Singapore has a well established market-oriented economy that is not only innovative and competitive but is investor and business friendly as well. The country is considered as one of the most influential economic powerhouse not only in Asia but also throughout the world. Singapore is one of the best destinations in the world to set up a new business as the country offers a favourable commercial environment. The government of Singapore has made it convenient for business organizations and entrepreneurs to lay the foundations for a new business by stipulating simple and easy to fulfil company registration norms.
Singapore as a favourable business destination
The city-state of Singapore because of its multi-ethnic and metropolitan culture offers extensive scope to commercial establishments and enterprising businessmen to try out innovative business ventures. The multiracial and multicultural population of Singapore have a flexible approach as far as trying out novelty products and services are concerned. Furthermore, the free-market policy initiatives undertaken by the government offers ample scope to all businesses to develop and thrive. Singapore is poor in terms of natural resources but this insufficiency is more than made up by the lively and vibrant business environment of the country.
Prospective business opportunities in Singapore
Singapore has always been and still is one of the most sought after tourist destinations in the world. Owing to the fact that the country attracts tourists and travellers like a magnet, almost all the world-class hotel chains have their branches in the country. The country is also home to some of the best restaurants and eateries in the world some of which have been felicitated with the ‘Michelin Star’ certification.
One can also come across numerous pubs, patisseries, fast food outlets and bistros in the island nation. While the high-end hotels and restaurants do brisk business, enough opportunities exist for setting up low-cost accommodations like guesthouses, inns and small eateries. The Singapore government gives total support when it comes to acquiring a permit or license for incorporating a hospitality business.
Tourism and Travel
The tourism industry in Singapore with all its concomitants contributes the maximum revenues to the government and is the biggest foreign exchange earner for the nation’s economy. There is a multiplicity of travel agencies and firms located throughout the country that cash in on the nation’s charm as an attractive travel destination. Millions of tourists keep arriving in the city throughout the year. So scope exists for both expatriates and locals to set up a travel agency to capitalise on the wanderlust ways of the tourist. One can also create a travel website and do business online.
Singaporeans are known to be very stylish people as they keenly follow the latest national and international trends in fashion. So one can open a retail store dealing in apparels for men, women and children or one can also set up a boutique dealing with garment accessories like jewelleries, purses, wallets, ties, footwear and so on.
Singapore has one of the highest broadband penetration rates in the world (more than 95%). So one can start a business as an ISP (internet service provider), software developer, and web designer or set up an IT consultancy firm.
There are many other sectors in Singapore that offer good prospects to a budding entrepreneur or a business establishment to consider establishing a business including food and beverages, telecom, education, beauty salons and so on.