Beginner’s Guide on Starting a Clothing Business in Singapore
Singapore may be renowned worldwide as an international business hub, but did you know it is also a reputable fashion capital in Asia? Singapore is home to dozens of international fashion brands from all around the world. Starting a clothing business right here in Singapore could be just the business for you.
Starting a clothing business in Singapore is much easier than you think. If you have a passion and a keen eye for fashion, you’re already on the right track. Perhaps it is time you considered mixing business with pleasure and taking your keen interest in fashion to the next level. Our company incorporation specialists are certainly ready to help.
With the help of our 3E Accounting experts and careful planning, your clothing business should be up and running in no time. The good thing about starting a clothing business here in Singapore is how easy it is for anyone to get started.
What Is A Clothing Business?
All of the world’s iconic brands had to start somewhere, and that somewhere was making the decision to open their own clothing company. A clothing company is a commercial business that specifically focuses on selling clothing and apparel to its customers. This includes apparel like t-shirts, tops, shirts, jeans, pants, shorts, skirts, and more. Some companies even choose to sell footwear and accessories as part of the clothing lineup.
A clothing company’s merchandise generally has a high turnover rate because fashion shifts and changes so quickly. For a business to remain on top, it has to keep up with the latest trends in fashion and give the customers what they want. This means that you will need to really pay attention and listen to the feedback that you get from the customers.
Here is something you want to keep in mind about running a clothing company. Fashion trends come and go, and fashion never sleeps. This is probably an industry with one of the highest merchandise turnover. Some businesses even have a new piece or several new pieces of clothing or apparel released weekly or bi-weekly.
It is fast-paced, and it can be hectic, and the only way to succeed is to know what you are doing and love what you do. Ongoing research is also another secret success factor in this line of business. You always need to research what the latest trends are and observe what your customers want. As the fashion capital of the Asia Pacific region, your customers won’t be shy about letting you know what it is they want to see from your business.
What Are the Registration and Steps Needed?
The Singapore company registration process is simple. The first thing you would need to do is have your business registered with the Accounting and Corporate Regulatory Authority (ACRA). You can go online and log in to BizFile, the online platform that ACRA manages. You will need a SingPass ID to do this. If you don’t have a SingPass ID, 3E Accounting can help with that.
Once you have your business registered with ACRA, you will then need to get it registered with the taxation authorities. A quick point to note is that when choosing a company name, it is important to do a quick check to make sure that name has not been taken. Prepare the details and particulars of the directors and shareholders of the company. If you are a foreign entrepreneur, you will need to submit a copy of your passport and your address as proof of residence. You will then need to wait to receive your certificate of incorporation and then register for the Goods and Services Tax (GST).
Since you are running a clothing business, it is a good idea to get your trademark registered. This will safeguard your concepts and your brand designs, ensuring that your competitors won’t be able to copy your ideas. As a registered trademark, you will be the sole owner of your designs.
Finally, secure the adequate funding needed, get the necessary material you need for your business, and purchase your business insurance. One last thing is to organize a professional services provider like 3E Accounting to handle your taxes.
What Licenses or Permits Do You Need?
Some types of businesses in Singapore need a permit before they can begin operating. The Singapore government agency will issue your business license. You can only apply for the necessary business license or permit you to need once you have registered with ACRA and not before then.
When operating a retail or clothing company in Singapore, the licenses and permits you need will vary depending on the nature of your business. Depending on where you intend to open your store, some relevant licenses or permits may be required. For example, if you’re opening your clothing company in a private establishment or conservation building, you will need approval from the Urban Redevelopment Authority of Singapore (URA). You might also need a Fire Safety Certificate to ensure your shop meets all the fire and safety criteria stipulated by the Singapore Civil Defence Force (SCDF). If you’re unsure what type of licenses your clothing company may require, our experts can assist with our incorporation services.
Ready to Launch Your Clothing Company in Singapore?
3E Accounting has been the leading corporate service provider in Singapore for many decades, and for good reason. We put the needs of our clients first, and we don’t stop working hard until your business dreams have come true. Seeing our clients succeed has always been our passion, and this is why we come through for you every time.
We’ve helped hundreds of entrepreneurs launch their businesses with utmost success right here in Singapore. Let us do the same for you. For more information about our Singapore company incorporation services, contact us today.