What are the best businesses to start in Singapore? Just recently, I wrote an article on how to start a business in Singapore.
So in this article, I thought it wise to profile some of the best
business opportunities in Singapore. Singapore currently tops the Ease
of Doing Business Rank by the World Bank.
That is, as the World
Bank holds, Singapore is the easiest place in the world to start a
business. And the most telling proof of this is the presence of over
3,000 multinational corporations in the country.
Singapore has a
highly developed trade-oriented market economy, which has been ranked as
the most open, least corrupt, and most business-friendly. Low tax rates
and high GDP per capita are other factors responsible for Singapore’s
very friendly business climate.
Now for those interested in
starting a business in Singapore, it will be very helpful and advisable
to undertake some research first and know just what people in Singapore
want and need. Doing business in Singapore entails sufficient knowledge
about the country; its laws, its culture, its existing establishments,
and the overall business climate. Nothing kills a business faster than
doing things based on assumption, rather than facts.
So if you are
a foreigner already living in Singapore, or you are planning to settle
down in that country soon, chances are you want to start your own
business there. You have bright chances of success, but you will succeed
only if you invest in the right businesses. So without wasting time,
below are the top ten business opportunities in Singapore for foreign
investors.
The Best Business Opportunity in Singapore
Food
business is probably the best business to start not just in Singapore,
but all over the world. This is because there is a universal need for
food, and it is the most important basic need of man.
The Lion
City is hailed as a food paradise. It is one destination in Southeast
Asia teeming with outdoor food courts and hawker centers that appeal to
locals and visitors from all walks of life. So if you are thinking about
venturing into the top 10 small business opportunities in Singapore,
notably food; then you are in for tough competition.
Now there are a lot of food business ideas
you can choose to start but you need to be quite inventive, innovative
and passionate enough to offer something that will appeal to
Singaporeans and visitors. The food business lands in the top spot among
favored businesses elsewhere in the world.
You may choose an
untapped market like gourmet chocolates especially if you really want to
choose food, which retains the top spot among other businesses in
Singapore that may catch on quickly.
If you want to venture into
the top 15+ small business opportunities in Singapore, you can leverage
on the internet and widen your reach to the global community. Now aside
food, below are some other appealing options of small business
opportunities in Singapore worth investing your hard-earned money on.
Top 15+ Best Small Business Investment Opportunities in Singapore for Foreigners
1. Agriculture
Although
Singapore has very limited arable land, the country has relied heavily
on agro-technology for agricultural production and consumption. But the
demand for food and other agricultural products seem to be outweighing
the supply with each passing day because there are very few players in
the agriculture sector.
You
are very likely to make huge profits from agriculture in Singapore
provided you’re ready to bear the costs of the technology required for
boosting production.
2. Biotechnology
Singapore is
aggressively promoting and developing its biotechnology industry. The
government has spent hundreds of millions of dollars on infrastructure,
fund research, development, and recruitment of top international
scientists.
In addition, leading drug makers like GlaxoSmithKline
and Pfizer have set up plants in Singapore. So, there are huge
opportunities for investors in the biotechnology sector. However,
breaking into this industry requires solid background knowledge and a
huge capital.
3. Fast foods and snacks
Fast foods
and snacks sell very well in Singapore. This means investors can really
make lots of profit from businesses that sell snacks such as barbecue, pizza, and so on. This business requires little capital and no formal academic certifications. So, it’s one you can easy break into.
4. Transport
Transportation is one of the necessities that are almost indispensable. And this is why the demand for transport services is high
almost everywhere. As a foreign investor in Singapore, you can start a
transport business, the scope of which hinges on your capital. If you
have little capital, start a taxi service that transports people within local routes. With bigger capital, you can start an inter-city or inter-state transport service.
5. Electronics
The
electronics industry is the largest in Singapore’s manufacturing
sector, accounting for a whopping 48% of the total industrial output.
This high production rate notwithstanding, there are huge opportunities
for businesses that sell electronic products to consumers. With a little
capital, you can focus on a narrow range of electronics, but this could
be wider depending on your capital.
6. Online marketing
With
increasing need by businesses to attract customers and sell their
offers via the internet comes the booming demand for professionals and
businesses that offer online marketing services. These services range
from copywriting to search engine optimization. If you are a seasoned copywriter, or a website designer and developer, or a search engine optimization specialist, or a social media marketing expert, then huge opportunities are awaiting you in Singapore.
7. Freelance writing
With the increase in number of individuals and businesses that have adopted blogging as a way of making money online comes the escalating demand for creative ghostwriters.
Blogging as a business
thrives only when quality content is published consistently, a
condition that many bloggers would never meet on their own. So, if you
are very good with words and are a stickler for perfect grammar, you can
make lots of money working as a ghostwriter for bloggers as well as handling other writing assignments.
8. Laundry
Most
Singaporeans are just too busy to handle their laundry themselves. So,
they would rather pay to get this done for them. If you are looking to
start a small-scale business in Singapore, consider this option. To start a laundry business, you need no more than a washing machine and a few other equipments such as pressing irons, dryers, and so on.
9. Automobiles and spare parts
Cars
and other automobiles sell very well in Singapore. And foreigners can
easily break into the business. But capital remains the main issue, as
the business requires huge capital. However, if you are having little
capital, you can start a business that sells auto spare parts instead.
They sell well, too.
10. Financial services
Because
there are many businesses, both indigenous and foreign in Singapore,
there is high demand for individuals that offer professional financial
services such as accounting, auditing, and bookkeeping.
If you have a solid background in any of these services, you can make a
lot of money in Singapore by helping other businesses with your skills.
More Small Business Investment Opportunities in Singapore for Foreigners
11. Thrift shop or vintage store – Singapore has lots of clothing stores,
but your very own thrift shop or vintage clothing and accessories store
can possibly stand out in one of the bustling neighborhoods.
12. Home tutoring service
– Heads of families in Singapore tend to arrange for home tutoring for
their kids, making it a good business option. You can even choose to teach English language or accounting, as these two subjects are highly in demand.
13. Eco-friendly products
– Distributing eco-friendly products online such as light bulbs and
recycled items may be a great business move. Just be sure to keep your
site navigation-friendly and updated with fresh articles.
14. Organic products like quality baby linen or gift packs – Quality conscious parents can be regular customers for this type of product offerings.
15. E-books
– A small business that caters to a favorite pastime, like reading, can
thrive. Consider writing and selling your own e-book through the
e-marketplace if you have skill and determination.
16. Handmade jewelry
– Can you string pretty beads and retail them? Then you can start a
jewelry making business from home if you have the skill and passion for
it.
17. Elderly care services
– In Singapore, there is a law that mandates children to take care of
their elderly parents and indirectly, this law has created a demand for elderly home health care services. Providing quality care for seniors, like preparing meals, running errands
or housekeeping, can be lucrative business, especially in households
with busy working professionals. After all, no one would like to spend
time in jail for neglecting their elderly ones.
18. Fitness trainer
– More and more people are realizing the importance of having a fit
body. A fitness trainer can get his share of clients. Products that
enhance health may likewise have huge demand.
19. Cleaning services
– Running a small business that provides residential upkeep can be a
good business. Commercial establishments that need to keep their
premises clean can also be regular clients. You can provide housecleaning services, office cleaning services, foreclosure housecleaning, roof cleaning, etc.
20. Repair services
– Individuals who need to have their appliances or furniture repaired
can save costs. Hence, a repair service business can be a good business
option. In any economy, whether good or bad, people will always have
things to fix as fixing an item cost less than buying a brand new one.
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