Singapore has received numerous awards across the world for being among the best business locations. The state enjoys the entrepreneurship of both locals and foreigners assisted by startup capital provision, low-tax policies, political stability and a stable economy. The market is also ideal because Singapore is strategically positioned in a favorable location.
Those who are planning to register a company in Singapore will realize that the process is simple and straightforward. However, one will have to meet all the qualifications. For those who intend to start a business in Singapore but have no idea which one is the best for them, this list will help in the selection process.
#1 eCommerce is the Trend
Doing business online is now the trend for entrepreneurs. Even those with brick and mortar stores are now integrating e-commerce to allow people to make purchases online. Singapore has an advanced internet infrastructure, making it a lot easier to perform business online. Additionally, the market segment is willing to buy from reliable platforms. For instance, Alibaba, a Chinese company that sells goods online, has recently hit an annual revenue of over S$34 billion in Singapore alone. This is an indication that e-commerce is a thriving business in the country.
#2 Investing in Hotels and Restaurants
Singapore is commonly known for excellent holiday destinations and delicious cuisines. Tourists come here for exquisite beaches, iconic architecture, man-made attractions and cultural experiences. Those who have invested in hotels, resorts, restaurants and travel agencies are doing well. You too could start such an investment and stand a good chance of succeeding. The best thing is that one can start either a small or large business depending on the available capital.
#3 Banks in Singapore is Thriving
Every person now understands the importance of having a healthy bank account. People can benefit from different financial management solutions and loans. Therefore, the banking sector in Singapore is thriving. When starting, you need to select the target market well. Some people target individuals while others target corporate customers. Either way, your investment is likely to succeed within a short time. One thing to understand, however, is that banking is a sensitive business that requires a large capital investment.
#4 Starting a School will Bring You Success
The literacy rate in the Lion City is very high. People value education, which means that starting a good school will allow you to succeed with ease. The idea of starting a school leaves the investor with numerous options. Kindergarten, nursery school, primary school, high school or a college are all possibilities. With all these choices, the investor still needs to do market research to know the viability of a particular option. A school is likely to provide ROI (Return on Investment) within a short time if the management and marketing are top notch. The performance of the system will also play a part in building brand reputation.
#5 Pharmaceutical Business is Hard, but Lucrative
Another lucrative business a person can start in Singapore is a pharmaceutical business. People are constantly looking for sophisticated and reliable medications. The business will need a variety of licenses since this type of business is highly regulated by the government. However, you are likely to succeed if you meet all the criteria and steer clear of all issues that could bring challenges to the startup.
In addition, Singapore offers tremendous investment scope in many other industries like manufacturing, beauty, travel and tourism, electronic goods, real estate, and digital marketing. The list is never ending! You need to figure out which sector you want to grow in and make a wise and informed investment strategy.