Nowadays, most people tend to retire from their 9 am to 5 pm jobs to seek self-employment. World Bank has always ranked Singapore as a country with the ease of doing business for a long time. Besides, there are quite a number of business opportunities in Singapore. There are numerous reasons why most people are venturing into Businesses in Singapore. Some of them include;
Options to hire either locals or foreigners
Investors in Singapore have the opportunity to hire their employees from wherever they like.
They can work with either foreigner or with Singapore residents.
This is made possible by straightforward immigration requirements and transparent processes.
Incorporation Process.
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.
Tax Reliefs
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.
Cleaning Services
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.
Financial Services
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.
Laundry Services
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.
Transport services
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
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.
Online marketing
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.
Biotechnology
The industry of Biotechnology offers a better business opportunity in Singapore. The country is aggressively working towards promoting and developing its biotechnology industry. The government of Singapore has spent millions of dollars on funding the biotechnology sector. The government has done so by building infrastructure, funding various research, and recruiting top international scientists to ensure that its biotechnology industry is at the top. Besides, the leading drug makers industries have also set plants in Singapore, making the industry strive as one of Singapore’s greatest business opportunities. However, the biggest challenge to investors who intend to venture into the biotechnology industry is the high level of skills required and the huge capital involved.
Fitness Training
Singapore has many expatriates, business individuals, and the youth who are interested in socialising through fitness gyms or even just hanging out through sports. A large number of people are learning the importance of having a fit body. Being physically fit reciprocates on mental health, and exercise helps in keeping one healthy. If you are a trainer, you are likely to get many clients in Singapore. Therefore fitness training is a viable business opportunity in Singapore for those who get the skills and talents that is necessary for the field.
Agriculture
The demand for food and other agricultural products in Singapore is on the rise every sing day, and the supply is not sufficient. Very few people are involved in this sector, making it a promising business opportunity in Singapore. Singapore has heavily relied on the agro-technology for the production of agricultural products.
Elderly care Services
Singapore’s society strongly encourages young people to take care of their aged parents through social campaigns as well as tax regulations and even some legislation. In a way, this law has created an undeniable business opportunity in Singapore. There is a demand for elderly health care services in Singapore. Besides, offering the services to the elderly that include; providing quality care, preparing meals for them, and housekeeping, among others. Therefore, if you are not a skilled workforce, then you can still manage to get a business opportunity in Singapore. Taking care of the elderly in Singapore is a viable business opportunity, and you can still earn a living from providing such simple services to older people.
Freelance writing
Since most businesses and individuals are shifting their attention to internet marketing and businesses, there is a boom in professional content creators’ demand. The services that freelance writers offer include copywriting search engine optimizations, and ghostwriting.
Blogging is also a viable business opportunity in Singapore. Quality content that is continuously published helps ensure that land a blogging job will pay you as per your contract agreement. Thus, freelance writing is one of the business opportunities that you can consider in Singapore.
Conclusion
It might be challenging to find which business opportunity fits your skills. However, with the right people surrounding you and better consultations, you can make informed better decisions on the type of business opportunity in Singapore that can work for you. Besides, things like skills, profession, and capital will greatly dictate if you will become successful in the business that you are planning to venture when in Singapore. Nonetheless, some businesses require little to no capital to start as long as you are good at whatever you are doing and ensuring that your marketing skills are on another level. You will realize that some of these jobs will require you to work from home, some will require networking while others will require that you walk out and create an opportunity and enabling environment. The type of business that you choose to venture in while you are in Singapore will depend on your skills, capital, talent, or passion.
Business Opportunities in Singapore FAQs
- Create a plan that is in accordance with your business idea.
- Work on your capital and how to finance the entire project from incorporation to management.
- Create your website,
- decide on the business structure,
- consult on the tax obligations, and
- finally register your office address.
This guide, will help to you about how to register a company in Singapore
With the growing technology, there is an increase in demand for cleaning services in Singapore. The services are required in apartments, offices, and shops. Others include private tuition, events planner, and photography.
There is quite a number. However, it would be best if you focused on online business:
- online marketing,
- blogging, and
- freelancing.
If capital is not a problem, then electronics will definitely do wonders for you. It is one of the largest and booming sectors of the manufacturing industry in Singapore.
Professional services like accounting, bookkeeping, and freelancing require little to zero capital to start.
Hello, Myself Omvir Singh from India
I just want to start a new business of export. I am working on some ideas like organic food, cashew, Indian spices and handicraft to export. And I am looking to cater Singapore, can you please guide me which business opportunity is good in Singapore among above mentioned business.
Looking for your some positive reply
Note- Even I don’t know whether I am asking this question to right person or not but please guide me
I am desperate to work for Singapore
Regards
Omvir Singh
Hello Omvir,
We understand that you have many ideas for starting a business in Singapore. They are all viable options. However, we apologize because we cannot outright tell you which of your suggestions provides the most business opportunities. This is because the market in Singapore is dynamic; its demands and desires are always changing with the times.
In any case, you clearly seem interested in conducting business activities in Singapore. Therefore, for people like you, we offer a package which costs $3,155. It will allow you to move to Singapore by way of an Employment Pass and have your company established there.
For further information on any of these matters, please contact us.
Thank you.
Paul
i am looking to get a start for our concern in Singapore can you give a quote for in corporation in Singapore include employee pass
Hello Kandasamy,
Our incorporation package which includes an Employment Pass will cost you S$3,155. It includes company registration, a registration fee to be paid to ACRA, the appointment of a company secretary and nominee director, an Employment Pass application, and a registered office address.
Please contact us for further information.
Thank you.
Paul
Tell me what is the disadvantages doing business there.?
Tell me how much is the taxes for big business.?
Tell me how easy or hard to move my income later to my country any time I want.?
Tell me what are the proof of all that.?
Dear Meen
The challenges doing business in Singapore are as follows:
1) High rental and manpower cost are normally a big barriers for Singapore businesses start up
2) Our Singapore tax system is one tier and uniform for all types of private limited company and there is no difference in term of tax brackets based on sales or paid up capital.
Company Tax rate is 17%
See link for detail: https://www.paulhypepage.com/singapore-income-tax/
3) Singapore banking system does not has any restriction for you to remit fund overseas. Singapore tax office – IRAS does not tax on profit or dividend paid back to shareholder.
After the company is taxed on profits, there is no more further taxation apply.
4) You can visit government website – http://www.iras.gov.sg for details
Paul Hype Page
I am a Saudi national interested on doing business there .
Can I own the business 100% .?
Thanks.
Dear Meem
Accordingly to Singapore company law , any person or corporation regardless of overseas or local can own 100% of a Singapore company.
There one thing you need to take note is that at any point in time, a Singapore Company must have a local resident director on the company’s board of director.
A local resident director is defined as someone who has the rights or is staying in Singapore, normally they are
– Singapore Citizen
– Singapore Permanent resident visa holder
– Singapore Employment Pass Holder
– Singapore Dependent Pass holder who has MOM letter of consent to work for the company
– Singapore Entrepass Pass holder
You can check government website for Singapore company Law : https://sso.agc.gov.sg/Act/CoA1967
Paul Hype Page & Co