Options to hire either locals or foreigners
Investors in Singapore have the opportunity to hire their employees from wherever they like.
The incorporation process in Singapore is fast and straightforward. The entire process can take as short as one day if all the necessary documents are available.
Singapore is widely considered as a tax haven in Southeast Asia. The taxation system in Singapore includes corporate tax rates as low as 17% and multiple tax exemptions. The country has signed DTAs with over 50 countries.
Some of the advantages of doing business in Singapore include improved infrastructure, no corruption in business, and incorporation, and the country has a robust economy with no currency control.
Let us look at some of the small business ideas that one can decide to executive and get promising returns.
Freight and Courier Services
Singapore is strategically located, and a lot of freight companies from various parts of the globe naturally draw to Singapore. Further, since the country works towards modernizing its infrastructure, the results are smooth, easy, and fast links that connect airports harbor to various motorways and roads within the city.
Singapore itself is a clean city and many locals boast about their rubbish free streets. Cleaning services are one of the industries that is one the rise in Singapore. If you are looking forward to starting a business requiring minimal investments, offering the cleaning services in Singapore is one of them.
Automobile Spare parts
Cars and other automobiles are a viable business in Singapore as it sells exceptionally well in Singapore due to the high purchasing power here. Foreign investors can maximize the opportunity and venture into the business. However, the major challenge to the automobile business opportunity in Singapore is its demand for huge capital. Still, if you do not have a large amount of capital, you can still start on the business of spare parts.
Since there is a constant increase in the number of foreign and indigenous business in Singapore, the demand for professional financial services is always high. Therefore, you can start a business in offering professional accounting services, auditing services, and bookkeeping if you have strong background skills in any of these services. You can make a huge amount of income if you position and market your skills well in Singapore.
Most Singaporeans are just too busy to do their personal laundry services. They would rather pay for the service than create time to do it themselves. Therefore, laundry services can be a perfect business opportunity in Singapore, especially if you are looking forward to starting a small-scale business.
There is always someone who is planning to move from one place to another. Thus, transport is an indispensable service not only in Singapore but globally. Therefore, there is always a high demand for the service. The transport sector is booming, and it can be one of the excellent business opportunities in Singapore.
Electronics is the largest manufacturing sector in Singapore. It constitutes 48% of the total output in this industry. It implies that there is always an opportunity in the electronics sector for the right persons. Due to the higher production rates, there are greater opportunities for businesses and retailers that are selling directly to the consumers. The range of electronics that you decide to deal with will significantly depend on the amount of capital that you have for the business.
Since most businesses are increasingly in need of reaching a larger customer base, internet marketing is becoming an essential business opportunity in Singapore. There are various types of online marketing services in Singapore. Whether you specialize in website designing, search engine optimization, or copywriting, you can make a living in Singapore. Others include social media marketing and other digital marketing skills. Marketing is an essential skill that is valued in the current market structure. As a result, it is one of the biggest business opportunities in Singapore.