The SSIC 47714 classification pertains to retail sale of bags, luggage and travel accessories. This official code is mandatory when registering a business entity with ACRA (Accounting and Corporate Regulatory Authority) in Singapore.

Key Characteristics:

Compliance with the Singapore Companies Act (Cap. 50) regarding business registration, annual returns, and financial reporting.
Common business structures include sole proprietorships, partnerships, and private limited companies (Pte Ltd) registered with ACRA.
Regulatory requirements include compliance with the Health Products Act for products containing medicinal ingredients and the Consumer Protection (Fair Trading) Act (CPFTA) regarding fair trading practices.

Common Business Operations

Retail sale of cosmetics and toiletries (including skin care products and perfumes).

Selling a range of cosmetics, toiletries, perfumes, and skincare products to consumers through physical stores, online platforms, or a combination of both.

Examples include retail outlets selling brands like Sephora, Guardian, Watsons, or independent boutiques specializing in niche beauty products, as classified under ACRA's retail trade sector.

Industry practices often involve participation in beauty fairs and exhibitions, leveraging e-commerce platforms, and implementing loyalty programs, aligning with trends reported by the Singapore Economic Development Board (EDB) in the consumer sector.