Have you been thinking of starting a business in Singapore? Read this article to the end. In today’s post, we will list the most profitable business ideas you can start in Singapore whether as an immigrant or citizen.
This list will be comprehensive. It will range from businesses you can start with low investment in Singapore to service businesses and growing businesses you can start now and begin to make profits within a few weeks of starting.
Why should you start a Business in Singapore?
If you are thinking about why you should invest in Singapore, well, there are many reasons why you should start a business here today. Some of them are;
1. Protection of Intellectual Property Rights
This is one of the best reasons to start a business in Singapore today. If you have a business idea or technology that has never existed before, Singapore is the right country to develop that idea without fear of it being stolen
The country’s laws highly protect the intellectual property of people as long as it is duly registered and punishes its offenders.
2. Abundance of Skilled Resources
Are you going into a manufacturing business or a business that requires lots of labor whether human labor or otherwise? Singapore is the right country for you to develop or grow your business.
The country also has developed machines and engineers that are capable of any form of production requirement. As long as you have the capital and you are duly registered your business will grow after commencing.
3. Efficient and Open Economy
Singapore’s economy is open to everyone no matter who you are or your race. The economy is also predictable. This is why many investors from other countries take their money there.
10 Profitable Business Ideas in Singapore
Below are businesses in Singapore that are very profitable as of today.
1. Real Estate Business
Real estate business is one of the most profitable businesses in Singapore. It is a business that yields lots of profits within a short while. And guess what? You do not need lots of money to start.
You can start small by becoming an agent – helping sellers to advertise and get buyers for their property. You can also go into the part of the real estate business that helps people to build houses or simply go into the business of selling building materials.
There are many ways you can make money from the real estate industry in Singapore. And if you feel all these options we mentioned above are not for you then you should consider an interior design business.
Singapore is one of the most super-developed countries in the world and its real estate industry is growing rapidly. Singaporeans that can afford luxury homes really want to be comfortable and live a good life. You can build houses for these sets of people and be rich solely from it.
2. Betting Business
Singapore’s nightlife is predictable and very addictive in fact, when many businesses close for the day other sets of businesses open for the night. Businesses like nightclubs, restaurants, gyms, and all sorts of betting houses.
Whether a casino, sports betting, or any other type of betting this is a good investment as Singaporeans love to bet. They always have spare money to use to play bets. This is another reason why the betting business is another profitable business in Singapore.
To start any type of online betting business you need to first register your business with the right authorities. After doing this, you can set up your betting center to start receiving customers. Gambling is very addictive.
Most times, even when gamblers are losing they do not stop playing till they get to their last coin. For example, as a casino owner, you can make lots of Singaporean dollars every night from your physical or online casinos.
3. Cleaning Business
Another successful business idea in Singapore is the cleaning business. The best part about this business is that it is easy to start and you do not need any formal education before you can start. As long as you clean your home you can be a janitor.
The reason why the cleaning service business is a profitable business in Singapore is that both homes and offices require cleaning to make their environment hygienic – free from all sorts of infectious diseases.
To start a cleaning business in Singapore all you need to do is register your business and buy the equipment (machines) needed then you are good to go. In a country like Singapore, the reason why the healthcare system is not stressed is because cleaning services are working 24/7.
4. E-commerce Business
If you are looking for a business that involves buying and selling that you can run online you should consider an e-commerce business. Big brands like Amazon and Alibaba started small but see where they are today.
As an ecommerce business, you can decide to sell only one type of product or sell different types of products. For example, you can sell only clothes – having an online clothing store or you can sell everything ranging from electronics, food, fashion items and more.
From the front end, it looks easy to manage or run an ecommerce business but it is not. You need to be able to manage your inventory to avoid delays and complaints from customers. You also need a 24-hour online store.
5. IT Business
Another profitable business idea in Singapore is Information Technology Business – rendering IT solutions to all companies and businesses, especially startups. Many businesses just starting will need computers and installations.
They will also need security cameras and other IT solutions to make the day-to-day running of their business easy and safe. You can provide these products and make money selling and installing them for businesses and homeowners.
To start an IT business in Singapore you need to have a level of education on information technology so that you can know how to install gadgets. You also need to register your company as a business entity.
6. Digital Marketing
Digital marketing is a profitable business in Singapore that you can start with low capital. Despite the fact that Singapore is a developed country, many startups and new businesses still spring up daily. These businesses need digital marketing agencies to promote their businesses online and offline.
As a digital marketer, you can make money by making sure these small advertisements appear online and on billboards. You can also help big firms that do want to stress themselves with advertisements to create promotional content and make profits.
7. Franchise Business
This type of business idea is well-known in Singapore but it is not for everyone. This is because the business demands lots of capital and lots of skill. If you do not know what franchising means it is the legal permission given to anybody whether an individual or a firm to sell a company’s products or render its unique service at a particular location for a given period.
The license franchise to do this is not free. You must pay money to the company of choice which will allow you to use their name, brand, and trademark as yours. Most of the popular brands like KFC, Macdonald and others franchise their business.
If you are passionate about this business and you believe Singaporeans like the brand of choice you can franchise it to make a good amount of money.
8. Education Business
Do you have an informative app that educates children or students? You can use this app to make money in Singapore. The education business is another profitable business in Singapore because Singaporeans love to go to school.
To make money with your educational app you can ask for contributions, convince students to pay for subscriptions, or use any other type of billing system. This money might not look enough but when you have up to 1,000,0000 students paying and using the app, this can make you a millionaire within a short while.
9. Production Business
There are majorly three types of businesses in Singapore. These are production business, buying and selling business, and service rendering business. A production business is a business where you manufacture goods from start to finish before you sell them to consumers.
You can start a production business today in Singapore. This could be any product that you love and is demanded for from clothing to food. With the latest development in information technology, you can produce these products easily and at cheaper prices.
10. Auto Mechanic Business
Are you highly skilled? Do you know how to learn things within a short while and understand how they work? You should consider the auto mechanic business. The business is highly lucrative because many Singaporeans love to use cars. Celebrities love to use luxury cars.
You can make money by establishing your workshop and repairing cars. Before you can start this business you need to be licensed and you need a space to repair cars.
Successful businesses are not successful because the business possesses this ability. They are successful because their owners have done their due diligence and they are persistent and consistent. These are the most profitable businesses in Singapore. Are there other businesses you feel should be on this list? Share them with us in the comment section below.