Singapore is one of the best places to do business around the world. According to the World Bank’s Ease of Doing Business Rank for 2018, the country got the second spot out of 190 countries, and it had previously been ranked in the top for ten consecutive years. Among the factors that make the island state attractive to investors who want to do business there include its perfect strategic location and open economy, highly educated, skilled, and experienced workforce, stable political environment, low taxes, and developed infrastructure, just to mention a few.
In addition to the factors mentioned, the country has a population with good purchasing power given that every one out of six households is a millionaire. Doing business is favorable in Singapore for locals as well as foreigners. But there are businesses that stand better chances of success than others.
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Below are some of the businesses that are likely to do well in Singapore that you may consider venturing in:
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Biotechnology business
The country is actively and aggressively promoting its biotechnology industry with the government investing to the tune of hundreds of millions on research, infrastructure, hiring top international talents in science, and other promoting efforts. What more, some of the leading drug manufacturers like Pfizer and GlaxoSmithKline have opened plants in the country. It is therefore evident that there are tons of opportunities in this industry. However, venturing in this industry is not easy because you must have solid background knowledge and heavy capital injection.
Professional financial services
With a thriving economy and many businesses, the demand for professional financial service providers is quite high. You would not go wrong if you started such services like bookkeeping, accounting, and auditing, as well as offering advice on financial matters to individuals. The beauty of these businesses is that you do not need huge capital because you can carry them out from your house and advertise your services online or get clients through referrals, or operate a small office. The critical thing is having the relevant knowledge and experience in this area.
Information technology services
Due to the massively growing potential and availability of skilled labor, many renowned IT multinationals are opening up shop in Singapore. There is also a well-developed infrastructure with the anticipation of the support that IT would need in the future. Depending on your training and area of interest, you could venture into a business that provides any or several of these services such as web development, wireless networks, web designing, software development, and others. With well-equipped cyber laws to regulate the internet that is updated frequently, you have no fear of getting into the business.
So, if you wish to venture into the IT services business or any other in Singapore, you need to start by engaging a visa agent to help you to process your visa. You can count on One Visa, some of the most reliable visa agents, to process your visa without any issues.
E-commerce
Do you want to start a business of selling various items but fear to incur heavy rent expenses? E-commerce is your best bet, and you only need a website and the appropriate software and you are good to go. You may decide to sell directly to customers or use drop shipping services. On your e-commerce site, you may sell your products or merchandise from niche suppliers.
Elderly home health care
The great demand for health home care services can be attributed to the Singaporean law that requires children to care for their elderly parents. You may consider offering services like preparing meals for the elderly, offering quality and specialized care to senior citizens, doing housekeeping chores, and running errands. It is no doubt that this is a lucrative business to give a thought, especially in households with busy professionals.
Digital marketing
Almost all businesses want to have an online presence, attract customers, and sell their products online, and this has driven up the demand for those with skills in online marketing services. You have limitless opportunities if you have skills in copywriting, SEO optimization, social media marketing, and other supporting services like web designing and developing among others. There are some digital marketing for your new businesses.
You can start a ton of businesses in Singapore, but you need to ensure that you have the relevant skills and get the required legal licenses. You also need to do your market research and consider venturing into fields with adequate demand and whose competition you can manage.