What a foreigner is expected to do to operate e-commerce in Singapore?
If you are a non-Singaporean who intends to operate an e-commerce store based in Singapore, you should have at least one local director for your company. If you’re planning to stay in Singapore, get an employment pass, and be a local director. Otherwise, appoint a local nominee director.
It would help if you can open a business bank account with a bank that allows you to operate overseas like Aspire. Aspire is perfect for e-commerce. With Aspire, you can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. You can also enjoy cashback for your online marketing and “software as a service”.
It is free to open an Aspire Business Account. There are no monthly fees, fall below fees, or FAST transfer fees, and no minimum deposit is required as well. If you are keen, the account can be opened entirely online with Paul Hype Page. Check out more Aspire features on www.aspireapp.com.
Finally, you must ensure that you follow the Singapore authorities’ guidelines by correctly reporting and filing your taxes on time.
What are the Licensing Requirements?
There is various licensing that you must obtain before commencing on the e-commerce business. All e-commerce companies in Singapore are guided by the Internet Code of Practice to ensure that they do not operate against the country’s constitutional mandates. Depending on the type of e-commerce that one is contemplating, there are various regulations that they are expected to follow:
- Online gambling, for instance, is controlled by the Betting Act and the Gaming House Act.
- The Singapore Companies Laws regulate companies venturing into loaning.
- The Secondhand Dealers Act governs businesses selling second-hand goods online. You must get a license from the Deputy Commissioner of Police if you want to sell second-hand goods online.
- The Common Gaming House Act regulates promotions that are conducted on the internet in Singapore.
- Adverts, on the other hand, are regulated by the Singapore Code of Advertising Practice.
What are the benefits of doing e-commerce business in Singapore?
If you are an overseas investor in Singapore and you are willing to take your business online, then you will enjoy numerous benefits that include:
- Increasing your market base
Approximately 90% of Singaporeans have access to the internet. Besides, most people prefer looking for a product online before going shopping physically. Therefore, if your business is online then you will be more likely to have increased sales.
- COVID-19 measures
Most businesses are shifting their operations online since they work towards adhering to the COVID-19 measures that encourage social distancing among other safety measures.
- Global reach
An online store has the potential of reaching everyone in any part of the world. As a result, an overseas investor will more likely capture an extensive market making the business increase its sales.
Singapore e-commerce is one of the fastest-growing business sectors and especially during this COVID-19 pandemic. Therefore, it is a good opportunity to take your existing business online or are just starting on a new one.