Why Set Up a Jewellery Company in Singapore
There are many reasons why you might want to set up a jewellery company in Singapore. Here are a few of the most compelling reasons:
A favorable business environment: Singapore is known for its business-friendly environment. The government is supportive of startups and small businesses, and there are many resources available to help entrepreneurs succeed.
A strong economy: Singapore has a strong economy with a high GDP per capita. This means that there is a large pool of potential customers for your jewellery company.
A strategic location: Singapore is located at the crossroads of Asia, making it a convenient place to export your jewellery to other countries.
A skilled workforce: Singapore has a highly skilled workforce with a strong education system. This means that you will be able to find the talent you need to build and grow your jewellery company.
A low-tax regime: Singapore has a low-tax regime, which can help you save money on your business expenses.
Of course, there are also some challenges to setting up a jewellery company in Singapore. These include the high cost of living and the strict regulatory environment. However, the potential rewards are significant, and Singapore is a great place to start a jewellery business.
Here are some additional reasons why setting up a jewellery company in Singapore may be a good idea:
The demand for jewellery is growing: The global jewellery market is worth over $200 billion, and it is expected to grow by 5% annually over the next few years. This growth is being driven by a number of factors, including rising incomes in developing countries, increasing demand for luxury goods, and the growing popularity of online jewellery shopping.
Singapore is a major jewellery trading hub: Singapore is a major jewellery trading hub, and it is home to a number of well-known jewellery brands. This means that you will have access to a large network of suppliers and buyers, and you will be able to reach a global audience for your jewellery.
Singapore has a strong reputation for quality: Singapore has a strong reputation for quality, and this is reflected in the quality of the jewellery that is made and sold in the country. This reputation can help you attract customers who are looking for high-quality jewellery.
Overall, there are many reasons why setting up a jewellery company in Singapore may be a good idea. The country has a favorable business environment, a strong economy, a strategic location, a skilled workforce, and a low-tax regime. Additionally, the demand for jewellery is growing, and Singapore is a major jewellery trading hub. If you are considering starting a jewellery company, Singapore is a great place to do it.
Setting Up a Jewellery Company in Singapore
Here are the steps on how to set up a jewelry company in Singapore:
Choose a business structure. There are several business structures available in Singapore, such as sole proprietorship, partnership, limited liability partnership, and company limited by shares. The best structure for your jewelry company will depend on your specific circumstances.
Register your business with the Accounting and Corporate Regulatory Authority (ACRA). This is a mandatory requirement for all businesses in Singapore. You will need to submit an application form, pay a registration fee, and provide certain information about your business, such as its name, address, and directors.
Obtain a business license. You will need to obtain a business license from the relevant government agency in the area where you will be operating your jewelry company. The requirements for obtaining a business license vary depending on the type of business you are operating.
Obtain the necessary permits and licenses. In addition to a business license, you may also need to obtain other permits and licenses, such as a pawnbroker license or an import and export license. The specific permits and licenses you need will depend on the nature of your jewelry business.
Set up your business premises. You will need to find a suitable location for your jewelry company and set up your premises. This includes obtaining the necessary furniture, equipment, and inventory.
Hire employees. If you plan to have employees, you will need to hire them and comply with all applicable employment laws.
Market your business. Once you have set up your business, you will need to market it to potential customers. This can be done through a variety of channels, such as online marketing, print advertising, and public relations.
Here are some additional tips for setting up a jewelry company in Singapore:
Do your research. Before you start your business, it is important to do your research and understand the jewelry industry in Singapore. This includes understanding the market demand, the competition, and the regulatory requirements.
Get professional help. If you are not familiar with the legal and regulatory requirements for setting up a jewelry company in Singapore, it is a good idea to get professional help. A lawyer or accountant can help you navigate the process and ensure that your business is compliant with all applicable laws.
Start small. It is not necessary to start your jewelry company on a large scale. You can start small and grow your business over time. This will help you to minimize your risks and ensure that you have a solid foundation before you expand.
Be creative. The jewelry industry is a competitive one, so it is important to be creative and find ways to differentiate your business from the competition. This could involve offering unique designs, using high-quality materials, or providing excellent customer service.
Registration of Precious Stones and Precious Metals Dealers
The registration of precious stones and precious metals dealers in Singapore is governed by the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (PSPM Act) and the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2020 (PMLTF Regulations).
Under the PSPM Act, a "regulated dealer" is a person who carries on a business of regulated dealing in precious stones, precious metals and/or precious products. Regulated dealing is defined as doing any of the following:
Manufacturing any precious stone, precious metal or precious product;
Importing or possessing for sale any precious stone, precious metal or precious product;
Selling or offering for sale any precious stone, precious metal or precious product;
Selling or redeeming asset-backed tokens;
Purchasing any precious stone, precious metal or precious product for the purposes of resale.
A regulated dealer is required to register with the Registrar of Regulated Dealers if they meet the following criteria:
They carry on a business of regulated dealing in precious stones, precious metals and/or precious products; and
The net price of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the regulated dealer is less than S$2,000 apiece.
The registration process for regulated dealers is as follows:
1. The regulated dealer must submit an application form to the Registrar of Regulated Dealers.
2. The application form must be accompanied by the following documents:
A copy of the regulated dealer's business registration certificate;
A copy of the regulated dealer's identification documents; and
A declaration from the regulated dealer that they are aware of and will comply with the PSPM Act and the PMLTF Regulations.
3. The Registrar of Regulated Dealers will assess the application and may require the regulated dealer to provide additional information or documentation.
4. If the application is approved, the Registrar of Regulated Dealers will issue a registration certificate to the regulated dealer.
The registration of regulated dealers is a requirement under the PSPM Act to prevent money laundering and terrorism financing. The registration process helps to ensure that regulated dealers are aware of their obligations under the PSPM Act and the PMLTF Regulations, and that they are taking steps to comply with these obligations.
For more information on the registration of precious stones and precious metals dealers in Singapore, please visit the website of the Ministry of Law (MinLaw).
How Bestar can Help
Bestar is a leading business consultancy firm in Singapore that specializes in helping entrepreneurs set up and grow their businesses. We have a team of experienced professionals who can help you with every step of the process, from choosing the right business entity to registering your company with the government. We can also help you with expanding your business into new markets.
Here are some of the ways Bestar can help you set up a jewellery company in Singapore:
Advise you on the best business structure for your jewellery company: There are a number of different business structures available in Singapore, and the best one for you will depend on your specific circumstances. We can help you choose the right business structure and advise you on the legal requirements that apply to your business.
Assist you with registering your company with the government: The process of registering a company in Singapore can be complex, but we can help you through it every step of the way. We will take care of all the paperwork and ensure that your company is registered correctly.
Provide support and advice as your business grows: As your jewellery company grows, we can provide you with ongoing support and advice. We will help you navigate the challenges of growth and ensure that your business is successful in the long term.
If you are considering setting up a jewellery company in Singapore, contact Bestar for a consultation. We would be happy to discuss your specific needs and how we can help you achieve your business goals.
Here are some additional benefits of working with Bestar:
We are committed to providing our clients with the best possible service: We are committed to providing our clients with the best possible service. We will work with you to understand your needs and goals, and we will develop a customized plan to help you achieve them.
We are a trusted advisor to businesses of all sizes: We have helped a wide range of businesses, from start-ups to multinational corporations. We are a trusted advisor to businesses of all sizes, and we are committed to helping our clients succeed.
If you are interested in learning more about how Bestar can help you set up a jewellery company in Singapore, please contact us today. We would be happy to discuss your specific needs and how we can help you achieve your business goals.