February 6, 2015 | Sharon Cheong
Singapore traditionally scores high on the top ranking world economies for several reasons. It only takes three days to start a new business there. The government makes it easy in order to attract entrepreneurs from all over the world and thousands do come each year looking for a big score in some type of small business endeavor. Though it takes venture capital and hard work to succeed, Singapore offers everything that small business owners and investors are looking for in a business opportunity. There are literally dozens if not hundreds of business types that can be successful in Singapore.
Restaurants and Bars
Restaurants normally do well, along with bars and cocktail lounges. Besides restaurants serving traditional Singaporean food, places that specialize in foods from other parts of the world also stay busy. Singapore has many foreign investors, expats and tourists, so almost any type of food that's delicious and fairly priced will do well. Research the area where you're planning to build your restaurant to ensure that there is a need and plenty of hungry customers.
Certified Public Accountants
Since Singapore is a busy international hub for import and export businesses, there's a huge need for accountants and bookkeepers. Many small business owners are looking for an honest, hard-working CPA they can trust to do their books each month. Establish your business as experienced, professional and versatile. Cater to your clients with personalized services. Most small business owners now prefer cloud-based accounting programs so they can check balances from anywhere in the world.
New business owners often need some remodeling done to a building they've just rented or purchased. A well-run construction will stay busy year round working on new build projects and remodels. Though there is a demand for residential construction, the real money is in commercial and industrial construction. As your company completes a few successful projects, you can build trust and reputation.
Singapore is a leading manufacturer of electronics, medical equipment, clothing, watches, jewelry, biomedical, aerospace, and chemicals. Because of the low cost of labor, even factories producing furniture, ceramics, tools and appliances would also be prosperous. Emerging technologies have placed manufacturing in a profitable position due to lower costs per item. Most manufacturing is now fully automated while still providing good job opportunities for laborers. Even the most advanced equipment requires a human being to monitor production.
Garment and Textile Industry
Singapore exports millions of dollars' worth of clothing, sheets, blankets, rugs, and all types of textiles and garments. This has created amazing opportunities for local and foreign investors. As long as Singapore can continue to produce high quality goods at low prices, there will be more than enough room in this market for newcomers. Analyze the various markets to find products with the highest profit margin and lowest risks.
Prestigious Office Space
One way to set your business apart from the competition is through upscale office space. Servcorp Serviced Offices offer luxury serviced and virtual office space that includes everything a small business owner needs to succeed. Along with a dedicated receptionist and high speed internet, we provide leading managed information and communication technology (ICT) to our clients. Servcorp has locations in 20 countries to give our clients a truly global network of data and information services. Improve your corporate image with Servcorp Serviced Offices in Singapore. Please call us to learn more.