sales per person in 2024 is approximately 43 pieces.

For assistance in registering a company for selling clothes, please contact our experts in company formation in Singapore.