As we usher in the era of technology, one of the most in-demand business types gaining popularity among the entrepreneurs is online/e-commerce business. Anyone, from newbie to established entrepreneurs can venture into online business in Singapore. Unlike brick and mortar businesses, you can start operating the business with a very minimal upfront investment. If you wish to start your venture opting Singapore company registration, no time could be better than this to take the plunge into company online business.
Needless to say, Singapore is the best place for starting a business. This gateway to Southeast Asia has appeared in the top spots of prestigious World Bank report called Ease of Doing Business for many years. There are many strong attributes which make the nation a favorite business destination for both domestic and international business enthusiasts alike. Easy company incorporation process, pro-business laws, state-of-the-art infrastructure, progressive tax regime and talented workforce to name a few.
Prospects of Online Business in Singapore
There are more than 80% internet users in Singapore, and the percentage is on the rise. This statistic clearly suggests how Singaporeans have been inclining towards technology-driven lifestyles.
In last two years, Singapore has become one of the promising e-commerce industries in the world with a record of e-commerce penetration rates of approximately 57% and 60% for 2015 and 2016 respectively. Most importantly, the presence of double tax agreements with more than 70 countries enables the city-state to play a major role in cross-border e-trade.
In a nutshell, the prospect for e-commerce in Singapore is dramatically high. Since an online business can start with little investment, you must tap into this option and enjoy the rewarding ROI from your start-up venture.
Most Popular Online Shopping Categories in Singapore are:
- Flight Tickets
- Booking Hotel
- Apparel and fashion accessories.
- Cinema Tickets
- Health and beauty products
- Toys & Games
- Consumer Electronics
What are the Steps to be Taken to start the Online Business in Singapore?
Find a Product or Service to Sell Online:
One of the biggest challenges for online business aspirants is to figure out what to sell online. You must define your products or services to be sold in the market beforehand. Try to carve a unique niche for business as it is the key to your success. Coming up with a unique and out-of-the-box product or service idea may not be as easy as it is defined. We often tend to feel like everything has already been done by the existing players. You better conduct a well-thought research to find the problem many people are facing. And, search for a solution to that problem. You may sell directly to the customers or may provide drop shipping services.
Register Your Business:
It is mandatory to register every business with the relevant authority before commencing the operation. So, when you are in Singapore, you must get your online business registered with the national regulator, ACRA (Accounting & Corporate Regulatory Authority). The process of Singapore company registration is easy, fast and free of bureaucratic hurdles. You just need to take two steps- company name approval and company registration. The entire process can be done electronically.
Create a Well-designed Website:
Upon registration of your company name, you may register your company’s domain name with a good web hosting services provider. A website is a basic requirement for all online business owners. Ideally, it should be attractive, easy-to-navigate and responsive in approach. Since it is your online storefront, so try to make it customer-friendly and appealing. Once your website is live, you can nail down your e-selling process.
Build Your Brand Name:
Creating the brand awareness among the potential customers is vital to drive more sales. Once the customer knows who you are and what is your area of expertise, you are more likely to get recognition in your niche. So, it is important for every business to create the buzz about its venture at the very initial stage of the bootstrapping. You may opt to smart advertising and marketing tactics to build your brand right after the company registration Singapore.
The emergence of social media has changed the brand marketing in a drastic manner. You may harness both paid and free promotional tactics of digital marketing. Also, make sure not to ignore the importance of offline advertising and word-of-mouth publicity. Their impacts are still irreplaceable.
Singapore offers viable opportunities for the entrepreneurs who are seeking to explore online venture. With a pool of internet users and world-class internet infrastructure, the scope of online business looks promising. Conceive a unique business idea, define the product and finally, jump into the sea of entrepreneurship by registering a company in Singapore.