A viable destination for foreign businesses, start-ups, and financial transactions, Singapore is the choice location for global business and investment. The city-state is dubbed “Asia’s Monte Carlo”, and is complete with two casinos, an annual Formula One race and well-established global connections. With its world-class infrastructure, advanced information technology and a robust regulatory regime, Singapore continues to draw scores of businesses from around the world. Read out to find out the areas of focus and investment opportunities for the next phase of growth for your business.
The demand for sensors is here to stay as they are necessary components in new technologies such as artificial intelligence (AI), robotics, self-driving vehicles and the Internet of Things (IoT). Investments in sensors may create immediate revenue streams for start-ups. For instance, SGInnovate, a government-owned private organisation, invested in a US company called Sense Photonics, which develops sensors critical for self-driving vehicles and drones. The reason for SGInnovate’s investment is to facilitate the exchange of knowledge, help local companies learn from their overseas counterparts and validate the technologies that are being developed locally. Consider investing in the development of sensor technology to make an impact on IoT.
A slew of emerging technologies is shaping our lives, and consumers in Singapore are increasingly willing to try new AI-enabled products and services. One industry that was previously considered unviable is mobility. With AI-powered transport ecosystems on the horizon in Singapore, businesses can play a leading role in designing autonomous vehicles and smart mobility systems. Areas of focus along the smart mobility value chain may include AI development, urban research, training and insurance. Businesses are encouraged to work with the authorities to improve the future of mobility in Singapore.
In the medical technologies (medtech) space, start-ups are increasingly competing with established consumer electronics multinational companies. The number of homegrown medtech companies has increased from 100 in 2014 to more than 250 in 2018. This is because Singapore is investing in companies that are developing technologies for better patient monitoring, medical imaging and stroke prediction by leveraging machine learning and AI. Local medtech firm EndoMaster, for instance, is set to launch the world’s first robotic-assisted system that can remove tumours without making incisions. However, businesses venturing into medtech will be subjected to local regulations and clinical trials.
The Singapore government is actively strengthening the country’s competitive edge by attracting leading manufacturers to invest in advanced manufacturing here. Advanced manufacturing refers to combining machines with digital technologies, such as data analytics and artificial intelligence, to create smart factories. The aim is to create a regional platform for the export of technologies and services and supporting companies as they embark on Industry 4.0, a movement that is set to transform Singapore’s manufacturing industry. By being part of the evolving manufacturing landscape in Singapore, businesses can learn best practices, access world-class capabilities and embark on their digital transformation journey.
Singapore has more than 200,000 millionaires, with more than 1,000 of them considered to be ultra-high networth individuals. While high-income Singaporeans continue to enjoy buying luxury items, purchases that promote personal goals and experiences such as travelling are quickly gaining interest. More people are looking for a travel experience that takes them out of their comfort zone to experience something they never thought they would do. Consider setting up a travel agency that offers bespoke travel packages, especially if the itinerary includes journeying off the beaten path. Destinations such as Ethiopia and Iran, for instance, are becoming increasingly popular.
High-income Singaporeans are also investing in prime residential investment properties in Britain and Australia, particularly in London, Sydney and Melbourne. Examples of these luxury residential developments include New Futura, Gramercy Park, Martin Modern and 120 Grange. To tap on this lucrative opportunity, set up a property agency specialising in property investments abroad to help local wealthy investors consider the market cycles in cities around the world before investing.
In the first 9 months of 2019, financial technology (fintech) companies in Singapore raised a record US$735 million (S$1 billion). With most of the funds going into payment start-ups, investors are seeing potential opportunities in the payments space. In addition, Singapore is gearing up to issue digital banking licences. Consider financing your global growth from Singapore, where fintechs and traditional financial firms look for ways to collaborate. The outlook for digital financial services resides not just in Singapore, but also in Southeast Asia.
While expenditure on clothing and footwear is declining, high-income Singaporeans have an increasing appetite for personalised services that help them maintain their appearances. This includes maintaining their personal image and keeping their purchases in top shape. Businesses may consider specialising in personalised services such dry cleaning, laundry, repair and hiring of clothing, and customised clothing to suit growing demand.
Let Corporate Services Singapore Guide You
Singapore is the perfect test-bed for global solutions and is constantly looking to take its tech and services industries to the next level. With the support of a conducive business environment, state-of-the-art infrastructure and abundant manpower resources, Singapore is the perfect place to let your ideas take flight.
Foreign companies intending to set up a presence in Singapore are advised to engage the services of a professional corporate services firm to remain compliant to the various local regulatory requirements. Besides leaving you with more time and resources to focus on your core business, this ensures that your start-up never misses a statutory submission or filing.
At Corporate Services Singapore, we help entrepreneurs build their dream companies. Corporate Services Singapore offers a complete suite of solutions, from company registration and corporate secretarial services to outsourced accounting, audit, tax and other professional corporate services. To set up your local entity in Singapore or find out more, give us a call at 6602 8286 or email us at firstname.lastname@example.org to get started today.