26 Business Ideas to Start in Singapore
26 Business Ideas to Start in Singapore – Singapore is a very interesting country, also a great place to be an Entrepreneur.
Many years ago, when it was trying to declare it’s own independence, many countries did not expect it to survive more than a few years.
But fast forward 56 years, we have a thriving and respectable economy and nation.
As the years passed, many businesses set up show in Singapore and also many different trades thrived in this small economy.
Many Entrepreneurs have set up bases in Singapore and also young Singaporeans have learnt many skills to start businesses on their own.
Taking advantage of the funding and also the presence of highly skilled individuals, Singapore has lead many fields in the past couple of years and looks to grow to become a startup and business location for many years to come.
What has gotten Singapore to this position are dependent on a few key points:
- Clear policies set for by the government
- Hardworking and daring populace
- Funds flowing in from around the world
- Strong Financial Hub
- Position as a trade hub and also Financial HQ for South East Asia
This points and not limited to them are a strong reason why many businesses are still using Singapore as their Regional or Asian Headquarters and for some their Global Headquarters.
Just to name a few:
This really shows that Singapore is a great place to run your businesses and also to set up your company.
Either as a new startup business or as a regional HQ for your growing business.
So let us start now by sharing with you what are some of the business ideas that we believe you can start in Singapore.
We shall start our article on “Business Ideas to Start in Singapore”.
1. Crypto Currency
Cryptocurrency is something really new to the finance industry and also to Singapore.
Singapore, being one of the leading financial hub is still observing them and trying to figure if we should write them into law.
There are many popular cryptocurrencies in the market and the most popular one is definitely Bitcoin.
Bitcoin makes up the biggest chunk of the crypto market and there are many new currencies also founded and started in recent years.
The cool thing is, Singapore is the top location for businesses to launch their crypto currencies in the world.
For a period of time in the late 2010s, Singapore became the top location for ICO launches.
We still believe Singapore is one of the top places for you to launch your Crypto Currency.
We also believe Singapore will remain and thrive as one of the best financial hubs in the world.
2. Crypto Currency Exchanges
When there are many ICOs, there are many exchanges.
The fact is Singapore will also be a great place to start an exchange because of the friendly laws here.
Singapore enjoys being the leader in financial industries.
There are many reasons to be at the forefront of new things because we can take this advantage to take a lead.
An exchange will also means that some people who want to have their crypto changed into fiat to be stored somewhere can do so in Singapore.
Singapore has a strong banking industry to support this.
Singapore has been coming up with new laws to govern crypto currencies and we look forward to see how this will allow the industry to thrive in Singapore.
3. Micro Loans / Business Loans
There are many businesses and there are definitely financing needs.
Not everyone is keen on getting new investors in exchange of shares.
The fact is if they can get some small loan to keep going they will make it.
Business Micro loan startups are extremely popular now because they fill a gap where the banks don’t.
Banks do not want to lend to startups that are not proven to make money or they are too young.
Banks like to have the best businesses that come to them to take loans and this leaves many small startups starving for funds.
For businesses that do need help with planning and acquiring loans and do not know or want to go through the hassle, they could go through Singapore Loan Brokers to get that done as well.
4. Food & Beverages
Singaporeans love to eat.
Many say Singapore is a foodies heaven and i will believe so.
Many Singaporeans or Foreigners are willing to pay top dollar for good food.
There are also many places in Singapore to get yourself some booze.
Food and Beverages such as alcohol are a great way for you to make a good buck if you have a good theme to it!
Find out some of the weirdest ideas and test it out on an audience!
5. Self Driving Vehicles
For the new technology of self driving cars, Singapore is definitely a good place to do localised testing.
Singapore also has a very strong sector for such developments.
With many engineering graduates to tap from the local universities, Singapore is a preferred choice for many.
If you are into building the next generation of technology, you can consider going into this side of tech in Singapore.
Definitely a fast growing industry in the years to come and something that can make you good move in the long term.
6. Digital Marketing
There are many businesses based in Singapore.
The fact that we are a finance industry leader and also a low tax regime, we attract many businesses.
For most businesses, there is still an intense need for marketing.
Marketing is also out of the traditional and into the Digital.
If you are someone who is able to do very good SEO, SEM or Facebook/Instagram Marketing, you will definitely have an edge.
Digital Marketing is still the way to go for many businesses going forward.
But what we do suggest is to have a automation or system to help businesses improve their digital marketing and also for them to do it themselves.
Because even though good digital marketing is a good start up idea, you can still do something that helps the digital marketers!
7. Funds Management for High Networth
There is no coincidence when this news just came on recently: Google co-founder Sergey Brin’s family office to open in Singapore
The fact that Singapore has one of the best tax regimes and also is a very politically stable place in this region of the world makes it a great spot for wealth.
Most of the rich in the region will place their cash right here in Singapore.
Either to keep them away from their own government or to ensure that deflation of their home currency will not affect their wealth.
Singapore also has one of the highest concentration of highly qualified financial personnel, attracted to Singapore for this very purpose.
Fund Management is up and coming and will continue to grow as Singapore becomes one of the biggest hubs for wealth in the world.
8. Education Technology (EdTech)
Singaporeans spend a ton of money on their children’s education.
Education technology is definitely a good new direction for anyone who wants to get into the game of education in Singapore.
With Covid-19 causing more difficulties for face to face classes, Edtech is the way to go right now.
If you are able to come up with a good Mobile Application for your business to run anywhere and any time, you will gain that extra edge over your competitors.
9. Live Streaming
In the generation of Social Media Marketing, Live Streaming on YouTube and Facebook has become so popular.
The live streaming industry has created many great sales people online.
You can sell virtually anything if you are entertaining and fun.
Most end up selling products of basically E-Commerce items.
Live Streaming for sales has become a very popular means of making money especially during the lockdowns in Singapore and around the world.
10. New Age Food Sources
Why do i say new age, because there are so many ways that you can produce food now.
There are new technology that are coming up from 3D printing food sources such as meats and vegetables.
In Singapore there is a lot of funding going around to secure Singapore’s food sources.
So as a country, we are sure to be keen to work on ensuring that Singapore is able to get some form of food independence.
11. Cleaning Services
Weird choice to have cleaning services listed right?
But cleaning is an industry in Singapore that has been very reliant on manpower and something that needs to be updated.
Most cleaning industry players use elderly staff or foreigners to do the work but there are still many methods for you to save up on manpower cost.
Innovations in cleaning and also more efficient cleaning methods can still help you to grow this industry.
Our friends at Cleaning Hero can help you in Singapore.
12. Regional Business Coordination
Singapore is currently housed in the middle of the next engine of economic growth of the world.
South East Asia, home to Indonesia, the 4th largest population in the world is likely take off in this coming decades. Together with economies such as Vietnam and Malaysia.
Singapore is the core player for South East Asian economic growth and this is one of the best things that you can do in Singapore.
By being present in Singapore and having contacts in the region, you can help to do some production work or even some form of manufacturing work before they are shipped to the world from Singapore.
Coordinating for all forms of business and taking advantage of the regional growth is one of the best ideas you can think of!
13. Air Conditioning Servicing
Surprised to see this on the list?
This work needs some skill sets but not crazy amounts of it.
But guess what is crazy, there are SO MANY Air Conditioners working in Singapore at this very moment because of the high daily temperatures of Singapore.
With that many Air conditioners turned on, comes the need for servicing.
Servicing also has to occur every 3-6 months which is great recurring income for the business owners!
14. Mobile App Development
Almost every other thing is purchased or transacted over mobile right now.
The mobile phone has become ubiquitous and there are many applications that take advantage of.
This is one of the best things to work on and also to have for your business.
Businesses can grow with a good well developed mobile application.
Pick up the skills from online platforms or even YouTube to become a developer today!
15. Graphic Design
Singapore is heavy on marketing.
With many businesses around Singapore and needing their work to be placed in front of eye balls, Graphic design has become very important.
To have good graphics means to have good attention and good attention means good marketing and more leads and more income.
Good graphic designers are not easy to come by and people are willing to pay top dollar for such good work.
16. Interior Design
There are many HDB apartments and condominiums in Singapore a small island that fits more than 5 million people.
The demand for interior designers is always high and the need for such services will only grow as the young and affluent spend more on design interior styles and looks.
If you are someone who can design well, this is a good option to start off on.
Get yourself trained in drawing interior design work and get someone to do the contracting work, you will be rolling in dough very soon!
17. Internet Cyber Security Consulting
Singapore is heavy on IT infrastructure, with this comes the risk of getting cyber attacked.
Cyber attacks are more rampant and can cause serious damage to your business.
Running a business means you need to ensure good running operations and if you are high by cyber attacks, things can get nasty.
Cyber security is currently very hot and good business with much demands for the protection work for many businesses.
18. Grant Consulting
Singapore government likes to incentivize businesses to take on new technology to improve productivity and the likes.
But grants can be quite difficult to get right. With most business owners not having the time or for some the level of education to get the proper documentations done, it can mean missed opportunities.
This gives rise to grant consultants that can help with drafting grant contracts and getting things done for the business owners.
19. Debt Collection
Where there are many businesses, there are definitely those that do not pay up for their goods and services.
When you do not pay up, there is a need for debt collection.
Debt Collection has become a very popular field this couple of years with many business owners defaulting on payment.
This is something that can bring the debt collector good money but it is very hard work.
One needs to be careful when doing debt collection though, because the law does have anti harassment clauses and debt collectors need to be careful of their methods.
20. Pet Grooming
Singaporeans love their pets!
This is one thing that we see very common in Singapore.
With so many different beautiful breeds of dogs and cats in Singapore, the pet grooming business is bustling.
For someone who loves pets, you could also set up a home based or if not a neighbourhood based pet grooming business to help this owner keep their pets in tip top condition.
This will need some training and also a steady pair of hands. You wont want to hurt this cute little furry animals.
21. Bookkeeping Services
With many business, comes the need for accounting and bookkeeping services.
Bookkeeping is something that is not too difficult to pick up but very time consuming.
For those with accounting background, one could pick it up quite fast and for most businesses in this field, this is done freelance before becoming a more solid business.
One needs to ensure that their work is done according to the laws of Singapore and also not to miss out any important components when doing the Singapore Bookkeeping Services work.
22. Valet Services
Love driving? Love driving nice cars?
Singapore is a capital of nice sports car with many investment bankers and successful Entrepreneurs around.
Valet services for driving home someone who is drunk is probably one of the fun things you can do.
Get your hands on a Lamborghini or a Ferrari and you will enjoy this job so much!
23. Courier Services
Last mile services are something that has picked up so much with the rise of E-Commerce.
If you are someone who is in the courier line, you will definitely see a bigger boom going forward, as more and more people only shop online right now.
Retail is slowly becoming something of the past and if you are doing E-Commerce, you will need someone to courier your products to the customer.
Courier Services in Singapore definitely still has space for growth.
24. Translation Services
Translation services is something that is popular in Singapore.
The reason they are popular is also because there are many people who come to Singapore to take advantage of the laws here and will need translation of official documents.
For the Japanese or Korean businessmen to go around meeting clients, the translator will also be a very useful person to make sure everything was discussed properly.
Translation services will definitely be a boom sector going forward with more activity coming to South East Asia and Singapore.
25. Video Editing
With every marketing video put out, comes the need of someone who is good at doing up video editing.
Editing video is not something that is easy. You may have shot something good but if you do not edit it well, you will have wasted your efforts.
Video Editing is something that takes time and also talent and there are very few with such good talents.
If you are good at it you should set up shop and do video editing for businesses that wish to market their products or services.
26. Electronics Repair
Singapore is the land of electronics.
Most people here own a smart phone and also laptops.
When they drop it or something goes wrong from usage, they will need to seek your services out for electronics repair, you could do this at home even.
A good idea for someone who loves handy work and has time to spare to troubleshoot the problems for your customer.
Singapore is one of the top locations in the world to start up businesses that are innovative and also with financial inclinations.
We at K Cloud Accounting work closely with our customers to deliver high quality accounting and corporate secretarial services.
Speak to us now so that we can assist you with any help you need for your business.