Singapore has earned its reputation as a top spot not just for hospitality and tourism but also for starting up a business. It remains one of the easiest and most conducive places to do business, mainly due to its enterprise-friendly regulations on company incorporation, free market economy, robust infrastructure, diverse workforce, and strategic location.
Familiar big foreign businesses have already forayed into Singapore, successfully riding on the boom of the city-state’s economy and its access to other parts of the region and across Asia and Australia.
For those keen to start a business in Singapore, the very important consideration is the sector they are penetrating too. With digitalization efforts and scaling up of technology and innovation, there are quite a number of business sectors one can join in. Here are the five hottest business sectors right now in Singapore:
Financial Technology is the next big thing
There is no denying the fact that Singapore is currently positioning itself as the fin-tech hub of Asia. Over 200 banks have headquarters in the city-state. And with the Monetary Authority of Singapore’s establishment of a regulatory sandbox and innovation lab for fin-tech companies, players are given the opportunity to experiment and kick start their banking and finance solutions
Mobile Apps for Singapore’s Smart Nation
The Smart Nation initiative has piqued the interest of enterprises wanting to develop software even for basic tasks like booking a private car, shopping the latest fashion trends, or ordering food. Uber-like technologies have gained traction especially in Singapore, whose mobile penetration rate have gone up 149.8% last year according to government data.
This is good news, especially for start-ups wanting to venture into information technology industry. Singapore can be a test bed of some sort to play around with innovations.
Co-working spaces take the spotlight in the property sector
The property sector has seen the trend of co-working spaces gaining steam amongst business in Singapore. This is an opportunity that has yet to be realised at its full potential. Whilst office rents in central business districts have been skyrocketing, flexible working spaces are the best alternative.
According to Regus Singapore, there have been only more than 20 co-working space providers that have opened their doors in Singapore for the past two years. And as the trend is expected to pick up in the coming years, expect other shared co-working space business to unlock their doors soon.
Firms tap online marketing business to gain exposure
Firms in Singapore do not rely on traditional media anymore for exposure. Often, they go to marketing agencies which offer services from blogging, copy-writing, graphic design, data analytics, and search engine optimisation. The widespread use of social media gave an opportunity to firms to widen their market reach.
Food and Beverage will never be out of style
As a universal need, food will never cease to be a starting point of business. The city-state is a melting pot of cultural cuisines from across the globe. It houses outdoor food courts and hawker centres, both of which are frequented by tourists and locals alike. The challenge in this sector is for potential businesses to look for ways to spice things up and innovate food concepts.
Kick-start your business with Corporate Services
Whichever sector you may choose to start your dream business, it is important to do some studying and research.
These are some of the common issues faced by start-ups during company incorporation.
- Which business set up and structure will work best with the chosen field?
- Is the selected business name in use?
- What information is needed to provide for company incorporation?
- What are some of the government tax grants and rebates available?
- What are the mandatory requirements from IRAS and other related government agencies?
With a thorough expertise, corporate services firm can help to guide new entrepreneurs navigate with company incorporation procedures, legal obligations and accounting requirements.