Are you tired of the daily grind of the 9-5 job routine? Do you wish to become your own boss and run your own business? If yes, Singapore can provide you with ample investment opportunities to start your own business. Singapore holds the second spot among 190 countries in the World Bank’s Ease of Doing Business Rank for 2018. It boasts of a highly developed, business-friendly and trade-oriented market economy. With over 3,000 multinational companies, Singapore is one of the top financial hubs that attract investors from all the corners of the world. We have picked our top ten business ideas that you can consider to start your own business in Singapore.
- Farming: There is very little arable land in Singapore, and so, the country exceedingly depends on agro-technology and vertical farming for its agricultural production and consumption. There are very few players in the agricultural market and so you are likely to make huge profits after investing in state-of-the-art technology.
- Shipping: Singapore’s maritime sector plays a major role in its economy and comprises of over 5000 maritime establishments. Its importance as a maritime centre continues to grow owing to its strategic location along the confluence of major global shipping routes. Additionally, the government of Singapore also offers special incentives to shipping companies to set shop here.
- Financial Services: Singapore is an international financial hub and is home to corporations from various countries. So, there is a high demand for professional services such as auditing, bookkeeping, and accounting by both indigenous as well as foreign companies.
- Import and Export/Trading: In 2017, Singapore imported US $327.7 billion worth of goods and exported goods worth US$2 billion. It is one of the top nations to trade with countries such as Hong Kong, China, the United States, and Japan among others. Setting up an import/export business in Singapore would expose you to endless opportunities in the trade market.
- Biotechnology: The government of Singapore has spent and continues to spend millions of dollars on infrastructure, fund research and development of its biotechnology industry. As of 2016, Singapore ranks second in being the most innovative country in biotechnology providing immense opportunities to new investors.
- E-Commerce Services: It is estimated that Singaporeans will take in revenues of approximately USD 5.4 billion dollars by the year 2025. This goes on to show how profitable it would be to invest in e-commerce services and set up an online business to cater to the citizens online.
- Spa Services: The wellness industry in Singapore, or any other country for that matter, will always do well. The target niche of massage services for both men and women has an even better business potential. After all, there will never be a dearth of working professionals wanting to get pampered with luxurious treatments after a long and hectic day at work.
- Fast Food and Snacks: Food is the universal love that connects us all. Food business does well in all the countries, especially Singapore, which has an exciting and vibrant street food culture. Furthermore, this requires minimal capital and you can start reaping the benefits early on.
- Electronics: Singapore is quickly emerging as Asia’s centre of manufacturing industry. The electronics industry in the manufacturing sector alone accounted for 48% of the total industrial output. Clearly, there are huge opportunities for electronic companies to create and manage new markets here.
- Freight and Courier Services: You can start your own transport business in Singapore. Depending on your capital, you can begin with a taxi service to transport within local routes and then expand to inter-city or inter-state transport service. You can also venture into logistics and parcel delivery and enter the freight forwarding industry after getting the required licenses.
If you wish to set up your business in Singapore, get in touch with us as and we will be happy to assist you in your Singapore Company Formation.
