In addition, Singapore also has a simple method for filing taxes, which has incorporated an -electronic process since 1992. This method has lessened the dependency on the subjective expertise of individual tax officers and led to a prominent reduction in the level of corruption. There are plenty of profitable business that an individual can set up in Singapore:
Food Business: One such business opportunity in Singapore is the food business. It is quite obvious to say that there will always be a demand for this kind of venture since it basic need of man. However, due to the fact that Singapore is well connected to other countries, is easily accessible, and attracts a lot of tourists, there is demand for food with fine quality and taste, and plenty of people willing to spend great amounts of money for recreational dining. The profit margins in such an industry are very high.
The Lion City is considered as a food paradise in Singapore and is a great place for someone to set up a food court to attract passing by locals and visitors. You need to be innovative and come up with unique ideas so that your proposition will sell. In other words, you must have a unique selling proposition. An example of a largely untapped market is gourmet chocolates so you can choose to set up a chocolate café that sells premium assorted gourmet chocolates, coupled with some hot or cold drinks, and shakes. You can also opt for fast foods such as barbecue and pizza. This business requires little capital, no formal academic certifications and it is easy to penetrate into the market.
Financial services: There is a huge demand for firms, companies or even individuals offering professional financial services. These can include accounting, auditing, and bookkeeping. The reason for this is that there are many indigenous and foreign companies in Singapore, who have too much on their plate and cannot spend time on tedious records and maintenance of accounting data.
Biotechnology: The biotechnology is one of the fastest growing industries in Singapore. The best part is that the government itself is actively spending huge sums of money for the development of this sector in terms of funding for research and recruitment of top international scientists. Many famous drug makers and pharmaceutical companies like GlaxoSmithKline and Pfizer have set up plants in Singapore. There is, however, the barrier of competing with the firms that have already established themselves in Singapore as well as the high cost of getting set up. But there is no denying the huge opportunities for investors in the biotechnology sector, aided by government support.
Transport: Transportation is one of the necessities that every Singaporean citizen will find indispensable. With the increase in population, it is becoming ever more important for children to be sent to schools in buses or for individuals to hail a cab for running a quick errand. You can start with a taxi service that transports people within local routes, or a bus service that picks and drops children from school to their homes. With bigger capital, you can start an inter-city or inter-state transport service.
Electronics: You can selling electronic products to consumers, keeping in mind to start with a narrow range if you have somewhat less capital. Provided that the electronics industry accounts for 48% of the total industrial output, there is a certain potential for profit to be gained by tapping into this market.