There are a few important regulations in the ecommerce industry you need to know before using ecommerce websites builder in Singapore!
You’ve decided to use ecommerce websites builder in Singapore to build your first online store. Good for you!
Before you set up, list your items, and launch your own online store, it is important to research a bit and discover more about the regulations, laws, and rules related to ecommerce industry in Singapore.
Here are 3 things every new online business owner in Singapore should know:
- Regulations in the Ecommerce Industry: Some of the regulations include consumer protection regulation (for example, the Sale of Goods Act which clearly states that all items sold should be of good quality), Protection and Security of Digital Data (this regulation covers the security of credit card payments & protection of personal information) and Intellectual Property Protection in the Cyberspace (this act protects anyone other than the official owner of the copyright from copying, distributing, adapting, and reproducing the work).
- Taxation: Anyone who is planning to launch an ecommerce business or is already running an online store in Singapore must be familiar with the tax requirements. Did you know that Singapore has a liberal tax system that allows incentives to SMEs? The taxes related to ecommerce are divided into two categories including Income Tax and GST or Goods and Services Tax.
- Financial Assistance & Funding: With more and more Singaporeans running businesses online, almost all businesses of all niches are planning to establish an online presence. The Singaporean government is supporting the ecommerce industry by providing the necessary infrastructure and motivation to aspiring ecommerce entrepreneurs. Venture funding & Angel investing is a type of funding an individual investor or group of investors offer finances in exchange of shares in the company. Business loan is when one acquires funding to start an online business through debt capital. If you decide to use this type of financing, you can retain the ownership of your business. One disadvantage of choosing business loans is that you will have to pay the lender, regardless of whether your business is successful or not.
The ecommerce industry in Singapore is growing. Make sure you’ve selected the right ecommerce websites builder to build your first online store in Singapore and don’t forget to consider these 3 essential things before you launch your online store.
Here some of the most popular articles that you can check:
— Openwave Computing Malaysia (@owc_my) 19 de agosto de 2015