27 Dec Top 10 Business Options for Foreigners in SingaporeEmail This Post
Is setting up a business in Singapore in 2019 on your mind? You might be sure about new company formation in Singapore but cannot decide on the best and most viable business ideas. So here it is… We have listed the top ten and most lucrative small enterprise investment opportunities available for foreigners in Singapore.
It’s a well-known fact that Singapore currently tops the charts in the Ease of Doing Business Rank as per the World Bank. This means that accordingly to the World Bank Singapore is the easiest place in the whole world to set up a business or for incorporating a Singapore company. With over 3,000 multinational companies operating here, this data gets proven.
With a highly-evolved economy, Singapore’s market has been ranked as one of the most open, business-friendly and not at all corrupt. The low rates of taxes and high GDP per capita make it a great and most favorable destination for doing business.
So, if you are interested in starting your own business and for new company formation in Singapore, the first step is to do proper research and assess the demand and what customers actually want. You would also need to know about the country’s laws, culture, business trends and the overall economy. Your success will completely depend on where and in which business you invest in.
Top 10 best business opportunities in Singapore
- Food and Gourmet
Food business is one of the best businesses to set up not only in Singapore but all across the world. There is always a universal need and demand for good food and this The Lion City is also known as a food paradise. With its outdoor food courts, hawker centers, fancy eating joints and buzzing nightlife, this destination appeals to both locals and travelers alike. Though if you are zeroing down on food as your business, you will surely face tough competition. But the key is to be innovative so that you can offer something new. You could opt for untapped markets such as gourmet chocolates or some special cuisine which hasn’t found its way in Singapore.
Singapore has very limited area and relies a lot on agro-technology for agricultural production and its consumption. However, there is a huge demand for agricultural products which is larger than the supply considering there are very few players in this sector. So, if you can make it in agriculture, you could reap
huge profits in Singapore as long as you’re prepared to spend on the technology needed for enhancing production.
Singapore has been promoting and expanding its biotechnology industry and the government has already spent huge amounts on fund research, infrastructure, further development and to hire the best international scientists. Also, leading drug making companies such as GlaxoSmithKline and Pfizer have also set up their plants in Singapore. Therefore, the opportunities open for investors in this sector are huge. But, do remember that for new company formation in Singapore in this industry, you will need a lot of knowledge and large amounts of capital.
- Fast foods and snacks
With a fast life, people prefer snacking on the finger and fast foods and snacks. If you are thinking of this segment, you can make lots of money if you try setting up a business to sell snacks like pizza, barbecue, other snack items, etc. This business doesn’t need a lot of capital and no formal educational certifications. So, what are you thinking of? Try it out!
Transportation is one of the biggest necessities that and hence good transport services will always remain in high demand everywhere. You can set up a transport business, but it completely depends on the capital you have. You could consider starting a cab or taxi service for local transportation. If you have bigger capital, you could start transport services that ply inter-city or inter-state.
The electronics sector is one of the largest in Singapore’s manufacturing industry and accounts for almost 48% of the total industrial output. So, there is huge opportunity to set up the business that sells electronic products; the range you keep again depends on the capital you can invest.
- Online marketing
With the boom of e-commerce and businesses wanting to lure more and more customers and sell their products and services through the internet, there is also an ever-expanding demand for professionals and companies offering online marketing services. The services could range from marketing, copywriting to search engine optimization. If you have any skills like copywriting, website designing or developing search engine optimization, or social media marketing, then there are huge opportunities for you and you can think of new company formation in Singapore.
- Freelance writing
Blogging is a new way of not only making money online but also expressing your views. Businesses are using blogging to advertise about their products and services and that has escalated the need for creative and also ghostwriters. Quality content is required by all organization and if you are good with words, then, you can make a lot of money while taking up writing assignments.
If you are looking to establish a small-scale enterprise in Singapore, you could consider laundry as an option. You just need a washing machine and some other equipment such as irons, dryers, etc to start this business.
- Automobiles, repair and spare parts
A business in automobiles and its spare parts is a very good option in Singapore. However, this business requires a good amount of capital to set up. However, with little capital, you can start selling auto spare parts as that is quite a lucrative market too.
- Financial services
Because there are many businesses in Singapore, there is high demand for professional financial services like accounting, bookkeeping and auditing. In case you have solid knowledge in any of these services, you could reap huge profits in Singapore by assisting other businesses with your skills.
Here are some more small business or investment opportunities for foreigners in Singapore:
- Thrift or vintage store
- Eco-friendly products or organic products or gift packs
- Home tutoring
- Hand-crafted jewelry
- Fitness training
- Elderly care services
- Repair services
- Deep-cleaning services