Many look to Singapore when planning on expanding their business. Furthermore, locals are becoming more eager to start a business in Singapore where business processing is much easier. Are you one of the many who plans to run a business in the business hub of Asia? Here are the top 4 business ideas to start in Singapore.
In 2016, Singapore ranked second, next to the United States, as the world’s most innovative country in biotechnology. Singapore has a solid infrastructure in biotechnology. This is evident with the presence of research and development facilities like Fusionopolis, Tuas Biomedical Park, and Biopoli. Additionally, Singapore is also home to big biopharma companies and drug manufacturers like Pfizer and GlaxoSmithKline.
This is a result of Singapore’s continuing movement to prepare for a future with innovation. The government is actively funding research, biotechnology development and infrastructure. Further, the state also supports and aids the recruitment of top international scientists.
As such, leaning on biotechnology is one of the top business ideas to start in Singapore. There are many opportunities in the biotechnology sector here. You are sure to flourish in this industry if you have huge capital and solid knowledge in biotechnology and the industry. With these key factors in hand, you can ease your way to breaking grounds in Singapore.
- Freight and Courier Services
Because of Singapore’s strategic location, international companies are naturally drawn to the country. Additionally, the necessity of the transport system here makes freight and courier services in-demand. If you want to start in this line of business, the government provides full support to the Land Transportation Authority in its operations. So you can find confidence in starting your own freight and courier services in Singapore.
Moreover, you can also venture into logistics and parcel delivery in Singapore. To enter into the freight forwarding industry, you can engage in shipping, storage, documentation and tracking of parcels. You can choose to focus on either of the three geographic points: intercity, international, or within the free-trade zones.
Electronics is one of today’s top industries. All over the world, there is a high demand for new innovations in smartphones, car navigation systems, or video game consoles. And Singapore is on the top in producing electronic devices. In the third quarter of 2017, 77% of Singapore’s GDP comes from the manufacture and service of electronics.
Further, the electronics sector of Singapore is expected to expand further. This is to sustain the demands of the semiconductor market. Additionally, Singapore is on the road to becoming Asia’s center of the manufacturing industry. This makes the country very conducive for electronic companies to create and manage new markets here.
- Childcare Services
Singapore is one of the most ideal places in Asia and the world to conduct business. Because of this, more and more people are looking to work and settle in Singapore. And this creates and increases the demand for childcare services in Singapore. Families whose parents both work look for reliable childcare centers to trust their children with.
If you are an entrepreneur who has high regard for family-oriented values, you can start a business in this industry. This line of business will not only give you excellent chances at making money but also a way to earn gratitude from busy parents who need quality care for their children.
Start a Business in Singapore
If you are interested and have the capital to start any of the business ideas to start in Singapore, 3E Accounting Singapore can help you to. We can assist you in the processing and filing of documents to ease opening company necessities for you. Contact 3E Accounting experts today to avail our services. We can also help you with PR application.