Because of an increment in the cost of corporate maintenance and infrastructure, several business owners are switching to the world of online commerce. The advantages of the digital world demand some planning and like all other businesses, time as well as money.
Foreseeing to Set Up an E-Commerce Company in Singapore? Here are the strides you need to go through-
- Research and planning
Getting an idea about your targeted market is important when you attempt to step into one. Your primary research should generally answer questions such as-
- Who will be your buyers?
- What are the services or commodities you will be selling?
- From where and how will you be obtaining your products?
- What will you do to fund your startup and is there any plan B?
- Who are all your competitors and what differentiates you desire to bring?
Once you get the answers to all these questions, it’s time to design a business plan for you. This would be your road map on which your ideas will reach your goals. A business plan allows you to determine your priorities and to find new customers for you.
- Finding and financial assistance
Tax incentives, financial programs, venture capital, cash grants are all your start-up needs.
E-commerce businesses have a catch to a variety of funding instruments like old school business loans, government funding, and investors.
- Choosing the appropriate business structure
For e-commerce entrepreneurs the types of business structures are-
- Private limited company
- Limited liability partnership
- Sole proprietorship
These options are available only to PR or Entrepass holders, Singapore Residents. For overseas companies, the options are-
- Branch office
- Subsidiary company.
- Incorporate your business
To incorporate your business in Singapore, all you will need is-
- Company name
- 1 or more directors
- 1 or more resident directors
- 1-50 shareholders
- Paid-up equity and an enrolled address in Singapore is necessary
- A company secretary and auditor
- E-commerce infrastructure
Once you get your company registered, now it’s time to consider the tools and infrastructure you will require to build an e-commerce business. These tools are-
- Domain name (The name of your brand)
- Website hosting (for good security and bandwidth)
- Web design (should be user friendly and equipped with adequate information)
- Marketing and advertising
- Payment gateways (to collect payment from the buyers).
The cost of initiating an e-commerce business in Singapore is quite similar to other types of businesses. However, it greatly depends on the type of business you choose to adopt and the type of option you choose out of the following – website hosting, domain name, marketing, web design, payment gateways, and advertisements. The complete guide to standards set by the Company Regulator ACRA and Inland Revenue Authority of Singapore (IRAS) is All You Need to Know about Tax Regulations for E-commerce Businesses in Singapore.
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