As one of the most popular tourist destinations in Asia, Singapore domestic business community continues to flourish. It also garnered recognition for being a business-friendly nation to foreign investors because of free market economy, strong forex market, geographical advantages, financial stability, skilled manpower, modern infrastructure, strong regulatory and legal framework and a corruption-free system. All these factors make Singapore an ideal environment for entrepreneurs and companies to invest money. For financing purposes, it has various lending institutions that offer Singapore business loan.
Six most lucrative businesses to put up in Singapore:
- Travel & Tourism
Tourism industry is the biggest contributor Singapore’s economy. In 2017, it welcomed 17.4 million tourists and ranked 3rd as Asia’s best country to visit (the other two are Hong Kong and Japan).
- Information Technology (IT)
Because of advanced communication network systems, modern infrastructure and skilled labor force in Singapore, setting up an IT firm and other related businesses are very promising. The country has strict Cyber Laws and internet regulations which are ideal for web development, website design, wireless and social networking ventures.
Singapore boasts of being one of Southeast Asia’s major telecommunication hubs. This alone attracts various existing players offering mobile and internet services in the country. And the good news is- there is still a big opportunity for private companies to join the bandwagon especially in print, radio and television industry.
This industry includes hotels, resorts, bars, restaurants and cafes. All of these businesses aim to serve foreign and domestic visitors in different tourist destinations. Investing your money in any of the above-mentioned business can be profitable. In case, you need additional fund to finance improvements or additional workforce, get a Singapore business loan.
- Retail Stores
Fashion industry is very much alive in Singapore. Singaporeans like to keep up with the latest fashion trends. Opening a retail franchise or your own boutique is a great decision if your passion is fashion.
You can also venture on cosmetics, perfume and health products sale. Tourists love shopping souvenirs of all kinds.
The business boom in Singapore has given birth to various institutes offering quality education about business administration, travel & tourism, hospitality, science & research and fashion design. Many Asians choose Singapore to study advanced courses or higher education.
Everything is possible in Singapore. If you are a foreign investor, you can put up a branch of your existing brand. If you are a young Singaporean entrepreneur with money and guts to start your own business, start early. Once you are in, give your best shot and learn the tricks of the business. Do not be afraid to seek help especially when it comes to finances, select trusted bank or private credit company to give you Singapore business loan to sustain your personal venture.