In light of the depressed global economy, such growth is a testament to the strength of Singapore’s retail sector, leading us to expect retail business formation activity to continue at a fast clip in the near future.
Singapore (PRWEB) November 04, 2011
http://www.GuideMeSingapore.com, a leading Singapore-focused business information portal, has published an introductory guide for entrepreneurs wishing to set up retail outlets in Singapore. The guide provides concise information that can help new business owners fulfil compliance and regulatory requirements so that their Singapore retail outlets can be launched smoothly.
The guide contains key steps for setting up a retail outlet in Singapore as well as a list of licenses required for popular types of retail stores. Ms. Jacqueline Low, Director of Singapore company formation services firm, Janus Corporate Solutions, the parent of GuideMeSingapore.com elaborated, “The latest data released by SingStat shows that Singapore’s retail sales excluding automobiles has increased by 7.4% year-on-year in August 2011 and that many retailers have registered sales growth between 1.8% and 8.8% in the same period. In light of the depressed global economy, such growth is a testament to the strength of Singapore’s retail sector, leading us to expect retail business formation activity to continue at a fast clip in the near future. Hence, in our guide, we have included the requirements for setting up five popular types of retail businesses in Singapore namely (a) supermarkets, (b) pharmacies, (c) telecommunication stores, (d) liquor stores and (e) cosmetics outlets.”
As the income of Singapore consumers rises, Singapore’s retail industry has grown and diversified to entice them. Foreign entrepreneurs whose retail businesses offer unique consumer experiences or products that are currently unavailable in the market will have a competitive advantage. They will also have a good opportunity to grow their retail operations in Singapore. If they wish to relocate to Singapore to manage and oversee the operations of their outlets, they may qualify for the Singapore EntrePass, provided their business plans are innovative enough and will generate local employment opportunities. Businesses wishing to transfer key employees from their home countries to kick start operations must ensure that their employees meet the eligibility requirements of the Singapore Employment Pass.
“The renewed employment pass framework would level the playing field for Singaporean professionals to compete for junior to mid management roles in the retail industry. Ultimately, every business that is based in Singapore should enhance the economic pie for everyone,” Ms Low added.
A full version of the guide can be viewed at http://www.guidemesingapore.com/industry-guides/retail/setting-up-a-retail-outlet-in-singapore
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte Ltd, a Singapore-based firm that provides cost-effective and professional services to local and foreign entities for Singapore company registration, branch office setup, owner/staff relocation, taxation and ongoing statutory compliance needs.