Welcome back to another episode of our weekly podcast, I’m Tammy and hoping everyone to have a great day today.
Today’s topic is about Singapore ecommerce platforms. Yes, we are exploring the ecommerce in Singapore, why? Ecommerce business was booming at the height of the pandemic. We all know that even before there’s already an ecommerce platform in every country, it’s just that people still have a choice whether they would buy online or in store. However, when the pandemic hit, people had no choice but to stay at home and use the internet to search and buy things.
And now that we are all back to normal, the ecommerce platform is still there, and I guess, it will never end. Because it is very convenient for both seller and buyer. Of course there are advantages and disadvantages when it comes to buying online.
Online buying and selling have become important parts for most people. Online shops allow people to shop from the comfort of their homes. It provide a new and more convenient venue for exchanging virtually all types of goods and services.
Both businesses and customers have embraced online sales as more convenient way to shop.
What are the ecommerce platforms in Singapore
Like any other countries, Singapore has their own ecommerce platforms, and there are a lot of kinds of ecommerce platforms available. Like the Business to business or as we called the (B2B), Business to consumer, consumer to consumer, consumer to business, Business to administration and consumer to administration. So yes, there are different types of ecommerce platforms, not only in Singapore but also in different countries as well.
If you are living in SouthEast Asia, I’m sure you are familiar with Lazada, Shopee, Zalora and carousell. Lazada and Shopee are the ecommerce platforms where you can buy anything under the sun, of course there are prohibited products that you cannot sell in the platforms. Anyone can open their shop in these 2 platforms as an independent seller, however, if you want to sell globally. Then you must have a business license to cater to the other SouthEast Asian countries as well. I’m going to tell you honestly, that these 2 platforms are the top ecommerce here in SouthEast Asia, many are entering these 2 platforms to sell their products. Why? Simply because they have a lot of consumers here, the behavior of the people here when buying is high, not only because there are products that are not available in Asia but also it is cheaper when bought in these 2 platforms.
While Zalora is an apparel platform, many are also considering buying here, most of the brands that you can see in the brick and mortar stores are also available in these ecommerce platforms. Bought the wrong size? Quality is not great? No worries, because returning the item is easy. On the other hand, Carousell platform is where you can sell your pre owned items, like what they usually say. “Giving my old stuff a new home”. And if you are being practical, you will consider buying pre owned stuff too.
Now going back to Singapore ecommerce platforms，Qoo10 Singaore, where they sell anything from apparels, vouchers and even baby items. Another platform is the Reebonz where they sell some luxury items. They also have ebay and rakuten like in any other country. Hipvan, a furniture online shop and honestbee for your groceries needs.
Setting up your Business in Singapore
So hearing about these ecommerce platforms, now you have an idea about the Singapore market. What will really make you interested in opening a shop or doing business in Singapore is how friendly their international policies are in terms of incorporating your business.
Yes, you heard it right! Singapore is one of the best places to incorporate your company, why? I’m going to talk about foreign companies here, okay? And there are 3 easy steps to follow when registering your business in Singapore.
Well, okay, if you are planning to open your company, you will need to go through an agency to help you with that instead of doing it on your own, because you will be needing a company address base in Singapore, and a local director as well.
So first would be your details, like submission of your passport, tax, etc.
Second is filling up some government requirements.
And beside these things, of course you will be needing to pay fees for these applications. You would need to hire an agency to help you with the application.
Once you have a company, you will also need to submit accounting & tax reports to the government. Your Corporate Secretary will help you with the these reports can be filed.
And there are things to remember, like you must have at least one shareholder to register a Singapore company. The shareholder can be an individual or another company. The maximum number of shareholders for a Singapore private limited company is 50.
Other than that, You can set up your Singapore company with a capital with no minimum.
I just also want to add that at least one director should be residing in Singapore. It can be a foreign or a local, as long it is residing in Singapore.
And for the Company secretary, A Singapore company must appoint a company secretary
And they are responsible for ensuring the company complies with its regulatory obligations and filings. When you incorporate your company.
Lastly, The company must have a registered address in Singapore, because all documents will be sending to this address. When you incorporate your company through us, we will appoint our address as your company’s registered address.
Yes, these are things you need to know when incorporating your company in Singapore, I hope I was able to explain everything you need to know! now, if you need to know more about these things, Please let me know by messaging us at email@example.com
And that’s it! Bye everyone!