Beginner’s Guide on Starting a Dead Sea Cosmetics Business in Singapore
Dead Sea cosmetics are very famous nowadays in this modern era of skincare. As such, starting a Dead Sea cosmetics business has great potential. If you are curious about this industry and want to venture in it, then read this guide further.
What Is a Dead Sea Cosmetics Business?
Dead Sea cosmetics businesses utilize cosmetic products based on materials extracted from the Dead Sea. For instance, salt, mud and potash. Apparently, it was claimed that it has many health benefits as well besides a good complexion for your skin. For example, Dead Sea saline nasal irrigation helps relieve symptoms better than standard saline spray for rhinosinusitis patients. Another good example would be psoriasis. Are you aware of psoriasis? It is a skin disease where it is viewed as patches of scaly rashes all over the body. Using Dead Sea salt for salt bath therapy was proven to significantly relieve their symptoms. Got a rough idea?
Business Registration Process
Starting a Dead Sea cosmetics business means you want to sell products that mainly use Dead Sea products. So first of all, you need to set up your company. Follow these three steps for company registration in SG.
- Deciding on your business structure.
- Registering your company with the Singapore Company Regulator ACRA.
- Set up your corporate bank account.
You Might Wonder What ACRA Is?
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Singapore Government’s Ministry of Finance. The Accounting and Corporate Regulatory Authority (ACRA) is Singapore’s national regulator for commercial entities, public accountants, and corporate service providers.
How Long Does It Take to Register a Dead Sea Cosmetics Company in Singapore?
The time it takes to register a new business can range from a few hours to several days. There are many factors that affect the duration of company incorporation. It can range from how quickly each shareholder and director can deliver their personal papers for verification, such as proof of identification and residence address, to the company secretary.
How Much Will It Cost to Register a Company in Singapore?
It depends on how you do the registration as in by yourself or by using a company to help you register your Dead Sea cosmetics company.
Can a Foreigner Register a Company in Singapore?
You are definitely welcome to open your own company in Singapore even though you are not a Singaporean. But the downside to this is that you might not be aware of many regulations in Singapore. And to understand every single process will take a lot of time. So, you have two solutions to this. One, take your time and understand the process by yourself or with your partners. Second, you can hire a Singapore corporate service provider, like 3E Accounting, who can assist you with the whole company registration process. They can also help you with certain steps and documents which you need for the registration.
Guide to Registering a Dead Sea Cosmetic Business in Singapore
- Company name – make sure to abide by the rules given by ACRA and prepare three names just in case your initial choice isn’t available.
- Directors – Directors must be individuals aged 18 and above who have not been disqualified from holding a directorship in Singapore or elsewhere.
- Resident director – You’ll need at least one director who lives in the area at all times. This is someone who is a Singapore citizen, Permanent Resident, or holder of an EntrePass visa at the time of company registration.
- Shareholders – A shareholder might be a person or a legal entity such as a trust or another corporation. Singapore allows enterprises to be owned entirely by foreigners.
- Paid-up capital – A company’s minimum paid-up/share capital to register in Singapore is S$1. The share capital of a company can be increased at any time after it has been registered.
- Registered address – The address given for the company must be in Singapore. You need a physical address; a P.O. Box will be denied.
- Company secretary – Every business in Singapore must have a corporate secretary. This person will assist the board of directors in preparing and filing all essential papers to maintain company compliance. So choose wisely as this person will be a key person in your Dead Sea cosmetic business in Singapore.
- Auditor – Unless the company has been exempted from audit (which is the situation for most start-ups), every company must employ an auditor within three months of registration.
After doing all that and getting approval from the ACRA, your company incorporation is now complete! Congratulations!
The Licenses For Your Business
Now onto your licensing for your Dead Sea cosmetics company.
Since Dead Sea cosmetics are cosmetic products, therefore you should follow the regulation set by the HAS, which is the Health Science Authority. Dead Sea cosmetics must comply with the requirements under Health Products Act and its Health Products Regulations 2007.
Ingredient and Labeling Requirements
Ingredients have requirements that you need to follow as well. Therefore, you should refer to the Annexes of the ASEAN Cosmetic Directive for the most updated list of prohibited and restricted ingredients, including permitted coloring agents or UV filters.
There is also a labeling requirement. There are certain criteria that need to be fulfilled. Among them are, the information on the label needs to be in English, not forgetting, if there is an outer packaging, the information below should be written there as well as the immediate packaging of your cosmetic product. Besides English, you can also use a different language, but it must be identical to the English version.
Here’s a list of things you should put on your label
- The name of the cosmetic product and its function, unless it is clear from the presentation of the product.
- Instructions on the use of the cosmetic product, unless it is clear from the product name or presentation.
- A full ingredient listing is declared in descending order of weight at the time they are added.
- Country of manufacture.
- The name and address of the company or person responsible for placing the product on the local market.
- The contents are given by weight or volume, in either metric or both metric and imperial systems.
- The manufacturer’s batch number.
- The manufacturing or the expiry date of the product in clear terms. The date shall be clearly expressed and shall consist of the day (if applicable), month and year, in that order.
- Special precautions to be observed in use, especially those listed in the column “Conditions of use and warnings” in the Annexes of the ASEAN Cosmetic Directive (Updated July 2019), which must appear on the label as well as any special precautionary information on the cosmetic products.
Besides that, a cosmetic product notification needs to be submitted before you can sell your Dead Sea cosmetic product in Singapore. This notification is to help with the regulatory follow-up should for safety concerns.
In addition to that, you will need to get a good manufacturing practice certificate. And to apply for that, you should submit your application through PRISM. And remember, all this application has fees to pay. The application is S$4120, and the certificate is valid for three years.
Any cosmetic business doesn’t seem that difficult to establish on the surface, but the biggest hurdle would be the huge amount of research and development that goes into it. However, the good news is, for the technicalities of starting a Dead Sea cosmetics business, contact us and let us assist you!