Do you want to start a business in Singapore as a foreigner? here are 50 investment ideas and opportunities for Singapore small businesses for 2021. …
Well, by providing a detailed analysis of legal requirements, market opportunities and everything you need to start a business in Singapore and a number of business plan templates typical of the industry; Here’s a detailed look at the 50 Best Small Business Ideas in Singapore. So put on your entrepreneur hat and let’s move on.
11 Singapore economic facts and figures that will interest you as an investor / entrepreneur
There are plenty of facts and figures that make Singapore an investment destination. Not surprisingly, people flock to Singapore for this or that type of business. This is due to the enormous spirit and resources that the country has. Here are some real facts that you might find useful:
Singapore has a highly developed market economy, historically based on the expansion of trade. Apart from Hong Kong, South Korea and Taiwan, Singapore is one of the top four Asian tigers, but has outperformed its peers in terms of GDP per capita. Singapore’s economy is renowned for being one of the freest, most innovative, most competitive, dynamic and most conducive to business.
The 2015 Index of Economic Freedom ranks Singapore second among the world’s economies. According to the Corruption Perceptions Index, Singapore is consistently ranked among the least corrupt countries in the world, alongside New Zealand and the Scandinavian countries.
Singapore has the eleventh largest global reserve in the world and one of the highest in the world. net external position per capita. Singapore’s currency is the Singapore Dollar (SGD or S $), issued by the Monetary Authority of Singapore (MAS).
Singapore has the highest percentage of millionaires in the world, with one in six households having at least $ 1 million in disposable wealth, which excludes real estate, businesses and luxury goods, which if included , would increase the number of millionaires, especially since real estate in Singapore is one of the most expensive in the world.  Singapore does not have a minimum wage in the belief that this would reduce its competitiveness. It also has one of the highest income inequalities in the developed world.
- Singapore has strong international trade links, as its port has one of the busiest tonnages in the world.
- Singapore is a global trade, finance and transportation hub.
- For ten years in a row it has been considered the easiest place to do business. The World Bank.
- The World Economic Forum (WEF) has also rated this country as the most technologically ready country.
- The WEF also considered it to be the 2nd most competitive country in the world.
- It is also the third largest exchange center.
- Singapore is the third largest financial center in the world.
- The country has the third largest oil refining and trading center.
- It also has one of the two busiest container ports since the 2090s.
- Over the past decade, it was the only country in Asia to achieve the highest AAA sovereign rating of all of the Agency’s major credit rats, including SP, Moodys, and Fitch.
- Singapore is the most influential city in Asia and the fourth largest city in the world according to Forbes.
50 Best Small Business Ideas in Singapore for Foreigners in 2021
Although Singapore has very limited arable land, the country is heavily dependent on agricultural technology for agricultural production and consumption. But the demand for food and other agricultural products seems to exceed the supply every day because there are very few actors in the agricultural sector. There is a good chance that you will make huge profits from farming in Singapore if you are willing to bear the costs of the technology needed to increase production.
- Biotechnology company
Singapore actively promotes and develops its biotechnology industry. The government has spent hundreds of millions of dollars to fund infrastructure, research and development, and recruit the best international scientists. In addition, major drug makers such as GlaxoSmithKline and Pfizer have opened factories in Singapore. Thus, there are huge opportunities for investors in the biotechnology sector. However, entering this industry requires extensive knowledge and huge capital.
- fast food cafe
fast food and snacks sell very well in Singapore. This means that investors can actually make big profits with the companies that sell snacks like barbecue, pizza, etc. This business requires little capital and no formal academic certification. So this is the one you can hack easily.
- Transport company
Transportation is one of the almost essential needs in any economy and hence the demand for transportation services is high almost everywhere. As a foreign investor in Singapore, you can start a transport business whose volume depends on your capital city. If you are short on capital, run a taxi service that takes people on local routes. With more capital, you can open up inter-city or interstate transportation services.
- Food trade
The food industry is perhaps the best business to start not only in Singapore, but around the world. This is because there is a universal need for food, and it is the most important basic human need. Lion City has been declared a culinary paradise.
It’s a Southeast Asian destination teeming with outdoor food courts and shopping malls that draw locals and visitors from all walks of life. So if you are thinking of getting into the top 10 small business opportunities in Singapore, especially in the food industry; then stiff competition awaits you.
- Electronics manufacturing and retail
The electronics industry is the largest of Singapore’s manufacturing sector, accounting for 48% of total industrial production. Despite such a high level of production, there are great opportunities for companies that sell electronic products to consumers. With little capital, you can focus on a narrow range of electronics, but it can be wider depending on your capital.
- Internet Marketing and Advertising
Along with the growing need of businesses to attract customers and sell their offerings over the Internet, so does a growing demand for professionals and businesses offering online marketing services. These services range from copywriting to search engine optimization. Whether you are a seasoned copywriter, designer and website builder, SEO or social media marketer, there are huge opportunities waiting for you in Singapore.
- Freelance writing
With an increase in the number of individuals and businesses adopting blogging to make money online, there is a growing demand for ghost creators. Blogging as a business only thrives when quality content is posted consistently, a condition that many bloggers will never face alone. So if you are very good at vocabulary and commit to perfect grammar, you can make a lot of money as bloggers bloggers as well as other writing assignments.
- Laundry and dry cleaning
Most Singaporeans are too busy to manage their own laundry. Thus, they prefer to pay to do it for them. If you are looking to start a small business in Singapore, consider this option. To start a laundry business all you need is a washing machine and a few other gadgets like presses, dryers, etc.
- Financial services
As there are many businesses in Singapore, both domestic and foreign, there is a great demand for people who offer professional financial services such as accounting, auditing and bookkeeping. If you have a solid background in any of these services, you can make a lot of money in Singapore by helping other businesses with your skills.
- Sale of auto parts
Cars and other cars sell very well in Singapore. And foreigners can easily go into business. But capital remains a major problem as businesses need huge amounts of capital. However, if you are short on capital, you can start an auto parts business. They sell well too.
- Repair of household appliances
People who need repairs to their appliances or furniture can save money. Therefore, a home improvement business can be a good business option. In any economy, good or bad, people always have things to fix, because fixing the value of an item costs less than buying a new one.
- Cleaning and cleaning company
Running a small business that does home maintenance can be a big deal. Commercial businesses that need to keep their premises clean can also be repeat customers. You can provide home cleaning, office cleaning, foreclosure cleaning, roof cleaning, etc.
- Homework – . Heads of households in Singapore tend to organize home classes for their children, which makes it a good business option. You can even opt for teaching English or accounting, as these two subjects are in high demand.
- Elderly care company
Singapore has a law requiring children to take care of their elderly parents and, indirectly, this law has created a demand for home care services for the elderly. Providing quality care for the elderly, such as cooking, shopping or cleaning, can pay off, especially in households where professionals are busy. After all, no one wants to spend time in prison for neglecting their elderly.
More and more people are realizing the importance of staying in shape. A fitness trainer can have his or her share of clients. Foods that improve health can also be in high demand. First of all, you will need to learn the skills while being in shape.
- Green Retail -: Spreading green products online, such as light bulbs and recycled products, can be a great business initiative. Just make sure that your site is easy to navigate and that it’s updated with new articles. It’s a good way to make a lot of money.
- Telecommunications company
Singapore is also known as one of the major telecommunications hubs in the Southeast Asian region. Whether it’s mobile phone calls or Internet services, there is a whole market that has not been tapped by existing telecommunications players.
While the existence of private actors is notable, facilities such as radio and television stations are all government agencies. Print media are dominated by Singapore Press Holdings and MediaCorp. Now is the right time to think about investing in this sector and entering a market that awaits satisfaction.
- Fashionable clothing retail
Singaporeans are a very fashionable bunch of people. They love to keep up to date with the latest trends and are always at their best. International high fashion brands such as HM, Aldo, Levis, Zara and others are already making a profit here.
Tourists from all over the world shop in Singapore and stock up on these brands whose products are available at reasonable prices. As the fashion retail industry in Singapore will inevitably thrive, you can open an outlet / franchisee and make heaps of profits.
- Professional training courses
It is a promising industry in the business world in Singapore. This opens up great opportunities for businessmen, as there are very few institutions offering quality education in South East Asia. Not only do Singaporean institutions offer good quality education, their courses are in high demand.
It is proving to be a preferred destination, especially for students from Southeast Asia who wish to pursue higher education but do not venture far from home. You might consider starting a business in this industry that offers accredited courses in travel and tourism, hospitality, fashion design, business management, science and research, etc. .
- Information Technology Services
Many internationally renowned IT companies have already established businesses in Singapore thanks to the growing capacity and skilled workforce available in this field. Singapore’s infrastructure has also been built with the support IT companies will need in the years to come.
You can set up a business that provides various computer services such as wireless networks or the Internet. development, social media, website development or other business based on your interests. Here, cybernetic laws are well equipped to govern the internet and are regularly updated.
- Hotel company
Any destination with a thriving tourism industry is sure to have a growing hospitality industry, including small bars and cafes with large multinational hotel chains and resorts for the food and beverage industry.
Since Singapore is a major tourist destination, the boutiques as well as the large luxury hotels offer great business opportunities. – not only in terms of activity, but also in terms of employees. Maybe you too should make hay while the sun is shining and invest in this area.
- Travel and tourism
The travel and tourism industry is one of the major contributors to Singapore’s economy. The natural beauty, flora and fauna of the country as well as the heritage structures are pleasing to the eye. Singapore is known to be a safe tourist haven coupled with easy to use shopping options.
According to statistics provided by the Singapore Tourism Board for 2012, Singapore’s tourism revenue stood at $ 23 billion. United States, with approximately 14.4 million international arrivals.
- Career coaching
Do you want to help and inspire people to live? Getting into career coaching can be the key to doing what you love and making a difference. With career coaching, you can work with clients of all ages, from young people who are unsure of which career path to take or how to get the job of their dreams, to seniors looking for a career. Help prepare clients for interviews, improve their CVs and find them. hobby.
- Online Retail Consultant
If you are familiar with popular shopping platforms like Etsy and eBay and can help other people make their online business a success. Help salespeople build and improve their stores, advise them on product photography guidelines, and how to write better product descriptions. You can also show customers how to use social media to promote their stores and how to post your products to help them increase sales.
- Up cycling services
You’ve heard the saying: One person’s trash is another person’s treasure, but have you ever thought about turning it into a real business? If you’re an artist or just a craft lover, try turning items that would otherwise be thrown away into useful wares and selling them at craft fairs or sites like Etsy. You can also suggest turning other people’s unnecessary items into cyclical projects, like updating outdated clothes to make them more stylish or turning old t-shirts into quilts, for example.
You don’t have to be a big seller to open an online store. Whether you’re selling direct to a consumer or using a drop shipping service, all you need is a website and the right ecommerce software to get started. You can sell your own products or items from niche vendors. Moreover, if you are crafty, you can also sell your own handmade creations in online marketplaces.
- Event planner
Do you like to throw parties and organize meetings? Start an event planning business and turn your passion into a profitable small business. Everyone needs event planners, from individuals to organizations and businesses, and the United States Bureau of Labor Statistics predicts 44% growth in the meeting, conference, and event planning industry between 2010 and 2021, and the demand for your services will certainly not be lacking. … As an event planner, you have to be resourceful and follow the details closely.
- Home restaurant
If baking or cooking is in your DNA, consider starting a home bakery, personal chef, or food service. You can create your mix for individuals, events and local businesses and organizations. Not only is this a rewarding opportunity to make money doing what you love, but it’s also a great way to test your culinary chops before investing in a full-fledged brick and mortar establishment. Keep in mind that home food businesses are highly regulated, so find out about the rules and regulations in your area first.
In most places in Singapore, you do not need a license to babysit at home as long as you keep your child’s population below a certain number. As more parents are forced to work, providing home child care can be a great way to start a business and stay home with your kids.
- Service runs
In some ways, the recession has made people busier than ever. Between working long hours, cooking more food at home, and juggling responsibilities, there is a lot that remains unfulfilled. A service that does errands ( including stopping dry cleaning, paying bills, etc. ) only requires a car and a cell phone. Start small, do a good job, and word of mouth spreads quickly.
- Computer maintenance
Do you have technical experience? With the proliferation of tablets, smartphones, and laptops for every family member, there are plenty of opportunities to provide private IT services such as installing antivirus software, cleaning the office, downloading software, and connecting a printer.
- Energy efficiency consultant
Homeowners and businesses all over Singapore are looking for ways to cut costs, but don’t know how to cut energy costs, it’s not as easy as you might think. Anyone with experience in utilities or construction can advise homeowners or businesses on how to improve insulation, install smart meters, reduce water consumption, etc., can offer a valuable service.
Your laptop could be a gold mine. Steel, copper and computer components are costing more than ever. But your average homeowner doesn’t always know where or how to dispose of the items they receive. A good local ad campaign and a pickup truck is all you need to get started buying or just suggest eliminating scrap metal, old computers, electronics, ink cartridges, and other recyclable materials. You will also make a profit and do the Earth a favor.
If there is one thing to learn from the hoarding reality TV surplus, Americans have too much. And many garbage collectors don’t have the time or skills to organize everything. If you love to organize and create orders out of the chaos, then building a business organization might be for you.
- Virtual assistants
Virtual assistants are all the rage. All you need is a laptop and a good website. A social media presence doesn’t hurt either. If you have administrative experience but want to work for yourself, this could be a great opportunity for you.
Virtual assistants work remotely and do everything a business owner or manager can’t, like opening and responding to emails, contacting clients, billing clients, or paying bills. All of these tasks and more can be done from your home via the cloud.
- Remote accountant
Most companies cannot afford to keep a translator on staff, although they may need one from time to time. Singapore is a multilingual society and everyone from doctors to insurance companies needs foreign language speakers to help interact with their customers. If you speak a foreign language, are organized, and can put together a good marketing plan, you may have more work to do than you can do.
- Cost of the cutter
Have you ever noticed that your phone bill is slowly increasing and before you even know it you are paying SGD 500 more per month than you agreed? Like everyone else, the problem is that few people have the time to go over their invoices with a fine tooth comb, call and chat with the supplier. Reducing costs does it for businesses and can help them save thousands. Savings professionals need to pay attention to detail and good quality sales. Once you’ve proven your value to a customer, word of mouth spreads quickly.
- Social media consultant
If you’re the type of millennials that using social media feels as natural as breathing, you can pursue a career as a social media consultant. There is no doubt that social media offers an unprecedented marketing opportunity for businesses, but only if they know how to use it. If you can help existing businesses integrate social media into other marketing campaigns, you shouldn’t have a problem.
Anyone who owns a website will tell you that they have a constant need: new content. Search engines prefer websites with new, relevant, and constantly updated content, and most businesses don’t have time to copy all day. If you have writing, English, or journalism experience, you may find high demand for your services. Between web content, blog posts and press releases, a lot has been written.
- Health insurance consultant
The problem is that many companies cannot afford a full time employee. And dealing with the complex nuances of health insurance is more than most administrative assistants. That’s why more and more companies will seek out third-party services to help them overcome the trivialities of health insurance plans and premiums. If you have experience in human resources or insurance, health care reform may be a great opportunity for you.
- Handmade jewelry maker
Can the beautiful pearls be strung and retailed ? Then you can start a home jewelry making business if you have the skills and passion for it. Single Singaporean women have a great taste for these items and you can make a fortune out of them.
- Second hand store of vintage products
There are plenty of clothing stores in Singapore, but your very own thrift store or vintage clothing and accessories store can stand out in one of the busier neighborhoods. You can enjoy this activity and earn a lot of money.
- The picture
If you have a passion for taking great photos , you can probably set up your own home studio and offer photography services to people around you and even people from afar. If you could deliver the most affordable, best quality images than these commercial photo studios, people will come to you if you are just home.
- Food delivery service
Take advantage of people who are too busy or too lazy to cook by providing delicious homemade meals to your liking. There are many people who prefer to eat in restaurants and eat homemade food. You can use this fact and start a food delivery business.
- Buy Shipping clothing shop -: . A college town retro clothing market armed with piles of clothing from the 70s, 80s, and 90s from thrift stores, and you’ll find you can borrow anywhere from 50 to 100 singles. dollars each.
- Resume Consultant & Resume Writer -: If you’ve been through the rat race and are older and wiser on the other side, you can help newbies get in shape. write your CV.
- Gardening and landscaping
Are there green fingers? Use them when offering your services to people in your area. Show them an overview of how you think the garden can be improved and become a gardener to download (although you will need to carefully study what grows well, in what places, and what time of year).
- Chef’s personal file
Invest in a good cooking class, then start volunteering your services to friends of friends who need help with the party. It is a good way to communicate your business proposals to people who may be in urgent need of your services.