Some Ideas to Open up Business in Singapore


Keong Saik Street Singapore

Singapore, as a big tourism destination, has its own enchantment. This very beautiful, neat, secure, and clean city, makes everyone feeling good to be there. The entertainment this city has offered, always attract the tourist to visit Singapore. Despite that, Singapore also opens up space for foreigners to invest and make their own business. Even the well-known giants  like Google, Apple, Procter & Gamble, DBS Bank, Microsoft, and many other companies have and do run their businesses in Singapore.

If you want to start your business abroad, you may want to try Singapore. The reason is, this city offers you a conducive climate for business. The financial stability, free market economy, sturdy FOREX market, strong law and regulation, fine infrastructure, the anti-corruption system, located in a strategic geographic, and good human resources have made this city be the most valuable business place for foreigners. Below is the list you may want to try to run your business sector into
Travel and Tourism
Looking at the statistics from Q1 2017; The tourism sector saw good growth in Q1 2017. International Visitor Arrivals (IVA) increased 4 per cent over the same period in 2016 to reach 4.3 million visitors while Tourism Receipts (TR) grew by 15 per cent to reach $6.4 billion. The strong growth in TR was due to higher visitor arrivals and growth in all ?major TR components, except Sightseeing, Entertainment & Gaming, which held steady. Gazetted hotel room revenue was estimated at $0.8 billion for Q1 2017, a year-on-year decline of 1.3 per cent. Average Occupancy Rate (AOR) grew by 1.3 per cent year-on-year while Revenue per Available Room (RevPar) declined by 1.2 per cent year-on-year due to a lower Average Room Rate (ARR).
Hospitality business, cannot be denied, is the most profitable sectors on a large amount of tourism in Singapore, as the major tourism destination city. This includes bar, café, restaurant, hotel, and even a resort. People consume food and beverages a lot, they're looking something unique to find the new experience they will not have from any other place.
Information Technology
Singapore infrastructure has demanded a lot of IT industry to burgeoning. This will promise an IT company to develop, besides a bunch of skilled employers in there. We can see as mentioned above, what company has been succeeded to run their business here. You can choose some IT business you interested into.
Bio Technology
This sector has grown rapidly in Singapore. We might know the product of this biotechnology company brand this day, like Pfizer, Novartis, and GlaxoSmithKline. The government of Singapore has put an effort to investing in this sector and promote it.
Singapore also the biggest one of telecommunication hubs at South East Asia Region, from mobile connections until internet connections. Though so, there's a lack of work on telecommunication industry. You might be the one who will complete this emptiness.
Fashion Retail
Not just the tourists who love to shop in this city. The people here are also a modest and updated about fashion. They like to step forward and show their best. A lot of international brands has developed their market to this city too, such as ZARA, H&M, Levi's, etc. The tourists also hunt for this branded fashion in a reasonable price. Retail outlet and franchise business will make a lot of profit too.
There's just a small amount of educational institutions in Southeast Asia but they are in high demand. So you might want to try to build your qualified education institution which gives a course related to the major interest, linked to the future business opportunity on Singapore. Here are some links to check out National University of Singapore, Nanyang Technological University, Singapore Management University, Singapore University of Technology and Design, Singapore Institute of Technology, Singapore University of Social Sciences.
Actually, there's still a lot of sectors for developing your business besides these ideas. All you need to do is some research for the tremendous city of Singapore, choose your interest and look for the opportunity.
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