Singapore is One of the Best Places to Incorporate an E-commerce Business

Last modified: March 31, 2016

Incorporate-an-E-commerce-BusinessWe all agree that Singapore is a fantastic business destination. In fact, many of us have already opted for a company incorporation Singapore. It is irrelevant whether you own a startup business or an established one, taking your business online is the kind of opportunity, not any entrepreneur would like to miss. The World Wide Web having converted the entire world into one global village, there is no better time than this to start an e-commerce business.

Indeed, there is no ideal place than Singapore to do business, however, with all the advantages come legal complications. Additionally, Singapore is a place with almost fluid corporate laws that are subject to change with time and that too in favor of entrepreneurs. Therefore, if you are ready to reap better results by incorporating an online business, you need to stay updated for protecting your business from all sorts of legal and compliance issues.

E-commerce Industry in Singapore is Growing Fast

Singapore is a country with an outstanding mobile penetration rate of about 156%. Additionally, the internet penetration rate of about 75%, smartphone penetration rate of about 87% and the tablet penetration rate of about 47%. In the last year, more than 4.4 million people alone in Singapore have purchased at least one product from an e-commerce company.

In 2011, revenue generated through e-commerce sales was about S$1.4 billion, the same market recorded a steep growth to S$2.5 billion in 2012. It crossed S$4.4 billion in 2015. As of now, it is predicted that the revenue from Singapore e-commerce industry will cross an astonishing landmark S$ 5.6 billion in 2016.

In the last two years, Singapore has emerged as one of the strongest e-commerce industries in the world due to high-level of the internet and mobile penetration. Singapore has a huge base of smartphone users. Above all, more than 35% of total smartphone users in Singapore have purchased something using their device in just the first three months of this year.

Lastly, Singapore has played a major role in cross-border e-commerce participation and trading, thereby being the most active country in the Asia-Pacific region.

Incorporating an e-commerce Company in Singapore

After analyzing and understanding the scope of e-commerce business or the advantages of taking your business online, many of you might have developed an urge to set up an e-commerce company in Singapore. However, before proceeding with your decision, it is requested that you understand and acquire in-depth knowledge of licensing requirements, internet code of practice, the regulatory framework for web contracts, cyber law of Singapore and about Goods and Services tax.

Business Incorporation in Singapore

If you already have an incorporated business in Singapore, then, it won’t be much difficult for you to take your business operations online. However, when you want to start business operations right from the start, then you need to follow almost all the steps required to follow during incorporation of a company in Singapore.

Start with registering a business with the ACRA (Accounting and Corporate Regulatory Authority) of Singapore by using their electronic filing and information retrieval system; Bizfile+. Based on your nationality and the type of company you are interested in, you might have to spend $50 to $600 and if all goes well, within 15 minutes, you will be informed of the status of your Singapore Company registration. In general, the process hardly takes 1 to 2 business days, but if your application needs some review and approval from corresponding external authorities, it may extend to up to 2 months.

Select the Right Business Structure

Remember, there are different business structure options like Private Limited, Sole Proprietorship and Limited Liability Proprietorship in Singapore. Therefore, choosing the best and most feasible option is very much important. By far, the Private Limited Company due the flexibility and incentive it derives is one of the widely accepted and suitable options if you are going to start a business on the e-commerce platform.

Start with Your e-commerce Business

Having incorporated your e-commerce business in Singapore, it is time to start taking initiative and bring that company of your dreams into reality.
Start by registering a domain name for your e-commerce website. It is recommended to prefer taking the same domain name as that of your registered business name. Otherwise, purchase domain name first and then move on to incorporation in Singapore.

Upon domain name registration, it is the time to take efforts and work on your website. Make sure you design your e-commerce website elegantly as per the best professional standards. There are many companies in Singapore that will design the best e-commerce website for you in a cost efficient manner. After designing the website find a suitable and reputed hosting service provider in Singapore and host your website to the worldwide audiences.

At any Instance if you have any doubt, you need any help for the company incorporation Singapore, or for registering an e-commerce company, you can always seek the assistance from experts of sgcompanyincorporation.sg. Being one of the reputed and experienced incorporation service providers they will ensure all your demands and each of your expectations is seamlessly met.

Leave a Reply

Your email address will not be published. Required fields are marked *