Are you a foreigner interested in starting up a profitable business in Singapore? Are you looking for a good business opportunity in Singapore to invest in? In this article, we have curated the best business ideas in Singapore.
Singapore can be the best place to invest in.
Investing or starting up a business in Singapore can be one of your best decisions in life.
You may be wondering why I said so, here is why.
The World Bank has tagged Singapore as the easiest place to do business for ten consecutive years now.
Singapore is the 3rd largest financial center in the world.
Also, Singapore is the 3rd least corrupt country in the world with a highly developed free-market economy.
Singapore has one of the most stable economic environments in the world.
Most importantly, its tax rate is low.
Below are the best profitable business ideas in Singapore
1. Tours and Travel
Singapore’s geographical location coupled with its highly modernized structures makes it one of the most visited countries in the world.
The Singapore Tourism Board stated that about 19.1 million visitors visited the country in 2019, against 18.5 million in 2018.
With these statistics, you could see that the number of tourists keeps increasing.
So, this has made this business to be one of the best business ideas in Singapore to venture in.
To start up this business, you must first get the company registered.
After establishment and fulfilling all the legal requirements, you can simply start by assisting tourists in hotel lodging reservations.
You can then proceed to sell travel tickets, plus the provision of travel services and sightseeing.
2. Hospitality business
Due to the large influx of tourists in Singapore, the hospitality industry records one of the highest inflow of money.
This business includes large chains of luxurious hotels and beverages and food resorts.
The hospitality industry has one of the largest scopes for business in Singapore.
Also, boutiques and hostels are always never enough to cater to the emerging number of tourists.
Therefore investing in this business will be a great gain.
Despite the availability of large fertile land in Singapore, the country only has few players in this sector.
In addition, only about 0.87% of the total land is for agriculture. Despite all this, the country has a huge demand for food.
The high availability of biotechnology in Singapore has aided vertical farming.
So vertical farming is a more indoor farming system where the crops are protected from pollutants.
Vertical farming also aids in a high yield of food than traditional farming.
The good thing about this sector is that there is not much competition.
Also, to start up this business, you must first choose a structure and register it with ACRA.
The structure could be on:
- Vegetable and crop cultivation
- Fish farming
- Ornamental plants production
4. Food business
The National Environment Agency (NEA) stated that 85% of Singaporeans residents eat out at least once a week.
One in ten Singaporeans eats out every day.
As a result, the demand for good food delivery is on the increase.
Singaporeans’ common food can be categorized into:
The seafood is known as the prominent food of the Singaporeans.
Chill and black pepper crab are the best.
This crab diet is usually for tourists because of its unique taste and flavor.
Including a logistic service for the business will lead to a mass increase in sales.
This makes it one of the most profitable business ideas in Singapore.
5. Laundering and cleaning services
The Singaporeans have busy lifestyles which make the demand for laundromats and cleaning agents inevitable.
The laundry industry is said to make an annual avenue of over 10 billion dollars.
Bulky items like blankets, curtains, bedspreads, and sofa covers are not easily washed at home.
In the offices, the vacuum cleaners cannot effectively clean the dirt.
This made home and offices in dire need for them.
Also, the tourist influx in the country had also expanded this business scope.
So, the good thing about this business is that much labor and staff are not in need.
The washing machines and cleaning gadgets are self – serviced.
Singapore is the second most innovative country in biotechnology in 2019 by the Scientific American Worldwide Scorecards.
The presence of vertical farming has made this sector a good business to venture in.
As stated earlier, vertical farming is solely built on biotechnological prowess.
The pro-business nature has made this sector a growing one.
The government is actively involved in biotechnology research and development, as well as recruiting top biotech scientists.
Presently, Singapore is the home for two multinational biopharma companies; GlaxoSmithKline and Pfizer.
However, to start-up or invest in the sector requires huge capital and vast knowledge of biotechnology
7. Electronics Manufacturing and retailing
In the third quarter of 2017, the electronic manufacturing sector and the service sector made up 77% of the Gross Domestic Product (GDP).
Since then, its growth has been on the increase.
Singapore is fast becoming Asia’s center for electronic manufacturing.
Electronics like smart-phones, televisions, video games, and car navigation systems are designed and produced in the country.
This makes it one of the profitable business ideas in Singapore to invest in.
This business does not really require huge capital; except you want to venture into it on a large scale.
You could also engage in the export of electronics.
8. Elderly care service
In Singapore, there is a law mandating children to cater to and provide for their elderly parents.
Any defaulter of this law is liable to face legal punishment.
This indirectly resulted in the growth of elderly home care services.
Elderly parents are kept there and catered for adequately.
Tasks such as healthy meal preparation, hygiene maintenance, housekeeping, and physical rehabilitation consist of the elderly care service scope.
According to statistics, Singapore has 900,000 persons aged 65 and above, making it one of the countries with the highest number of aged people in the world.
This has made this business a lucrative one.
Investing in this business provides a guarantee for continuity.
As the years go by, the demand for these services will increase.
9. Freight and courier service
The huge support of the Singaporean government to the transport service sector has made this business one of the best ventures in.
The advent of e-commerce has also increased the necessity for this service.
The highly built infrastructures of the country have aided the smooth transitions of parcels from place to place.
You can venture into the logistics and parcel delivery by joining the freight forwarding industry.
And you may decide to operate within the country by providing intra-city and intercity transport and delivery services which includes documentation and tracking of delivery parcels.
Also, engage in free trade zone line terminals and airports.
You can also extend to engaging in international freights.
To start up this business, registration with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) is a must.
10. Fashion sale and retails
Singaporeans are known for their great taste in fashion.
They love keeping up with the latest trends in the market.
Most tourists also love shopping when going back to their countries.
Their fashion industry is known to be occupied by high fashion international brands like; Levis, Aldo, Ilk, Zara, and H&M.
You could set up a retail outlet or franchise that deals with fashion.
It is one of the best ways to build a decent flow of income.
You can also invest in an existing fashion business brand to earn dividends.
11. Telecommunication business
Singapore has long had the reputation of having one of the most effective telecom networks in the world.
Its world standard infrastructure has made it to play an important role in launch-pad for companies.
The market of mobile phone connectors and internet service providers has only been dominate by only a few international private players.
The print media is solely dominate by Singapore Press Holding and MediaCorp.
Radio and television are all owned by the Government.
So, this could be the best time to invest in this sector since it’s not yet completely dominated.
There is still a large space for penetration.
12. Spa and massage services
The spa and massage services are a great business opportunity that is highly profitable.
The niche for this business consists of working-class men and women who desire to get a luxurious treatment after the work stress.
The need to relax some muscles in boosting wellness has been the constant push of individuals to go for these services.
In setting up this business, you must first get it registered.
The Massage Establishment Act must give a Message Establishment License before the commencement of this business.
The Singaporean law mandates that any enterprise involves in message service, spa service, and reflexology services must obtain this license.
Profitable online business ideas in Singapore
Online business in Singapore is fast becoming the choice selection of many.
In the quest to break away from the 9 to 5 jobs, some of the residents now prefer online business.
This online business enables one to work remotely in the comfort of their homes.
Its flexibility is an added advantage.
Below are the top profitable online business ideas in Singapore
Ecommerce is being referred to as a profitable online business opportunity in Singapore.
Go-globe rated that about 26% of Singaporeans shop online at least once in a week and 58% shop online at least one in a month.
These statistics are constantly on the increase.
An online study was done recently stated that one in a three Singaporean is an online shopper.
Ecommerce user penetration is to rise by 74.20% in 2020.
Online shopping is gradually becoming a norm among the residents of the country.
Venturing into the e-commerce business will be a highly profitable venture, making it one of the top business ideas in Singapore.
The next question on your mind might be ‘what are the best products to sell online in Singapore?’ The bestselling online products are:
- Consumer electronics: Their huge dependence on consumer electronics to ease living has made it the leading category in online retailing in the country.
- Fashion: The fashion category of online retails is said to be the fast-growing online business segment. This segment is patronized both by residents and tourists.
- Hobby and stationery
How can one start up an e-commerce site in Singapore?
Is there any regulatory arm coordinating it?
Before a starting up an e-commerce site, you must first procure a license from an Internet Content Provider (ICP) or internet service provider (ISP)
If you are good at writing promotional posts to create sales, then this business is for you.
Singaporean companies, both online and offline, are in constant demand for copywriters.
Copywriters who have expertise in:
- Creating advertisement ads
- Commercial ads
- Creating newsletters
- Direct mailing
- Engaging of the audience, and other essentials.
The copywriter has to be able to create leads and traffics.
The basic requirements needed for the above job (copywriting) is; a degree in communication, business, or advertisement.
These requirements are for those that want to be corporate copywriters in the country.
For those that want to be freelance copywriters within the country, the requirements are not a must.
The only requirement for a freelance copywriter is to have excellent writing skills and good command of English.
Copywriting is an easy business to start in Singapore.
3. Virtual assistant business
Virtual assistant business is also one of the top business ideas in Singapore for those who possess administrative skills.
This business involves assisting a client in carrying out small and major tasks online.
As a virtual assistant, you can work for more than one client at a time.
All you need is a great time management skill. For instance, a client may need an assistant to work on a regular basis.
Virtual assistants can opt-in.
They may take full responsibility for answering all their clients’ emails, schedule appointments, managing the site, complete data entry assignments, and other daily functions, like shopping.
This business description can be like a corporate administrative assistant.
You can begin employing other assistants when you start getting enough jobs.
To start up this business, you must first get licensed by the appropriate regulatory agencies.
4. Digital marketing
The need for digital marketers is constantly on the rise in Singapore.
The market for digital marketers has increased over the past few months due to the huge migration of businesses to the online marketplace.
Digital marketers are not only ask by firms and companies, but also by professionals who want to market their skills.
Digital markets must possess some skills, which are:
- System Engine Optimization (SEO) skills
- System Engine management (SEM) skills
- Social media management
- Content generation
- Email marketing
- Average knowledge of graphic designing
The primary goal for a digital marketer is to be able to generate more loyal customers, build trust, and boost sales.
It is a business that can never go obsolete.
Also, it can completely be done remotely.
To start, you must first get licensed and obtain the necessary requirements.
If you possess skills in cybersecurity, now is the time to start up your own business.
Companies and online sites in Singapore are in top need for it.
It is a necessity for them.
No company or site will want to be hacked.
The continued increase in cybercrimes has made companies require those with cybersecurity skills.
A cybersecurity expert is one who knows how the internet works.
He is also knowledgeable about possible ways by which companies and sites can be hacked.
The only limitation is that this skill is expensive to learn.
It can be learned from any tech company.
It can also be learn online.
Apart from that, it is a great one for building wealth.
How much capital to start a business in Singapore?
This may the question in your mind now, having gone through the article.
So, if you are starting up a company, some fees must be paid to ACRA (Accounting and Corporate Regulatory Agency). These fees are:
- Name approval – S$15
- Registration fee – S$300
If it is a small business, the price for setting up will be lower.
It is advisable for one to talk to a financial consultant before you start registration.
Best business ideas in Singapore summary:
Business setup is very easy in Singapore and can be done within a day.
It is always advisable to get legal aid when undergoing the registration process.
Singapore is a country that has wide policies and laws guiding every sector or business nature operating within the country.
To be successful in any business in Singapore, you must comply with the existing law and policies guiding the nature of that business.
With this, you will enjoy your business.
Therefore you will see why I said that starting up a business in Singapore can be one of the best decisions of your life.