Opening a Retail Shop in Singapore Can be a Lucrative Business Opportunity
So, you have spent hours analyzing the market needs and your services and have finally concluded that Singapore is an ideal place for you to grow your retail business. Now, the next thing for you to do is set up your business. This could be confusing for many, especially if you are a foreigner as you don’t have any idea of the basic requirements for opening a retail shop in Singapore. To help you with it, here are the things that you should know about for opening a retail shop in Singapore.
Business Incorporation
Starting any type of company in Singapore means you will have to incorporate it, and it goes the same for your retail business. First, you will have to register your company with the Singapore Companies Registrar, ACRA. For this, you also have to propose a name for your business, and it should not be inappropriate or too similar to any other existing company. Also, you will have to register the type of your company. This process is a simple one, and you could do it in online in bizfile under the ACRA. And if you still find it confusing, you might look to hire a local agent to help you with this.
You can expect to get a reply inside 24 hours.
Relocation
However, if you want to move to Singapore to carry out your retail business, you will need to apply for the Entrepass. This is also called the Singapore Entrepreneur Visa, and you could apply for it in this link.
Premises
Now, the next important thing is for your business premises to be approved. Depending on the size and the location of your premises, you will need to be approved by the respective authorities.
To set up your business in a conservation building or a private property, you will need permission from the Urban Redevelopment Authority of Singapore (URA). Also, it is necessary that you have a Fire Safety Certificate, which is issued by the Singapore Civil Defense Force (SCDF). Anyway, if you are planning to start a retail business in a shopping mall, you should seek the approval of your landlord.
License
Another important thing for you to remember while opening a retail shop in Singapore is that you will need to acquire all the required license. Actually, this is a crucial step and will save you from any problems that might occur later. The permission you need all depends on the type of items or services that your retail business sells. In addition to that, you might either choose to buy your stuff from a wholesaler or import it. But remember, for importing things, you will also need a license for importing goods.
This is a process that you must double check, for it is very important. We recommend hiring a lawyer for this step. Also, if you think if it might be confusing for you to go through the whole process for opening a retail shop in Singapore, you might consider hiring a company which helps you to incorporate a business in Singapore.
Well, these are the things for you to know about opening a retail shop in Singapore. I sincerely hope it helps you.
