(PRWEB) November 25, 2011
In the recent release of the World Economic Outlook (WEO) by the IMF, the international organisation advised Asian economies to shift away from their export-based economy models. This reflects the falling demand in the Western economies and the rising purchasing power of Asian consumers, says local company registration specialist Rikvin Singapore.
While developing economies would expand this year led by China and India, growth would slow in 2012, with more needing to be done to lessen the region's reliance on external trade.
Growth in Southeast Asia's five biggest developing economies was seen at 5.3 per cent this year and projected at 5.6 per cent next year. Strong domestic demand in the five countries - Indonesia, Thailand, Malaysia, the Philippines and Vietnam - is expected to take up the slack from slowing exports, the IMF said.
According to the report, growth is expected to remain strong, with weaker external demand offset by still-solid domestic demand.
The recent example of Louis Vuitton opening its first ‘island maison’ in Singapore attests to the strong consumer demand in the region, particularly for high-end luxury goods. “The world of luxury doesn’t obey the same rules as the rest of the world’s economies,” said LV chairman Yves Carcelle.
"Setting up a retail business in Singapore is an administratively lengthy process. There is the sourcing for premises, ensuring that the location is zoned for commercial use, and eventual registration of the business with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
In addition to these legal undertakings, other potential things to take into account include building codes and fire safety measures, possible renovation works, and applying for an Advertisement License from the Building and Construction Authority of Singapore (BCA) to place signage on a building to advertise the business.
"This is where company registration specialists like Rikvin Singapore come in," says Satish Bakhda on advising potential retailers on suitable business structures for their needs. This step is particularly necessary for foreign entities who are interested in setting up a retail business in Singapore, as they may be unfamiliar with local business compliance regulations and practices.
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties include company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore. For enquires on setting up a business in the retail industry, visit our website at http://www.rikvin.com/.
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887