Getting Started in Retail Business

In the previous post, we talked about how to open a new F&B business in Singapore. In this post, we will discuss it for Retail business.

Broadly speaking, there are 5 Retail Industry Areas covering a total of 18 Industry Sectors.

License and registrations are needed, varies according to the following factors:

1.Type of Retail Outlet

Some retail outlets, pet shops, for example, require licences or permits before they can begin operations.

2.Type of Goods You Are Retailing

If you are selling either medicine or liquor, you will also need a licence or permit.

3.Your Business Activity

The type of business activity you have may require specific licences or permits. For instance, you need a licence or permit before you can:

-Advertise or promote your goods (e.g. outdoor advertising, advertisements for medicinal products)

-Import/export goods

-Wholesale and distribute certain goods

-Play or perform copyrighted music at your premises

-Place a TV or any other equipment with a Broadcast Signal Receiver at your premises

-Store and transport petroleum/flammable materials at your premises (e.g. LPG Gas for cooking)

-The business licensing portal, LicenceOne, provides more details and information that you can refer to. https://licence1.business.gov.sg/web/frontier/home

Selecting premises approved for retail (including rules on conservation buildings). If you plan to renovate the shop, you will need to apply for a building work permit through Building and Construction Authority of Singapore (BCA). All renovation works are to be performed by certified or licensed contractors including architects.

Almost all retail shops have a signage for their businesses. You will need to apply for an Advertisement License from BCA to place a signage on a building.

Hiring foreign workers also subject to government policies and regulations. You need to be aware of the quota available for your business.

It is also important to track your inventory. A smart inventory management system can help you grow your business better. you can predict how much you’ll sell in the future, find them faster for your customers, and reorder  before  you run out of a product. Feel free to contact us in the form below for a free demo!