The World Bank recognized Singapore as the second best country in the world to do business. Trailing behind New Zealand, Singapore showed great improvements in 2016 in terms of starting a business, handling construction permits, registering property, and paying taxes. Company incorporation is likewise an easy process to go through given Singapore’s streamlined business operations.
But which industries show the greatest potential for success this 2017? In no particular order, here are some of the best industries that entrepreneurs can look into in Singapore:
The technology sector in Singapore is thriving, and it is looking out to be one of the most promising industries in the next couple of years. The social media giant Facebook has already set up its Asia-Pacific headquarters in Singapore, and many other tech companies are following suit.
Singapore has excellent intellectual property protection, which makes it an excellent hub for companies in the pharmaceuticals and biotechnology sector. The government has also allocated a generous amount of investment to fund research, set up infrastructure, and recruit top scientists.
Travel and Tourism
Tourists flock to Singapore for the country’s heritage structures, new lifestyle attractions, museums, as well as its flora and fauna. In 2016, Singapore tourism exceeded its visitor forecast by 13.9 per cent. Tourism receipts in Singapore earned the country $24.8 billion in 2016. For businesses who want to invest in the country, setting up a travel agency will be a worthwhile venture. More tourists are expected to arrive in the coming years as Singapore makes its attractions even more enticing to visitors.
Singapore is not the first Asian country to come to mind when it comes to agriculture. However, with the help of agrotechnology, limited agricultural land is no longer an issue. Currently, there are 6 Agrotechnology Parks, which are allocated for fisheries, livestock and horticulture. Starting a farm in Singapore requires clearance and approval from the Agri-Food and Veterinary Authority of Singapore (AVA).
Singapore is a cosmopolitan country with a pro-business climate that makes starting a new venture very easy. Take a quick stroll in the city, and you will see various fashion brands from all over the world. While international brands have dominated the fashion scene in the past, Singaporeans are now keener on unique wardrobe that focus more on locally-made designs.
International brands will still find doing business in the country very easy as English is the language used in most transactions.
With the recent boom in the travel sector, the hospitality industry needs to keep up with tourists’ ever-changing needs. Hotels, bars, cafes, and even fast food restaurants have a huge opportunity to build their businesses in Singapore to cater to the growing number of tourists in the country.
According to SPRING Singapore, education is a growing industry that is expected to flourish in the coming years. Demand for high-quality education, beginning at pre-school, is very important. With this need, the country needs more players that offer various programs from early childhood to post-graduate degrees and vocational training.
Singapore’s telecommunications section is globally competitive. This sector has a promising outlook, thanks to the government’s full support of the industry. Companies that are looking into entering the telecommunications market need to register with the Infocomm Media Development Authority (IMDA).
Deloitte ranked Singapore in 2016 as the second leading fintech hub in the world. With a strong government support, more fintech companies are flocking to the city-state to launch their projects and initiatives. Entrepreneurs who wish to set up their own FinTech business in the country must register with the Monetary Authority of Singapore.
In 2016, Singapore experienced a rapid growth in technologies, particularly in social media. These technologies are used widely in brand awareness, and more companies are using online marketing as a tool to spread more information about their respective brands.
Singapore is an excellent spot for both local and international businesses to set up shop. It takes only 2.5 days for business registration to be completed. Regardless of the industry business owners may want to tap in, company incorporation in Singapore is rather stress-free, but familiarity with the procedures may require some professional help, especially for foreign business owners. A corporate service provider with a proven track record for helping clients can guide aspiring business owners register their businesses with ease.