6 thriving businesses in Singapore
Are you thinking of starting a business in Singapore? Do you have a business idea, but don’t know whether it has a scope for growth in Singapore? Then you are at the right place.
There’s no doubt that Singapore has a thriving economy. And, now it is also touted as an upcoming hub for budding entrepreneurs. As of 2017, Singapore ranks 2nd in the ease of doing business according to the World Bank’s latest annual ratings. Hence, starting a business in Singapore is a great idea. But, in spite of this, not every business idea may lead to a bright future in the country.
When you plan to start a business, you want to invest in a venture that has a scope for growth and success. Every economy has some industries that are brimming with opportunities, and you can take advantage of that. Thus, a good amount of research on different sectors can help you arrive at a decision. To help you clear your confusion, we give you a list of businesses that are booming in Singapore:
1. Travel and Tourism
The travel and tourism sector is the largest contributor to Singapore’s economy. The country’s natural beauty, modern infrastructure, heritage structures, and vast shopping options continue to appeal to tourists every year. Singapore is also considered a safe place to visit. As a result, millions of tourists flock to Singapore each year. The tourism receipts in the first and second quarters of 2017 saw a rise by 15% and 10% respectively as compared to 2016.
Setting up a travel agency is definitely an obsolete idea. But, you can tap into online travel planning and booking business. However, you need to innovate to survive in a highly competitive market that has players like BeMyGuest that have not failed to entice customers. Offering exclusive deals, customized travel options, localized services, or extending your bookings beyond flight and accommodation can add an innovative touch to your business. Alternatively, you can also invest in the hospitality sector to cash in on the growing tourism industry.
2. E-commerce
Who doesn’t shop online today? From clothes and fashion accessories to grocery, furniture, and electronics, everything is being bought online by customers. After all, who doesn’t like to get the things they want delivering on their doorstep? Not to mention, the lucrative deals and prices offered by e-commerce websites that never fail to lure customers. Plus, setting up an online business demands less cost than a traditional brick and mortar office. Shopping malls are going empty and many retailers are turning to online platforms to serve their Singaporean customers. Investment in e-commerce is also flourishing in Singapore. Early this year, SEA Ltd. received USD 757 million to expand its Indonesian based e-commerce platform store Shoppe. Considering these factors, there is no doubt that Singapore is on its way to become an e-commerce hub.
3. Information and Communications Technology
Technology has been disrupting various economies and Singapore is one of them. Singaporean government understands the importance of digitisation in this tech-based world. When you talk about information and communications technology, then you may hear a lot of people talking about Singapore’s Smart Nation. The Singaporean government is taking efforts to use tech-enabled solutions to promote better living. In fact, the government has recently introduced number of information and communications technology tenders that have projected value of $2.4 billion in fields including data analytics and digital citizen systems. Areas like mobility, cyber-security, and IT services are booming and can be tapped by aspiring entrepreneurs.
4. Biotechnology
Biotechnology is rapidly developing in Singapore. It makes 5% of Singapore’s GDP and the government is leaving no stone unturned to develop this important part of the economy. Whether it is spending on the infrastructure, R&D facilities, or other aspects, the government is extending all its support to boost growth in this sector. In 2016, the Singaporean government was committed to investing $19 billion into the national plan of Research, Innovation, and Enterprise (REI) 2020. Furthermore, Singapore is a graying country with a majority of aging population. Hence, the demand for updated, quality healthcare services is on a rise. This opens up lucrative opportunities for biotech and Medtech companies in Singapore.
5. Fintech
Singapore is a leading financial hub in Asia. Having around 200 banks and assets worth trillions of dollars, Singapore takes pride in its healthy financial sector. Now, the country is all geared to become a world leader in fintech. For centuries, banks, brokerages, and trading houses were the entities controlling financial activities and trade. Now, the sector is being redefined with technologies. Financial technology or fintech uses technology like the internet and apps to provide financial services and ease transacting processes. New payment systems like PayPal and crowdfunding platforms to help creative projects like Kickstarter have come to the forefront. The Monetary Authority of Singapore (MAS) makes simpler laws surrounding financial technologies to boost investment in this sector. It has simplified laws pertaining to money exchange, remittance, and payment systems. Fintech is one such sector that is rapidly growing and is filling with opportunities for entrepreneurs.
6. Education
Singapore’s education sector is growing. With low birth rates and a growing middle class, the demand for education has been on a rise. Plus, the demand for the skilled and productive workforce is increasing in an aging nation like Singapore. Through government initiatives like SkillsFuture, all Singaporeans aged 25 and above will receive a grant of $500 worth of credit, which can be used for their professional training. The government has also set aside $1 billion for continuing education until 2020. The rising demand and such initiatives are expected to fuel growth in vocational and executive training programs. Entrepreneurs can invest in educational ventures to profit from a booming sector.
So, these were some of the thriving businesses in Singapore. Take advantage of these growing sectors and take a step toward your dream of being an entrepreneur.
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