Setting up an E-commerce company in Singapore
5 minute read
Due to the increasing cost of infrastructure and maintenance, several business owners in Singapore are turning to the online world. Today, E-commerce is one of the fastest growing segments in the global markets and it is very promising and rewarding. The benefits of the digital world require a little bit of planning, and investment of time & money.
Here are the steps involved to successfully start your online business:
Step 1: Research and Planning.
The research will give you an idea about your target market, whether your business plan caters to the market needs at the current moment, and what is the market demand for your product/ service?
Your research should typically answer questions such as:
Step 2: Funding & Financial Assistance.
The government of Singapore ensures the country’s economy stays stabilized, that opens a lot of ways to fund your business. For instance:
Step 3: Choosing the right Business Structure for Singapore Business.
However, your best bet is to incorporate a private limited company to exploit one of your online business ideas in Singapore. A Pte Ltd limits your liability to the amount you have invested in its shares.
A corporate can use one of the following business entities to register its business:
Step 4: Incorporate your business.
Few other helpful things to keep in mind when registering a company:
Required documents at incorporation:
For complete step-by-step guide on setting up a company, find our article “Key facts:How to register a company in Singapore”
Step 5: Infrastructure requirement.
Step 6: Bookkeeping and Accounting.
Step 7: Tax compliance.
Any company that wishes to do business in Singapore has to be compliant with the Inland Revenue Authority of Singapore (IRAS). And whether your Singapore company is active or dormant, all tax filings are compulsory. We have discussed a great deal on IRAS compliance in our article “IRAS company requirements in Singapore”.
Incorporating in Singapore is a strong choice when deciding where to base yourself. Stable economy, strong workforces, and business-friendly tax policies let you get up and running sooner- so you can spend less time tangled in admin and more time growing your business.
At Sleek we help people everyday to set up their businesses in Singapore. Talk to us for practical advice if you have any questions about incorporation.