4 Profitable businesses to start in Singapore

Have you been thinking about starting a business in Singapore but not sure which one, no worries, we got plenty ideas for you to choose from. Before that, here’s what you need to know about this powerful and innovative city state called Singapore.
Singapore is among the richest countries in the world with a population of 5.5 million and a GDP of 63,987 USD in 2019. This makes it the leading economy in Asian continent. Its market economy is so developed with over 3,000 international corporations operating in the country. These are no doubt the key pillars of its economy.
It’s friendly market space constantly attracts entrepreneurs both locally and internationally. Also, it is one of the least corrupt nations globally. The system of registering businesses is simple and friendly for both Singaporeans and foreigners. What’s more surprising is that, out of 6 households in Singapore 1 is a millionaire. These super economic facts makes this country a world class business hub.

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Here are some of the profitable businesses to start in Singapore

1. Courier and Freight services

Singapore has an excellent transport system with the state of the art infrastructure under the management of Land Transport Authority which is fully backed by the government.

Logistics and parcel delivery services will therefore do pretty well here. This business involves storage, shipping and documentation of delivered parcels. You may opt to do your operations strictly within Singapore or extend it to international freight. What you do is simply register your business with the relevant authorities in order to acquire the required certificates and licenses.

2. Agriculture

Agriculture business is not so much of a business option for many Singaporeans despite there being high demand for food and other domestic agricultural products for the country than it produces. That is why more than 90% of the needed food to feed the entire republic comes from UK, China, Malaysia and US. The best way to go about this business is to embrace vertical farming which highly relies on technology for its high produce.

3. Videography and editing

Video production demand is on its rise globally in today’s digital era. This is because majority of internet users prefer video content more than they do written one. Moreover, it is an important part of branding for businesses through Ads, tutorials, imagery and other forms of video marketing. So there’s huge market for this type of business. To start, ensure you equip yourself with the required skills then do your research on the market to avoid the financial mistakes.

4. Elderly care services

It’s no doubt that every senior citizen demands for care due to the aging factor. Statics by “Population Sg” predict that the number of older citizens in Singapore may double by 2030.By law children are supposed to take care of their aging parents. However this is not a reality to every aging parent due to various reasons. With this potential demand you can make a living through providing daily care for some of these people in terms of hygiene maintenance, housekeeping, meal preparation etc.

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