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This guide offers an overview of various business entities in Singapore. It is meant as a brief introduction only and is certainly not comprehensive. Other requirements, considerations and restrictions may apply. Further specific advice should hence be sought from legal advisors, tax consultants and where applicable, industry specialists before establishing a business entity in Singapore which best suits one’s business needs and goals.
The contents below reflect the law in Singapore as at 7 September 2020.
Registration of Business Entities -
Unless exempted, business entities must be registered with the Accounting and Corporate Regulatory Authority (ACRA) via their business filing portal: BizFile+. A foreigner residing overseas would need to engage the services of a registered filing agent (for example, a law firm, accounting firm or corporate secretarial firm) to submit the online application on his behalf. Goodwins
Livestream commerce booms
Many Vietnamese sellers have been discovering the advantages of livestream-based e-commerce. Photo: Vien Thong
Yen Thu, a 35-year-old clothes vendor in Cau Giay district of Hanoi, told VIR that her sales have increased significantly thanks to taking advantage of livestreaming to sell goods.
âI started working this way last year and during the initial months, sales remained the same,â said Thu. âHowever, as the pandemic worsened, revenues suddenly skyrocketed, even by 200 per cent on-month. Although the growth rate is no longer enormous, it is still much larger than before using livestreaming, about 40 per cent monthly.â
Thuâs case is one of many that are keen on utilising the function to boost their business. As of the end of last year, Vietnam on average saw about 2.5 million livestream sessions per month â including 70,000-80,000 daily on Facebook and 2,000-3000 on e-commerce platforms with the involvement of more than 50,