Singapore is a nation that has experienced a significant amount of growth during the last decade. Even during the economic meltdown that affected North America and many countries in Europe, Singapore has remained prosperous and was left relatively unscathed by economic problems overseas.
One element that has made Singapore so popular with entrepreneurs from all over the world is the fact that it acts as a sort of “hub” in the South East Asian region. It has not only the largest, but also the busiest sea port in the region, a very large airport and is home to a wide range of workers with skills that are highly in demand. The infrastructure is modern and stable, which is why many multinationals have built their regional headquarters in the country.
While large corporations seem to be quite fond of Singapore, many would ask whether the country would be a good place in which one would start a small business. The reality is that for start-ups and small businesses, Singapore also has a lot to offer. As the nation has received consistent praise for being one of the easiest places in which to do business, it is not surprising to find out that the process for starting a new business there is quite smooth and straightforward. The government has also put in place measures that encourage entrepreneurship, such as giving various tax breaks to new companies. Plus, let's not forget that Singapore has one of the lowest corporate tax rates in the world.
But if you are an entrepreneur, what kind of business would you want to start in Singapore? Here are some of the most successful types of small businesses in the country which have a positive outlook for the future:
Fast Food and Snacks
It has been shown that fast food and snacks can sell quite well in Singapore. Because of this, a foreign investor that starts a small business in this category can expect to see some very positive returns on their investment. One of the principal advantages of this business type is that it requires little start-up capital and is also relatively inexpensive to run.
Electronics now account for around 40% of Singapore's total industrial output. However, getting into the electronics manufacturing business isn't easy, as it requires some specialized knowledge, plus a large outlay of capital. But there are still some opportunities in this industry, most notably for those who would like to sell electronics at the retail level. Some foreign entrepreneurs have experienced success by focusing on a specific type of electronic product, such as audio equipment, and setting up small retail locations that sell them to consumers.
Laundry and Cleaning Services
In Singapore, you will find many people that are just too busy to take time out of their schedule in order to do their laundry. Rather, they would seek out a business that could do this for them. If you want a small business in Singapore that is based on services, this could be an option worth considering. The amount of investment required is relatively low, as you would just need some equipment such as washers and dryers.
Businesses from around the world are turning to the Internet as their primary advertising and marketing channel. This has created a large demand for professionals that can offer a diverse range of Internet related services, like web designed, search engine optimization, mobile app development and online advertising. If you have experience in this area and would like to open an office in Singapore, you will find many opportunities to set up and grow your business. Your clients could be other Singaporean companies, but they could also come from other countries in South East Asia, or be located around the world.
Visit Servcorp, if you need an office for your business in Singapore.