Are you interested in starting a business in Singapore? Do you want to know the best investment opportunities in Singapore for foreigners? Highlighted in this article are the top 10 in-demand business ideas in Singapore for 2017.
According to World Bank, the Lion City with a 5.5 million population and a GNI per Capita of US$ 52,090 holds the top spot in the Ease of Doing Business Rank for 2017. There are more than 3,000 multinational corporations in the sovereign city-state that is described as one of Asia’s economic “tigers”.
Once a British colonial trading post, today Singapore boasts of a market economy that is highly developed, trade-oriented and business-friendly. It has also been ranked as the most open and least corrupt global financial hub, attracting all types of business investors locally and internationally.
If you are keen on making your mark in the business industry in Singapore, it would entail sufficient knowledge about the country – not only the overall business climate and the trending business opportunities here but also its existing establishments, local laws and culture.
It is essential to undertake research first because nothing kills a business faster than planning and executing decisions based on assumption or hearsay, rather than verifiable data and facts.
Widen your reach to the global community with the top 10 in-demand business listed here.
Singapore is not famed for its rich arable land, with only about 0.87 percent total land area specifically devoted for agricultural purposes. Despite the fact, the country has an overwhelming demand for food and other agricultural products than it can ever produce.
It is a logical idea to start making a feasibility study on this area because there are very few players in the agriculture sector, making it possible to achieve success and recognition – if you’re also determined to take the risk of investing on the required technology for production.
As of the 2016 Scientific American Worldview Scorecards, Singapore is the world’s second most innovative country in biotechnology, just behind the United States. Bio-entrepreneurship has a solid infrastructure in Singapore, as evident with institutions such as Fusionopolis, Tuas Biomedical Park, and Biopolis. According to BioSingapore, Singapore is also home to multi-national biopharma companies and drug makers such as Pfizer and GlaxoSmithKline.
The government is actively involved in fund research, biotechnology development and infrastructure as well as the recruitment of top international scientists. With this in mind, there is a huge wealth of opportunities to anyone who would invest in the biotechnology sector. A huge capital and solid background knowledge are two key factors that would ease your way as you break into this industry.
International freight companies are naturally drawn to Singapore because of its strategic geographical location and the indispensability of the transport system here.
Singapore’s efforts to modernize its infrastructure resulted to a smooth, easy, and fast link from the airport and harbour to different roads and motorways across the city. If you want to start a transport business here, you’d find confidence in the fact that the government provides its full support to the Land Transport Authority towards its operations.
Your investment capital will dictate the level of your success. You can either start with providing a taxi service for a specific local route or you can also choose to provide an inter-city transport service.
Whether smartphones, car navigation systems, or video game consoles, chances are it has been designed or manufactured in Singapore. About 5.3 per cent of Singapore’s 2013 Gross Domestic Product (GDP) comes from the electronics market.What better industry to be involved in with than in the electronics sector?
Singapore is fast becoming Asia’s centre of manufacturing industry which makes it an ideal location for investors in electronic companies to create and manage new markets here and its surrounding regions.
Digital marketing in Singapore is on the rise and will continue to do so for 2017. As new innovations and technologies emerge, it seems the industry will not slow down until every sphere of digital marketing is conquered.
Internet has been and will continue to be a key player in the acquisition of customers by businesses. So whether you are a social media marketing expert, website developer or designer, or a seasoned copywriter who wants to widen your audience reach, digital marketing is the way to go in Singapore for 2017.
Aerospace and Aviation Industries
According to Singapore’s Economic Development Board, it is responsible for the maintenance, repair and overhaul of about 25 per cent of aircraft and components in Asia.
For the next 20 years, the global fleet size will be twice in its number today, as more than 33 percent of aircraft deliveries from all around the world will see Asia as its destination. This will bring to about 13,500 air-crafts to the Asia Pacific fleet by 2031.
Air travel across the Asia Pacific region has been, and will continue to be, on the rise – for business purposes and other wise – creating countless opportunities for aerospace manufacturers, investors, and players alike.So if you are like any sane businessman, Singapore is the best place to be.
Clean or Sustainable Energy
As of 2015, Singapore has already given a go-signal for five clean technology companies to invest S$150 million on sustainable energy projects in the city state, cementing Singapore’s position as a regional leader in the industry. This is a strong and proactive solution to the threatening effects of global warming.
Fossil-fuel based power generation will soon be phased out and be replaced by renewable energy and grid solutions for distributed energy. Therefore, the global business opportunities in this industry are ripe for the taking.
Elderly Care Services
By 2030, Singapore will have more than 900,000 people aged 65 and above, making it one of the fastest ageing societies in the world. By law, children are required to provide the necessary care and guidance for their elderly parents, which in turn created a demand for quality health care for senior citizens.
Tapping into this 21st century market means a never-ending cycle of day-to-day tasks such as meal preparation, housekeeping, hygiene maintenance, physical rehabilitation, and other relevant tasks but a very lucrative one as well.
Exercise hubs are becoming increasingly popular in Singapore as more and more people prioritize having fit and healthy bodies. Becoming a fitness trainer, or better yet, putting up a center that provides customized and special fitness training sessions can attract a plethora of people from all walks of life.
Make sure to create an ideal gym or fitness center that will answer to the specific needs and personality of each customer to motivate them to come back and exercise on an even more regular basis.
As of 2016, there are almost 400 childcare centers at various workplaces in Singapore – a nearly 50 per cent rise from 2012 statistics. Parents need to secure the well-being of their children, and they want to rely on people who are professionals in this job.
If you place high regard on family-oriented values, starting a business in this industry will not only provide you with excellent chances of making huge profits but also earning the gratitude of busy parents who want quality childcare for their children.