Singapore is a place well known as an economic powerhouse of the main region. It is the centralized hub for businesses that want to scatter in the Asian market. It is also known as a top business destination in the world.
Many foreign investors invest in setting up a business in Singapore and acknowledge Singapore as the easiest place to start a business. It is the world’s most tech-ready nation.
Many businesses are set up by foreign investors in Singapore because Singapore provides advanced transportation and infrastructure. Investors found that Singapore’s economy is best suited for start-ups.
The government also supports start-ups. The people of this country also help the government to make this country suitable for business opportunities and growth due to the hospitality of the economy of Singapore.
Singapore is considered the most suitable place for doing business because of many reasons. One of the reasons is also the geographical location of the country, which is more than enough to attract investors. This country provides well-developed infrastructure facilities.
One of the reasons for its economic success is its readiness for communication and information technologies. Worldwide national and international transportation systems also help businesses to grow worldwide and also make this country an easier place to conduct business smoothly.
This country also provides a seaport for the smooth functioning of trade and the commercialization of business.
If an investor is setting up a business internationally, then he is recommended to start the business on Singaporean grounds. We at Odint Consultancy provide you with a small overview of business opportunities in Singapore.
Growing industries in Singapore
Due to the lockdown in the country because of COVID-19, many industries declined their growth, but after that, many industries still have good scope for growth in Singapore. Here is the list of some business opportunities which have good scope for growth and also flourished in Singapore throughout many years: –
- Food and beverages
- Travel and tourism
- Information technology
- Telecom industries
- Retail fashion stores
- Hospitality sector
- Beauty salons
- Education sector
Industries declining in Singapore
The situation of COVID-19 has brought many new business opportunities for the growth of the industrial sector, whereas some of them declined. According to the economic survey by the ministry of trade and industry, these industries which are declining are: –
- Transportation and storage
- Administrative and support
- Real estate
- Other service industries
Business opportunities in Singapore for foreigners
The Singaporean government and people provide foreign investors with favorable terms and conditions for business opportunities. The food industry is in the first place and the most popular type of business in Singapore and other countries also.
For starting a business, you have to be creative, innovative, and passionate. You can also take advantage of the internet for expanding your presence in the global community.
There is a list of some business opportunities in Singapore for foreigners: –
There are very few agricultural industries left in Singapore. The day-by-day increase in demand for food and other agricultural produce requires more units of the agricultural sector. This will cost very low to start farming in Singapore and also make good profits.
Singapore is promoting its biotechnology industries continuously. Hundreds of millions are spent by the government for infrastructure, funding research, recruitment, and development of the best scientists. Starting a business in this sector requires deep knowledge and huge capital. There is a huge opportunity for investors in this industry.
- Snacks and fast food-
It is one of the easiest sectors to conduct business. This sector does not require any specific qualifications. In Singapore, there is a good market for fast food and snacks. Investors can make huge profits with less capital.
This is one of the most important sectors for the economy in any country. If an investor with low capital, then he can start taxi services and carry persons from one place to others. This sector has high demand everywhere.
The industry around electronics is said to be the largest in all the manufacturing sectors of Singapore. It accounts for a total of 48% of industrial production.
Although it maintains a high-level production, there is still a huge market and quite a lot of scope for companies working to make sales in the electronic market. Even a small capital focused on a less wide range of electronics can work out, helping the company expand.
As the world and society are progressing, people are getting busier. Alike any other country, people in Singapore usually don’t have enough time to handle their laundry. Therefore, busy people like these typically prefer someone else to do that.
This problem can be solved with a business solution as people will pay to get their laundry done. All you need is a washing machine, dryers, presses, washing material, etc.
- Car Workshop-
Cars and transportation are the next big thing in Singapore as more people need to commute to more places in less time. Anyone can get into a selling business, but a car business would take a substantial amount of capital. An individual can also start with an auto parts shop as they typically sell well as well.
- Services in Financial Sector-
Singapore is a country that is open to a diverse range of businesses, whether it be originating from international or domestic grounds. Every workplace needs to manage its finances and keep track of all the know-how and risks that come along with it.
Thus, where a business comes, there must also come the need for professional individuals who offer services around accounting, bookkeeping, auditing, tax filing, legal ramifications, etc. If an individual possesses skills and interests in the field and has a solid background, he/she has the opportunity to earn a lot of money helping businesses in Singapore.
E-Business Opportunities in Singapore
Since the world has gone online on a massive scale, work-from-home has become the new reality of most sources of income. It has opened up new possibilities and has made our day-to-day devices capable of almost any job.
Singapore has a fair share of people who aspire to be an entrepreneur that can add to this capability of businesses. There are a lot of online opportunities and choices to choose from for a developing businessman. All one requires is the right direction and an idea to work upon. Here are a few online-based ideas that can generate a lucrative business.
- Internet Marketing-
Apart from the businesses’ growing need to build customers and generate income over the internet, there is an increasing demand for businessmen and professionals who offer services like marketing that can help a growing business.
Now, the wide array of services may include things like search engine optimization, copywriting, designer, developer, specialist, marketing expert. It is a growing niche in Singapore.
- Freelance Writing-
Blogging and writing is a new and rapidly growing tactic for businesses and individuals looking to make money online through spreading knowledge or any kind of information. Likewise, there comes a need for people who are ghostwriters.
Though, blogging is the type of business whose lifespan would depend on the quality and consistency of the content being posted. Naturally, a blogger may be unable to excel every single time on his/her own. Therefore, if someone’s grip on vocabulary and grammar is good enough, they can make it through and earn an income as a ghostwriter.
This niche is for people who are fond of activities like birdwatching, traveling, decorating, etc. Photography is a tool to capture the best version of any subject to be kept in memory.
Singapore has an abundance of photographic opportunities. There may be clients looking for professional work on weddings, events, legal documents, etc., and there is always a need for a professional photographer. There are portals where original photographs can be sold for any amount of money as well.
If an individual is good at any subject, there is a way to monetize this skill. There is always room for improvement in any student, and a tutor can be the needed guide. Singapore is a hub for many national and international students looking for a direction in their curriculum.
Offering online tutoring services is a great way to spread knowledge and also make a standardized income. Though, you must have a record of good scores of experiences to prove your credibility.
There are many already existing and unexplored ways of business in Singapore. Since most of the activities can be conducted online, it has opened a new door to possibilities. Odint Consulting provides you with the necessary information you will need to advance into international grounds.
We provide you with insightful articles covering every aspect revolving around adjusting to foreign countries such as Singapore, Netherlands, India, UAE, USA, Canada, Australia, Turkey, and Germany.
We will help you set up a successful business, form a company including all the legal and social nitty-gritty to keep in mind, and have not only a well-organized life but also earn a substantial living for the time to come.
There are about 3.3 million people who shop from the e-commerce market in Singapore. And the revenue is expected to grow at a compound of 9.9% annually between 2021 and 2025.
Advanced manufacturing is the top business sector that is more profitable in Singapore. Manufacturers produce the products which are highly demanded.
Yes, any foreigner can start a business in Singapore, just like local Singaporeans. They can own 100% shareholding without any difficulty.
E-commerce businesses in Singapore do not need any licenses to sell online. But according to the Singapore broadcasting authority, all broadcasting services must be licensed. Such as Internet service providers, Internet content providers, etc.
Azhar Ansari is a company formation specialist with 8+ years of expertise in international business. Financial planning, risk management, and other related areas.