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Singapore has been known for a long time to be the commercial hub of Southeast Asia and it’s no secret that Singapore has grown exponentially ever since. With the amazing sights and the multicultural people it is the best place to plant and grow your business. Singapore has something for everyone and almost anyone is allowed to come into Singapore and start a business. The people are friendly and they are always open to trying something different. The government is stable and you do not need to be afraid of someone stealing your valuable when you’re walking down the street. The security is impeccable. In addition to that, Singaporeans are extremely hardworking and they never take no for an answer. You will secure yourself super hardworking partners and workers the minute you’ve established your business.
It is also extremely streamlined and easy to get your business started up. In Singapore, there are these amazing factors that will help your company grow. These factors like an amazing foreign exchange market, a free market economy and skilled manpower will allow your business to thrive exponentially.
It is easily seen that huge companies have acknowledged the potential that Singapore has and they have come and set up shop in Singapore as well. Big names like ANZ, Bank of America, CapitaLand and Deloitte have expanded into this beautiful country and they are thriving. So based on these facts, you should be convinced that Singapore is the best stop for you to open your business. It is the epicentre of Southeast Asia and it has the track record to prove it to investors that it is worth it.
Singapore possesses a thriving environment for any type of business but we have compiled a list of the most common types of businesses in Singapore that you can start when you decide to spread your wings to our beautiful country.
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Anyone who has been to Singapore knows that Singaporeans take their education very seriously. National University Singapore is ranked world’s top ten for 13 subjects and Asia’s best for 24 subjects. You can definitely tell that they take higher education extremely seriously. However, the rest of Southeast Asia is quite left behind when compared to Singapore. So if you can establish a great institute that provides quality education, your company will rise fast and you will definitely be able to see the results fast.
Singaporean institutes have become the number one choice for most Asians that want quality education without having to venture too far from home. With a track record like theirs, who wouldn’t want to pay good money for great education. So if you can start an institution that promises great results like that, you will soar.
#2 Information Technology
Since Singapore is known to be the international hub for trade, it has also recently gained the name of one of the best IT hubs in SEA. With the rise of startup companies as well as huge IT firms setting foot in Singapore, you know that this is the next step. Singapore made sure that they would not get left behind when it comes to the IT sector so they prepared themselves for the growth boom and they are doing amazing right now.
There are so many types of IT companies that you can set up when you decide to venture to the Singaporean business hub. You can start up a wireless networking company, a social media marketing company, an online retail company. Just about anything that requires you to go online, you can do it! It promotes productivity and Singaporeans love that! You will definitely find a good place for you and your company here.
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#3 Fashion and Retail
Being in the centre of everything, Singapore has also become renowned for the amount of fashion labels that have decided to call Singapore their temporary home. In addition to that, everyone living here wants to always stay on top of trends and they always want to look fashionable. Because of the lower prices, tourists from UK and US always come down to Singapore to shop.
If you decide to open up a retail shop, you are definitely going to do well because of the amount of tourists that come to Singapore yearly as well as the locals wanting to dress up well also. Just make sure that you have great quality clothes as well as maintaining up to the current trends as well. This combination will definitely breed success!
Again, as mentioned many times before, Singapore is a huge tourist hub. With Sentosa island having places like Universal Studios Singapore as well as places like Orchard Road and Marina Bay Sands, it’s hard to avoid a country with so much to offer. The weather is nice too for people who live in a country with 4 seasons. The warmth and humidity does good for wintery people. Singapore is also known to be extremely safe so you need not worry about thieves and burglars coming to get you.
With that said, setting up a company that deals directly with tourism would be smart. A hotel or a travel agency will do very well in Singapore. Locals also love traveling out of the country because there isn’t much to do for Singaporeans in Singapore. This way you will be getting the best of both worlds. Tourists coming in and locals leaving. You can earn revenue from both parties!
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#5 Food and Beverage
Since Singapore is a tourist hub and we Asians love our food, the next best business would be one of food and beverages! Singaporeans are foodies so the best thing is to come up with a great restaurant that offers decadent and delicious food. Since everyone is working and it’s hard to always cook everyday, you will be sure to always have a string of customers.
You will also have the benefits of the tourists as well. Advertise yourself properly, have great staff and amazing food and you will see your restaurant raise to the top in no time!
These are the top five different common businesses that you can set up in Singapore that will almost always guarantee you revenue. You just have to be smart in your execution. If you ever need help starting your business, here at ThunderQuote we have everything you need to start a business. From web developers to renovators, you can always send in a quote for any type of service you want and you will get a reply as fast as possible! Help us help you!
ThunderQuote is the “Gebiz for businesses” and most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.