Which Industries in Singapore are the most Profitable?
Certain industries in Singapore have more potential for profit than others. Therefore, prospective business owners should consider starting a business in one of these industries if they want to give themselves the best possible chance of financial success in Singapore.
In Singapore, just as is the case anywhere else in the world, certain industries are more profitable than others. Those who start businesses in such industries will be sure to see many financial benefits coming their way. The following are some of the most profitable industries in Singapore today:
Financial Technology (Fintech)
Singapore has the status of being one of the world’s financial hubs. This fact holds true with regard to financial technology (fintech). In recent years, the size of the fintech industry in Singapore has grown tremendously. Due to the implementation of many incentives from the government as well as individual financial institutions, cashless payments have become extremely common today. The many e-wallets available in Singapore facilitate such payments. Therefore, the fintech industry of Singapore has immense potential for profitability.
Many people in Singapore have chosen to join the rapidly expanding freelance economy. The increase in the influence of social media has done much to facilitate interaction between freelance workers and their clients. This fact applies regardless of the line of work in which the freelancer inhabits. Freelancers who have a significant network of clients can also leverage this large client base to their advantage, resulting in even more profits and revenue.
According to the latest set of statistics, there are approximately 200,000 freelancers who work in Singapore today. Freelancers comprise approximately 9% of all residents who are employed in Singapore. As Singapore’s freelance economy continues to strengthen, this figure is only expected to increase significantly.
It should be noted, however, that on occasion freelancers are sometimes not paid on time. For this reason, all who intend to become freelancers in Singapore must have high levels of self-discipline and be able to manage time and money well in order to ensure that they make significant profits.
Health and Fitness
The fitness industry in Singapore is among the most rapidly-evolving in the country. Today, large, well-known gym chains are no longer the primary options of regular gym-goers. This is because Singaporean gym-goers of today have become more interested in different and somewhat unusual fitness options. Boutique fitness businesses in particular have begun to thrive in the current Singaporean fitness scene.
Tech start-ups have also been working with the Singaporean health and fitness industry, and such collaborations have boosted the reputation and profitability of both Singapore’s tech and fitness industries. Such start-ups have understood the change in tastes of the modern Singaporean gym-goer. They have created programs which enable their users to sample a variety of fitness activities which span many different disciplines.
Singapore’s medical industry is held in high regard all over the world. According to the official Health Care Rankings, the country’s medical system is ranked sixth in the world and first in Asia. The Singaporean government has been attempting to bolster this reputation by increasing its expenditure on healthcare. The increased level of expenditure will be channeled towards general and community hospitals, polyclinics, eldercare centers, and nursing homes. For this reason, the demand for people who work in the healthcare and medical industry is expected to increase.
The manufacturing of medical products is expected to grow exponentially in order to support the country’s healthcare industry. For this reason, the industry requires the input of researchers and engineers who will be able to design equipment which will be used by the healthcare professionals of Singapore.
Now that you have an understanding of which industries should be entered by those seeking to start a business in Singapore, you can let us at Paul Hype Page & Co serve your needs. We will help you set up your Singapore-based company while adhering to all the laws that govern company registration in the country. We will even contact Singaporean government authorities on your behalf if you require such to be done for you.