Top Business Opportunities & Growing Industries in Singapore 2024

5 min read|Last Updated: January 22, 2024|

The last few years have been rocky for businesses with the global pandemic. Many companies have been incorporated. Some have seen tremendous growth while others have experienced great decline due to the nature of changing environments and consumers’ behaviours. Let’s take a look at the top business opportunities, fastest growing industries, and declining sectors in Singapore to find your best chance at registering a successful business!

Business Opportunities in Singapore

Singapore is widely known as an economic powerhouse in the region and a centralised hub for businesses tapping into the Asian market. Although the nation has been impacted by the pandemic, we’re excited for what’s to come – especially in the fastest growing industries, creating business opportunities accelerated by digitalisation.

Entrepreneurs and investors can tap into these industries with high business potential when deciding to incorporate a company in Singapore.

Letitia - Business Development

Growing Industries in Singapore

The pandemic has brought about the need for digitalisation and putting the focus on oneself. As such, the fastest growing industries in Singapore spark new business opportunities in these spaces.

  • Robotics

    With the advent of 5G, robotics will transform the way we do things or operate a business. Service robots are already being deployed across retail and F&B establishments to power business efficiency and productivity.

  • Deep Tech

    Artificial intelligence lauded as the next big thing, and right so as it is a key component in Deep Tech. Sectors who are leveraging on Deep Tech includes Med Tech, Autonomous Vehicles, Life Sciences, and many more.

Letitia - Business Development
  • Telehealth Services

    The power of technology has driven the adoption of telehealth services, especially in the Covid-19 pandemic. Such services not only help to minimise direct contact between the patient and doctor, but also offer an alternative solution to those who seek medical attention.

Letitia - Business Development
  • Biohacking

    Ever heard of keto diet? That’s one way of biohacking to improve your performance and health. The target audience for such an industry is for busy urban workers, who are time-starved but yet are looking at ways to enhance their physical and mental well-being.

  • Plant-based Products

    Impossible burgers are now of one the more popular burgers in Singapore, and that is largely thanks to the trend of eating clean and to reduce our meat intake. These trends are predicted to stay for a long time, as people become more conscious of what they eat and the impact on the environment.

  • eSports

    As we spent more time at home, more people are looking into ways for entertainment – eSports is one of them. This trend is set to grow in Singapore and the region, with more gamers expected to push the industry’s revenue in years to come.

Letitia - Business Development
  • Pet Wearables

    Getting a pet during the lockdown was been a common sight. People are becoming more interested in having pets, and pampering them. This is great for the pet wearables industry, as pets’ well-being is a top concern for pet owners.

  • Manufacturing

    The manufacturing industry in Singapore experienced significant growth in 2022, registering a year-on-year growth rate of 4.4% during the first eight months. This remarkable expansion is credit to the progress in biomedical manufacturing, electronics, and precision engineering clusters.

  • Finance & Insurance

    Another notable sector experiencing significant growth in Singapore is the finance and insurance industry. The Monetary Authority of Singapore anticipates a 4-5% annual growth in the industry from 2021 to 2025.

    When the nation faced the impact of the pandemic, the population began placing a stronger emphasis on securing insurance coverage and protecting their financial wealth, particularly amid the uncertainty and market downturn.

  • Healthy Junk Food

    Eating healthy has been a growing trend for the past few years and individuals are craving for new innovations when it comes to healthy junk food. There is a strong market for low calorie snacks with health-conscious individuals leading the pack for such products.

Key Industries in Decline

While the pandemic has brought in new business opportunities for the growing industries above, some are victims of this situation. According to the Economic Survey of Singapore 2020 by the Ministry of Trade and Industry, the industries that are struggling include:

  1. Construction
  2. Accommodation
  3. Transportation & Storage
  4. F&B Services
  5. Retail Trade
  6. Administrative & Support
  7. Real Estate
  8. Other Service Industries

Starting A Business in Singapore

Top business and entrepreneurial opportunities are still plentiful in Singapore despite the pandemic. Key industries that have strong business potential thanks to the changing habits of consumers are fruitful for entrepreneurs or businesses to tap into.

REGISTER YOUR COMPANY IN SINGAPORE TODAY

Come to our office or get in touch virtually for a consultation on your company incorporation with employment pass, and other corporate services.

FAQs

How Can I start a business in Singapore?2022-07-16T12:21:12+08:00
  • 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

What is the most profitable Business Opportunity in Singapore?2020-10-01T12:01:59+08:00

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. 

Which business opportunities exist in Singapore at this COVID era?2020-10-01T17:17:56+08:00

There is quite a number. However, it would be best if you focused on online business:

  • online marketing,
  • blogging, and
  • freelancing.
Which is the best business opportunity in Singapore?2020-10-01T12:00:55+08:00

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. 

Which business opportunity in Singapore requires little or no capital?2020-10-01T12:01:17+08:00

Professional services like accounting, bookkeeping, and freelancing require little to zero capital to start. 

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Join the discussions

  1. Profile Picture For admin
    Omvir Singh May 6, 2020 at 4:02 am - Reply

    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

    • Profile Picture For admin
      Kumaran Tiwiyah May 13, 2020 at 9:49 am - Reply

      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

  2. Profile Picture For admin
    s kandasamy January 9, 2020 at 1:42 pm - Reply

    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

    • Profile Picture For admin
      Kumaran Tiwiyah January 10, 2020 at 3:49 pm - Reply

      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

  3. Profile Picture For admin
    Meem April 19, 2019 at 6:57 am - Reply

    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.?

    • Profile Picture For admin
      eric eric April 23, 2019 at 3:07 am - Reply

      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

  4. Profile Picture For admin
    Meem April 17, 2019 at 2:07 pm - Reply

    I am a Saudi national interested on doing business there .
    Can I own the business 100% .?
    Thanks.

    • Profile Picture For admin
      eric eric April 23, 2019 at 3:13 am - Reply

      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

    • Profile Picture For admin
      Mega July 22, 2021 at 1:33 pm - Reply

      Are you still interested?

      • Profile Picture For admin
        Paul Hype Page July 26, 2021 at 4:29 pm - Reply

        Dear Meem,

        It is best if we get in touch so we can better understand your situation.

        Please contact us for more information.

        Thank you!

        Best regards,
        Paul

  5. Profile Picture For admin
    Edmund Agyeman October 11, 2018 at 3:12 pm - Reply

    Hi,I am a Ghanaian who is looking forward to dealing in general goods and export from Singapore to Ghana.Kindly advise on what i need and the charges for your services.
    Also i have some friends who are looking forward to working in Singapore and wants to know the available jobs on of offer for both skilled and unskilled labour as well as graduates.

    • Profile Picture For admin
      angela ng October 16, 2018 at 2:52 am - Reply

      Dear Edmund,

      You can consider our all in one package of Employment pass with Incorporate to start your company and get the right work visa to work in Singapore.

      As for job applicants for your friends, they can refer to Job DB or Jobstreet Singapore.

      Cheers
      Paul

  6. Profile Picture For admin
    PULEN MOODLEY January 4, 2018 at 2:03 pm - Reply

    i am wanting to invest in a business in Singapore, with the aim of relocating from South Africa at some point in time, can you assist.

    • Profile Picture For admin
      Paul Hype Page January 8, 2018 at 2:40 am - Reply

      Dear Pulen,

      We would need more information regarding the nature of the business you plan to be involved in, so we are able to better advise you further. Do drop us an email at paulhypepage@php-cpa.com.sg to discuss further.

      Best Regards,
      Paul

  7. Profile Picture For admin
    M. S. POOVENTHAN November 15, 2017 at 4:13 am - Reply

    we are doing textile retailers in past 75years.(in India. Tamilnadu). I wish to setup a shop for my son. He completed his graduation. And he studied his higer studies in England. How is opportunity to do clothing and garments. Please give me some suggestions.

    • Profile Picture For admin
      Paul Hype Page November 17, 2017 at 9:22 am - Reply

      Dear Pooventhan,

      We would recommend our all-in-one Incorporation with Employment Pass package as the quickest and most efficient way to set up a successful business here. Do drop us an email at aulhypepage@php-cpa.com.sg to set up an appointment.

      Best Regards,
      Paul

  8. Profile Picture For admin
    Mr Sabado Bernando Lingat August 29, 2017 at 9:06 am - Reply

    Am a private investor and am looking forward to a business in singapore to invest in good faith , any clue please contact me on
    sabadobernadoloan@outlook.com

    Thanks

    Mr Sabado.

    • Profile Picture For admin
      Paul Hype Page August 29, 2017 at 9:43 am - Reply

      Dear Mr Sabado,

      Thank you for reaching out to us. We would be happy to help you with your request. We would suggest our all-in-one Incorporation with Employment Pass as your best solution for quickly starting up a business in Singapore. We would like to have a further discussion with you on what you had in mind so we would be better able to advise you on the next steps.

      Do drop us an email at paulhypepage@php-cpa.com.sg to make an appointment. We look forward to hearing from you.

      Best Regards,
      Paul

  9. Profile Picture For admin
    sharmane baylon beguiras August 9, 2017 at 2:16 am - Reply

    hi there,
    I am a Filipina, i’m interested to open up a business and move with my kids in Singapore. Do you have any suggestions on what is the best ideas in putting up a business in Singapore? Hoping for your reply.

    Thanks

    Maine

    • Profile Picture For admin
      Paul Hype Page August 23, 2017 at 7:18 am - Reply

      Dear Sharmaine,

      Absolutely! We can help you establish a business quickly and efficiently with our Incorporation with Employment all-in-one package. You’ll be ready to get your businiess started in no time.

      Do drop us an email at paulhypepage@php-cpa.com.sg and let’s talk more.

      Best Regards,
      Paul

  10. Profile Picture For admin
    salai jeyakumar August 6, 2017 at 2:29 pm - Reply

    Sir,
    I am an Indian and having 16-year experience of petroleum product retail business. Is there any chance of start petroleum retail business in Singapore?. Kindly guide me.

    • Profile Picture For admin
      Paul Hype Page August 23, 2017 at 7:15 am - Reply

      Dear Salai,

      There are many business opportunities available in Singapore, and our Incorporation with Employment all-in-one package is the fastest and best option for entrepreneurs to get started with a successful business.

      Do drop us an email at paulhypepage@php-cpa.com.sg so we can help you get started and discuss your options.

      Bes Regards,
      Paul

  11. Profile Picture For admin
    dass saravanan July 19, 2017 at 12:19 am - Reply

    Dear paul, this is saravanan im in dp. i wish to start a small restaruant or food stall.kindly reply if im eligeble to takeover a food stall.thanks

    • Profile Picture For admin
      Paul Hype Page July 21, 2017 at 7:51 am - Reply

      Dear Saravanan,

      In order to better advise you on the matter, we would need more details regarding your situation and what your business plans involve.

      Do drop us an email at paulhypepage@php-cpa.com.sg . Have a great day ahead.

      Bes Regards,
      Paul

  12. Profile Picture For admin
    Robert Bellavance July 4, 2017 at 11:06 am - Reply

    Hi, I am about to create a company in Singapore to be the hub for a startup venture throughout asia. I would not be living in Singapore nor would I have employees in Singapore. I do not want to give anyone ownership in the company other than the mother branch in the USA (80% ownership). What is the best type of company I can set up (I assume, PLC) but would like to retain full directorship. How can this be done

    thank you
    regards
    Robert Bellavance

    • Profile Picture For admin
      Paul Hype Page July 7, 2017 at 1:44 am - Reply

      Dear Robert,

      The best solution for your situation will be to incorporate a company in Singapore with nominee director. This package allows you to have 100% ownership and open a Singapore bank account if needed. Furthermore, our online incorporation system allows you to incorporate without leaving your home. Do give us a call to arrange for an online meeting.

      Looking forward to serving you.

      Best Regards,
      Paul

  13. Profile Picture For admin
    Archit May 10, 2017 at 6:43 pm - Reply

    Hiii
    I’m 31 years old Indian citizen and wish to start business in Singapore like 7-Eleven or like $store.
    I heard from people and read it on some websites that I need one local partner but I don’t have, so how it will be possible for me to start business ?
    I having capital or I can invest around 200 thousand sg$.
    In feb 2011 I came to SG on tourist visa and I got the job in food manufacturing company as a production supervisor and worked for this company until oct-2015.
    Please suggest me what should I do
    Eagerly waiting for your reply
    Thanks…

    • Profile Picture For admin
      Paul Hype Page May 19, 2017 at 4:32 am - Reply

      Dear Archit,

      We recommend that you consider our incorporation with nominee director services, and we will be able to assist with the incorporation procedures as well as the employment pass application (if required). We would love to hear more about your company so we can better advise you on what to do. Do drop us an email at paulhypepage@php-cpa.com.sg for more details and charges.

      Best Regards,
      Paul

  14. Profile Picture For admin
    Madathil viswanathan April 12, 2017 at 8:01 pm - Reply

    hii,

    Iam an Indian national working in Saudiarabia,aged 58 years,as a part of my retirement plan from here,i have established a trading company in UAE.This company deals in importing and exporting of plastic raw materials,this company has just been registered and about to start operations.At the same time ,i feel that starting a trading and export import business in singapore will help my over all business.Can you advice me the way i can make this come true?,What will be the procedures and approximate investment involved,can i get multiple entry visa?

    Thanking you,Viswanath..

    • Profile Picture For admin
      Paul Hype Page April 26, 2017 at 3:57 am - Reply

      Dear Viswanath,

      The best solution for your situation will be to incorporate a company in Singapore with nominee director and you can go for employment pass later after the company is up and running with good sales records. We will email you shortly for your consideration.

      Paul

  15. Profile Picture For admin
    kiran April 7, 2017 at 1:29 am - Reply

    Hi,Holding DP.
    Can i start any business here(Singapore)
    If yes what type of Business?
    Please let me know….

    Thanks

    • Profile Picture For admin
      Paul Hype Page April 7, 2017 at 5:20 am - Reply

      Dear Kiran,

      You can obtain an LOC (Letter of Consent) to work in Singapore. DO contact us for more information.
      Paul

  16. Profile Picture For admin
    Kalana March 3, 2017 at 4:16 pm - Reply

    Hi Paul.

    I am a US citizen willing to export medical/dental supplies, technology and services to Singapore.

    I’m inquiring about the legal process and other helpful resources…

    Kind regards,
    Kalana Starke

    • Profile Picture For admin
      Paul Hype Page March 23, 2017 at 7:40 am - Reply

      HI Kalana,

      Our Corporate Specialist will drop you an email with more details
      Paul

  17. Profile Picture For admin
    Pranab Saha February 23, 2017 at 9:41 am - Reply

    Hello

    I am Pranab Kumar Saha Bangladeshi Citizen .and i want to start business in Singapore. so please guide me.

    Thanks

    • Profile Picture For admin
      Paul Hype Page March 1, 2017 at 6:42 am - Reply

      Dear Pranab,

      There are a few different type of setups you can consider for your company in Singapore depending on your business model. If you are considering to relocate to Singapore, we will recommend setting up a Private Limited company with Employment pass. We will email you with more details.

      Paul

  18. Profile Picture For admin
    AHMED February 18, 2017 at 11:23 am - Reply

    Dear Paul.
    Greetings of the day.
    I am an Indian, i am interested in formation of company with an objectives of construction, Finance and Investments with some suitable ancillary objects in Singapore. Please kindly revert me the procedure and required investment for the above purpose.

    Thanks & Regards
    Ahmed

    • Profile Picture For admin
      Paul Hype Page March 1, 2017 at 6:45 am - Reply

      Dear Ahmed,

      To start up, you will need to incorporate a company in Singapore. Paul Hype Page offers different company incorporation with work pass application package that will suits your business needs. We will email you with more details
      Paul

  19. Profile Picture For admin
    Osama Bin Tahir November 25, 2016 at 5:03 pm - Reply

    Hello,
    I am a graduate in Entrepreneurship from the best business school of Pakistan. Currently I am operating real state and oil business in Pakistan which is owned by my father. I look forward to expand my horizon and for this purpose I am visiting Singapore in early January to sense some business opportunities.
    I would be glad if I can set up an appointment with you in Singapore so that I can discuss the opportunities between both the countries in more details. Thank-you.

    Osama.

    • Profile Picture For admin
      Paul Hype Page November 28, 2016 at 5:46 am - Reply

      Dear Osama,

      Thanks for your interest.

      Understand that you would like to set up a new company in Singapore as an expansion to your father’s real estate and oil business in Pakistan. You may make an appointment with us from the link below.
      https://www.paulhypepage.com/book-now/ and book an appointment under Justin or Eric.

      We look forward to discussing with you soon.

      Thanks,

      Paul

  20. Profile Picture For admin
    rajan November 24, 2016 at 8:00 am - Reply

    Hi,

    I am Indian PR and i want to start business here. so please guide me.

    • Profile Picture For admin
      Paul Hype Page November 25, 2016 at 2:19 am - Reply

      Hi Rajan,

      Thanks for your inquiry.

      Yes, we can help. We’d like to ask you some more questions about your business plan so that we can assist you better. We will be in touch with you on separate email shortly.

      Thanks,
      Paul

  21. Profile Picture For admin
    Samuel da Rocha November 7, 2016 at 11:17 am - Reply

    Hi Paul.

    I am a brazilian citizen willing to export brazilian products to Singapore.

    Kind regards,
    Samuel da Rocha

    • Profile Picture For admin
      Paul Hype Page November 18, 2016 at 2:59 am - Reply

      Hi Samuel,

      Thanks for your interest. We can help you to set up a trading company in Singapore, then you can choose either to apply for your employment pass or appoint a nominee director.

      We can discuss more about your business plan via email. We will send you an introduction email shortly.

      Thank you,
      Paul

  22. Profile Picture For admin
    daglas September 15, 2016 at 5:29 pm - Reply

    Der sir.I m srilanka.I have a above 10 years real estate work experience. I m now 35 years old.pl.tell me can I start a my business in Singapore and can I get t a licean of real estate.

    • Profile Picture For admin
      Paul Hype Page September 16, 2016 at 2:26 am - Reply

      Dear Daglas,

      Yes you can start your own business in Singapore and we can help you on that. Our representative will be in touch with you shortly.

      Paul

  23. Profile Picture For admin
    Jayeh Hirpara July 16, 2016 at 8:35 am - Reply

    Dear , Sir,

    I am interested to start business in Singapore
    , can you inform us ? Which products/projects of business can start in Singapore these products/projects would be fast viable & fisible..

    Jayesh Hirpara

    • Profile Picture For admin
      Paul Hype Page July 18, 2016 at 10:05 am - Reply

      Dear Jayeh,

      There are many good business opportunities in Singapore. We usually advice our client to continue a business you are familiar with and related to if possible. Different kind of business set up depends on the kind of work visa required if any and services offered. Do contact us for a discussion to setup your company.

      Paul

      • Profile Picture For admin
        Jayeh Hirpara July 31, 2016 at 11:40 am - Reply

        Please inform us , which sectors/business very big opportunity in in Singapore…

        Thanks.

        Jayesh

  24. Profile Picture For admin
    Dhanapandi Muthukrishnan Pillai June 24, 2016 at 1:43 pm - Reply

    Dear Sir,
    I want to start a retail unit (groceries and textiles). Is it permitted in Singapore ? Please advise. I confirmed to start a business in Singapore with my family.

    Thanks and regards,

    M.Dhanapandi

    • Profile Picture For admin
      Paul Hype Page July 5, 2016 at 4:28 am - Reply

      Dear Dhanapandi,

      There are many good business opportunities you can venture in Singapore and retailing is always a vibrate market here. Whats is important is that you must have a good and right setup of your company to ensure hassle free EP application as well as DP pass for your family.

      Please contact our corporate specialist for an appointment to discuss in details.
      Paul

  25. Profile Picture For admin
    Ogedengbe Yemi June 17, 2016 at 4:20 am - Reply

    Sir, I am a Nigerian with keen interest to do business in Singapore. I m into Bitter kola. In a Small scale, can you extend your helping hands by linking me out there? Thanks

    • Profile Picture For admin
      Paul Hype Page June 21, 2016 at 5:15 am - Reply

      Dear Yemi,

      You can start with setting up a private limited company in Singapore. We will be please to assist you further. My colleague will be emailing you shortly with more incorporation details.
      Paul

  26. Profile Picture For admin
    Umesh Nagannawar June 13, 2016 at 9:39 pm - Reply

    Hi,

    I am interested in exporting castings & forging to Singapore. Please give buyers & companies for the same .

    Regards

  27. Profile Picture For admin
    Saddaaf Shah May 30, 2016 at 6:32 pm - Reply

    Hi,
    I have a construction company here in Pakistan working since 1997. I am 38 years old and and BCS. I intend to start a new business ie construction ,importing cars and vehicles from Japan etc.
    Kindly help me out moving in right direction without any loss or waste of time.

    • Profile Picture For admin
      Paul Hype Page May 31, 2016 at 3:06 am - Reply

      Dear Saddaaf,

      It will depends on your business model and if you will be relocated to Singapore for us to guide you the right kind of company setup that will be best suitable for you to incorporate in Singapore.
      My consultant will email you with more details.
      Thank you.
      Paul

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