2021 has been a mixed year for businesses. 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 fastest growing industries and declining sectors in Singapore!
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.
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.
- 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.
- 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.
- Pet Wearables
Getting a pet during the lockdown has 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
Singapore’s manufacturing industry saw the biggest growth in 2020 with a growth rate of 7.3%. This tremendous growth in the industry is attributed to the development of biomedical manufacturing, electronics, and precision engineering clusters.
- Finance & Insurance
The 2nd biggest growth by industry in Singapore in 2020 is the finance and insurance industry at 5%. When the pandemic hit the nation, the population started to put a stronger focus on getting themselves covered in terms of insurance and their monetary wealth, especially amidst 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:
- Construction
- Accommodation
- Transportation & Storage
- F&B Services
- Retail Trade
- Administrative & Support
- Real Estate
- 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.
Thinking of setting up your company in Singapore? Reach out to us for free consultation on company incorporation and other corporate services like visa application today!
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
Are you still interested?
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