Singapore plans to set up franchise development center

Singapore's Franchising and Licensing Association(FLA) said on Thursday it plans to set up a Franchise Development Center to promote and champion the development of local franchising and licensing industry.

Expected to be open by early next year, the center will be supported by local government agencies as well as in collaboration with other business associations, business services providers and overseas partners.

The FLA said the center aims to serve as a "first information point" to supply entrepreneurs and households with information related to franchising and licensing, to provide start up assistance for potential franchisors and franchisees, and to provide internationalization assistance for more established franchisors ready to venture overseas.

"The center is part of our overall vision to transform the franchising and licensing industry and to raise it to international levels of recognition and success," said T. Chandroo, Chairman of the FLA.

"We believe that this will in the long term bring about immense economic and strategic benefits for Singapore as well as the growing pool of SMEs both here and in the region as we will become a magnet for innovative concepts, sound IP protection, brand development and promotion as well as effective funding," he added.

In Singapore, franchising and licensing currently accounts for 18 percent of total domestic retail sales volume. The annual turnover for the franchise sector is about 8 billion Singapore dollars(about 6.2 billion U.S. dollars).

Source: Xinhua