Most economies in the world rely on the retail industry and this is also the case of Singapore where the purchase power of the population has increased constantly over the years. With a population made up of predominantly middle class, Singapore is one of the best places in Southeast Asia to start a retail shop.
The Singapore retail sector relies on the sale of fast-moving consumer goods (FMCG) which is why setting up shops here is quite a successful business. While most of the FMCG products are imported, there are also locally produced goods, especially organic foods growing in vertical farms. However, fast-moving consumer products mean much more than foodstuff.
Our lawyers in Singapore can offer information on the legislation related to selling FMCG products.
Both local and foreign investors can set up businesses in the Singapore FMCG sector. From small retail shops, to grocery or convenience stores, there are various options through which one can start a company in this field in Singapore. These are usually businesses which require a small capital, however, investors can also set up distribution companies specialized in the reception, storage, transportation and delivery of FMCG products.
No matter the type of FMCG business one wants to establish, the company registration procedure is mandatory. Our Singapore lawyers can assist with this process.
The fast-moving consumer goods industry is made up of various products which are categorized according to the International Standard Industrial Classification. Based on this classification, one can determine the type of license to be obtained for the Singapore FMCG company. Among these are:
If the company imports certain FMCG products, then an import license is also required. One must pay attention to the imported products, as there are various import licenses available in Singapore.
For full information on the requirements to set up a FMCG company in the city-state, please contact our law firm in Singapore.
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