Do you live or currently reside in Singapore? Are you unsure how to start an online business here? Luckily for you, you came to the right place. Here you will find all you need to know about Dropshipping in Singapore.
In the world that we live in today dropshipping is becoming more popular by the day. People from all over the world are eager to try their luck in creating and establishing a profitable ecommerce venture.
Recently, we have experienced an exhilarating amount of demand coming from Singapore. That’s why we want to cover all the core aspects of establishing a dropshipping business in Singapore. From finding the niche to the creation of the store, all the details you should pay special attention to are here.
In this article, we will go over the reasons to start dropshipping in Singapore, the aspects that make the dropshipping business model convenient and easy to understand, the strategy of finding your niche, and the elements you should approach with diligence.
Dropshipping in Singapore: general thoughts
First of all, it is important to mention that the dropshipping model allows you to run your business from any corner of the world.
What makes Singapore such a great opportunity for dropshipping entrepreneurs? Well, according to Statista, in the Southeast Asian region, Singapore had the second highest rate of internet penetration, with 88.4 percent. With a population of almost 6 million people, approximately 4.8 million are internet users. Furthermore, children in Singapore receive their first Internet-accessible device at the age of 8, when the average around the globe is 10 making them among the youngest in the world to go online.
As a result, sites oriented towards gaming, online shopping, content sharing, and social media platforms remarkably profit from the native digital market.
Nothing is standing in your way of establishing an ecommerce venture in Singapore. Furthermore, since you’re going to be running a dropshipping business, you can target countless other countries. That’s the beauty of the dropshipping business. You can run a full-scale online store from the comfort of your home while receiving profits from customers all over the world.
What’s more, another beneficial distinctive feature of a dropshipping business is minimal startup investments. It is possible because there is no need to keep the products in stock, manage the warehouse, hire the staff, and pay for all the other money-gobbling aspects of a regular wholesale business.
The one thing that you shouldn’t be afraid to invest your money in is the creation of a dropshipping store. It is one of the most crucial elements of a dropshipping business.
How to start a dropshipping business in Singapore
As we mentioned before, starting a dropshipping business is pretty easy and cost-effective. It doesn’t matter where you’re from, this statement applies to everyone.
So, what should you focus on before creating your business?
#1 Search for a profitable niche
Your priority in starting an ecommerce business should be to conduct market research and find promising niches as it will have a direct impact on your business’ success.
Your potential customer audience may be large, but it is crucial to find specific niche products they are intrigued by so you can attract them.
It is essential not only to find a profitable niche market but one that will be suitable for you. You can try to find it yourself, or you can turn to AliDropship Insights, our database of the most promising niches. The best part? It’s absolutely free!
#2 Search for beneficial products and trusted suppliers
After you’ve found your niche, it is time to find the best products to dropship. How can you find them?
Well, you can try to search for them yourself using various analytical tools to see what’s trending and in demand. Or once again turn to our database, as there’s also information on the best selling products and the most trustworthy suppliers. Another great source can be our blog, where you can find many more articles on the most beneficial products.
#3 Create a unique online store
Once you’ve found a niche to establish your business around and the products you’re going to sell, it’s time to create an online store.
There are several ways you can accomplish this with low startup costs and zero IT background.
Create the store by yourself with AliDropship Plugin
By using our plugin, you have the opportunity to create a unique online store. You can design and customize it according to your needs and preferences. Furthermore, it has many useful features that will help you at the start of your way, as well as a variety of tools to automate your store management.
Order a Custom Store that meets your individual preferences
For those of you who want a dropshipping store that will be made with your ideas in mind, but by the hands of experts, this is a great possibility. All of the most important aspects of any ecommerce business are taken care of such as niche research, creating a unique design, implementing a domain name, the creation of social media accounts, and much more.
Invest in an Established Store – a well-functioning ready business
For people who want to receive a ready store that will bring in profit straight away, where every feature is already configured, this is a perfect solution. By purchasing an Established Store, you get a one of a kind dropshipping store with a proven track record and active social media accounts. All that you need to take care of is the marketing side of your business. And then you can enjoy the benefits of a passive income.
Get a Premium Store – an exact copy of a dropshipping store that’s proven to be profitable
For those who want to start a business right here right now, another great cost-effective option is to purchase a Premium Store. What do you receive? You get a copy of an already profitable dropshipping store that has been created by ecommerce professionals. What’s more, for an additional payment you can receive packages that will help you seamlessly install the store to your hosting service, lists of products to sell, and reliable suppliers, plus the marketing materials.
Once you’ve found your niche, the products you are going to dropship, and built the website that will be your base of operations, all that is left to do is to promote your store brand and its products. Then you can enjoy the incoming profits.
Particular aspects to focus upon establishing a dropshipping business in Singapore
As you can see, it’s pretty easy to start a dropshipping business in Singapore. The general idea and strategy are the same as in any other country. However, there are certain country-specific aspects that you need to be informed about.
Business registration in Singapore
One of the most frequently asked questions is whether you have to register your business in Singapore. Generally, you are not required to register your dropshipping business. However, each country has its own legislation demands.
In Singapore, before you can start your business, you have to incorporate it according to the country’s laws and regulations. By registering your business, you ensure your personal financial safety if any issues arise.
All online services in Singapore fall under the supervision of the SBA (Singapore Broadcasting Authority). This means that all Internet content in Singapore is considered to be broadcast media content. And in accordance with the SBA, all ecommerce businesses must have regulatory permits.
Ecommerce entrepreneurs who wish to establish a business in Singapore can consider the following licensing structures:
- Sole Proprietorship (SP)
- Limited Liability Partnership (LLP)
- Private Limited Company (Pte Ltd)
Keep in mind that the Sole Proprietorship and Limited Liability Partnership structures are available only to Singapore citizens.
If you’re a citizen of Singapore, you should carefully consider all the advantages and disadvantages of each form of business structure.
If you’re a foreigner wishing to set up a business in Singapore but live outside of the country, you will need to do the following:
- Engage the services of a registered filing agent (e.g. a law firm, accounting firm, or a corporate secretarial firm) to submit the online application on your behalf.
- Employ a director who resides in Singapore (if applicable).
The reality is that if you are willing to set up a business in Singapore, you must register your business.
How long does it take to register your business?
Believe it or not, the business registrations process is really quick and can take as little as 1 day.
How much does it cost to register your business?
According to ACRA, the registration fee amounts to $300.
When should you register your dropshipping business?
Some of the most frequently asked questions include the timing of the registration. When is the right time to file the documents?
The registration process is authorized by the Singapore Government, and their Singapore Accounting and Corporate Regulatory Authority (ACRA). This means that you need to incorporate your ecommerce business using their services.
We’d like to put you at ease and let you know that you don’t need any sort of license to purchase, set up, or even launch your online store. The business registration aspect is only relevant after your “planning stage”. After you’ve found your promising niche, quality products, and reliable suppliers. It is required for your bank account needs, manage customer orders, and find customers.
Since you’re going to make a profit out of your venture in Singapore, you’re going to have to pay a personal income tax as well.
If you live in a different country, however, that means that Singapore’s income tax doesn’t apply to you.
Many ecommerce entrepreneurs choose the Private Limited Company. It allows you to run your ecommerce business in Singapore in the most effective way. By providing benefits in the form of tax incentives, exemptions, and other bonuses.
However, some aspects of the taxation don’t exactly apply to ecommerce businesses, as it deals with electronic borderless transactions and not physical products. If you’re a resident of Singapore and wish to know more about the legal side of the ecommerce business and what form of business structure is best applicable to you, be sure to check in with your local legal representatives.
Payment gateways available for dropshipping in Singapore
For your customers to successfully purchase products from your online store, you need to set up the most commonly used payment methods.
In Singapore, the most popular payment gateways are:
These processors are among the most reliable, trustworthy, and highly flexible. Luckily for you, AliDropship stores support these popular payment processors!
Dropshipping from Singapore to local markets
Wondering what’s in demand in Singapore? Amongst commonly sold items, ecommerce entrepreneurs highlight the following:
- Apparel and fashion accessories
- Consumer electronics (cameras, printers, scanners, wireless devices, etc.)
- Office supplies
- Toys and games
You must keep in mind, for your dropshipping store to achieve success, your product offering has to stand out. That’s why carefully researching niche products is so crucial. You can try dropshipping specific products. Ones that are not easily accessible in the local markets, products that satisfy the needs of certain hobbyists or groups, or goods that are unique in that market.
If you’re thinking about dropshipping to other countries, let’s say for example the USA, you won’t experience any trouble with that. As we mentioned above, dropshipping is a unique type of business that allows you to sell products to any corner of the world.
Dropshipping in Singapore: final thoughts
All things considered, if you wish to start an online business in Singapore, the dropshipping business model is one of the best methods to launch a profitable venture.
It has lots of benefits both for new and experienced entrepreneurs. Considering how popular it is becoming, it’s high time to develop your own steady source of income.
With AliDropship you can seamlessly start such a business, whilst receiving help from experts from the ecommerce industry. Additionally, we offer various IT solutions, installing which will allow you to create a coherent experience to manage your business.
Now, you’re aware of the main aspects of dropshipping in Singapore – and basically, in any other country, too! And if you need even more specific guidelines, you’re more than welcome to check out this free guide that introduces you into the exciting world of dropshipping!
View the source: https://alidropship.com/dropshipping-in-singapore/