In this blog post, we will look at the nuances of a recent regulatory update that deals with e-commerce transactions in Singapore. The material will be relevant for businessmen planning to register a company in Singapore.
Singapore's regulators Enterprise Singapore and the Standards Board have recently unveiled the first set of practical standards that governs electronic payments in this jurisdiction. It has been made public in the form of a Technical Handbook.
The document is designed to encourage companies to build more user-friendly operations and e-commerce processes.
The document objectives are:
- improving the retailers’ internal business processes;
- increasing the transparency of doing business in Singapore;
- higher consumer confidence in e-commerce.
E-commerce refers to both online retail and online shopping, as well as e-transactions. If you intend to start a business in Singapore, the following requirements should be considered:
- Online stores should display organizational information and contact information on their website, as well as provide information about the products and services offered;
- It is necessary to ensure uniform content formation on all platforms and social networks in an easy-to-understand form. You can use additional means of communication, such as toll-free number, chatbot, online support, etc .;
- Customers should be able to switch to their preferred language on the platform;
- The information on the platforms should be regularly updated so that the buyer can always see the most accurate information about the price, availability in stock, delivery options, etc;
- According to the current rules of online commerce in Singapore, online stores should ensure that the information about the products in the cart includes all the basic information about the product;
- Online sellers must comply with the requirements for payment methods and payment security.
Registering a company in Singapore and operating in that jurisdiction requires strict compliance with the law. If you have any queries, you can sign up for a consultation on business regulation in Singapore by contacting us via the special form below. Our legal advisors can provide the necessary range of consulting and support services in the process of establishing a company in Asia.