Singapore is a top-notch jurisdiction when it comes to doing business, and it attracts thousands of entrepreneurs from around the world. It offers a favorable tax system (including a lot of incentives for budding entrepreneurs), and you will not have to jump through too many administrative hoops. In addition, this is one of the top ten countries if we talk about the ease of doing business. Which business can you start in Singapore to get a profit? We have made a market analysis to simplify the choice for you, and we will share it in this post.
If you need more information on the business in the country, please visit our portal to read the full text of the article on startup ideas in Singapore. You will find more articles on Singapore and other destinations, international business at large, banking, asset protection, investment, and so on in different destinations. You can also get in touch with our expert to schedule a free session and analyze your situation. We will offer the best customized solution of those available on the market. You may decide to delegate all the administrative procedures to us, we will be happy to provide turnkey services to you at a reasonable fee.
Why Singapore?
You may be interested to find out that Singapore had a ranking of 84.4 by the level of economic freedom in 2022, which makes it one of the strongest cities in this respect. Let’s look at the main advantages that make the destination attractive for foreign entrepreneurs:
- You will find a lot of high-skilled workforce here, which means you can start any business and have no problems with local employees.
- The state laws take good care of intellectual property rights protection.
- Singapore offers numerous tax incentives and support initiatives for startups, foreign entrepreneurs, and new specialists.
- The local economy is stable and efficient, and you are unlikely to deal with any sharp fluctuations. This creates the atmosphere of confidence in the future that many entrepreneurs are after.
Sounds promising? Get in touch with us if you have any questions.
The Most Profitable Business in Singapore
To make a long story short, let’s look at the most promising fields for international businesses in Singapore in 2023.
Tourist Industry and Aviation
These kinds of business are related in Singapore. As it opened its borders with China in January 2023, tourists came flocking in to get away from an unstable situation in the world and the global crisis. Singapore has all you need for your aviation and tourism company to prosper!
Production and Import/Export of Goods
Singapore’s processing industry is well-developed, yielding 20-25% of its GDP. There are different fields you may be interested in:
- Logistics and transportation services
- Agricultural activities
- Manufacturing and sales of goods in internal and external markets
- Warehousing premises as part of the total supply chain
Telemedicine Services
This is a narrow specialized business, but it is bound to be highly profitable. This service is extremely popular and convenient as the patient can directly contact the doctor without a personal visit to the clinic.
E-Commerce and Logistics
This sector ousts the ordinary points of sale from markets, and sellers can spend less on payroll. You can also deal with storage and rent out warehousing premises. The e-commerce sector is booming, and the sales figures are expected to equal USD 19.6 billion in 2027. It is often selected as a priority sphere by present-day entrepreneurs as new areas are developed more and more actively.
Cryptography, Accounting, and Financial Services
These are mutually connected areas that have always generated large profits in any country. Set up a company in Singapore that focuses on cryptocurrencies, banking services, brokerage services, or accounting services. The local government is planning to create at least 5,000 new jobs in this sphere on an annual basis.
You will still need to make a meticulous analysis of the market before you can make a good profit. You will need to make considerable investments to receive substantial profits.
Best Business Ideas
Real Estate Business
Here are the ways to get profit from the real estate business in Singapore:
- Invest in real estate to rent it out or resell it at a higher price (warehouses are an especially good investment).
- Open a real estate agency to directly connect the seller with the buyer.
- Become an intermediary or an advertising agent to help the developer company or another agent sell their services.
- If you are ready to make substantial investments and attract additional investors if necessary, you can become a developer in Singapore.
- You can establish a transportation company or supply construction materials.
- Finally, you can engage in interior and landscape design.
Cleaning Services
If you want to start this kind of business in Singapore, focus on territories and premises as their cleaning is in high demand. You can create several cleaning companies that employ professionals full-time. However, you can start from scratch, which is an advantage.
You will not need much: just establish your company and purchase the required equipment. No matter what crises and political disturbances may occur, 24/7 cleaning service will always remain a popular undertaking.
Bookmaking Business
Betting/gaming businesses are quite profitable in Asia, so you can organize an online casino or install slot machines if you want to – these are absolutely legal in Singapore! All you need is to register a company and obtain the right kind of license.
Production Business
You can manufacture construction materials, engage in agriculture, develop games and software, or deal with any other kind of production business. If you have a team of experienced specialists, set up a company in Singapore and find investors or receive assistance from the state. As an alternative, you can buy a ready-to-use company that has good staff and a well-established business cycle.
Conclusion
If you want to find out three more ideas for business in Singapore, please follow the above link. Do not hesitate to get in touch with us if you want to set up a company in Singapore or open a corporate account. We wish you luck in all your business endeavors!
