Top 10 Most Profitable Businesses in Singapore in 2024

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Looking to expand your business to Singapore? A highly skilled labour force, easy market access and favourable tax conditions are some of the advantages of setting up a business in Singapore. Here are some of the best answers to your query on ‘what businesses to start in Singapore.’

The Top Ten Answers To ‘What Businesses to Start in Singapore’

1. Education

The education system in Singapore is regarded as one of the world’s best. The OECD has given top ranking to Singapore’s education system consistently over the years. A uniform curriculum, ample encouragement for creative thinking, problem-solving and project work are some reasons why the education system has succeeded in shaping the country’s economy.

Digital learning has become an important tool in the pandemic era. Education technology (Edtech) solutions cater to this demand by creating digital classrooms and facilitating online content delivery. Many Edtech companies are offering blended learning programs for schools, government agencies and corporates with engaging content in the form of games, videos, and assignments. If you are in the Edtech space, expanding into Singapore is a smart way to elevate your business to the next level of success. The country already has excellent tech foundations for businesses to easily set up operations.

2. Social Media Management

Out of the six million population, close to five million are active social media users. Naturally, businesses are focusing on reaching out to consumers on social media channels. To do this, they require the services of social media management companies who analyse audiences and develop a tailored social media marketing strategy. For many businesses, outsourcing digital marketing to social media agencies is a way to save time and stay competitive.

Businesses with prior background in managing social media, using analytics tools, and developing content will find it easy to scale up their business in Singapore. With a very tech-savvy and well educated populous, finding the right people should not be a problem!

3. Web Design

A good website is an indispensable tool when it comes to digital marketing. Businesses in Singapore and Southeast Asia recognise the value of having a functionally and aesthetically optimised website in attracting and retaining clients. As the tech hub of the region, businesses all over Southeast Asia will be looking for web design companies in Singapore for:

  • Web hosting
  • Search engine optimisation
  • e-Commerce platforms, and other aspects of digital marketing
  • UI/UX skills
  • Javascript and HTML

4. Advanced Manufacturing

Manufacturing is a thriving sector in Singapore, known for its fast-paced adoption of technology, automation and digital solutions. Advanced manufacturing is the new generation of manufacturing that uses cutting-edge technology, such as robotics and automation, to produce finished products.

While the industry is competitive, expanding your business in Singapore is an excellent choice due to the developed manufacturing sector and government support.

5. Delivery Services

With the pandemic underscoring the need for online shopping and contactless delivery, there is a huge surge in demand for delivery services. With businesses such as supermarkets, grocery stores, clothes retailers, and food outlets experiencing a spike in orders, expanding your delivery services businesses to Singapore is a great way to cash in on the trend. However, capitalising on the trend will also entail a huge investment in transport vehicles and equipment.

6. IT (Information Technology) Support

IT managed services providers handle IT infrastructure performance and security, ensuring a smooth network and preventing cybersecurity issues. From desktop support to data analytics, business intelligence to cloud backup, IT support can include a wide range of services.

Packed with IT talent and heavy investment from the government, Singapore is the perfect place for IT businesses to expand.

7. E-Commerce

In recent times, e-commerce providers across countries experienced a sharp spike in sales, and Singapore is not any different. Home to e-commerce giants, Carousell and Zalora, many e-commerce companies are finding success in Singapore.

With e-commerce playing a central role during the pandemic in ensuring an uninterrupted flow of daily essentials, its popularity in Southeast Asia is exploding.

8. Robotics

Across the world, the pace of automation is picking up steadily. As a renowned financial and technology hub, Singapore is gaining traction as a robotics innovator. With facilities dedicated to robotics research, Singapore ranks at the top in terms of robot density in industries. For instance, Singapore installed 488 industrial robots per 10,000 employees, a density higher than the average robot density in the world.

Singapore views robotics as a smart solution to the growing problem of labour shortage. In addition, robotics helps improve efficiency and safety. Given the conducive environment for automation, more companies than ever are now investing in robotics, which makes it a profitable proposition.

9. Cleaning Services

Singapore has always given top priority to cleanliness and sanitation. The COVID-19 pandemic strengthened the focus on staying healthy by stepping up sanitation and cleanliness. During the pandemic, companies that provide cleaning services experienced a significant increase in revenue for these reasons. Some issues the industry faces include a shortage in manpower as well as investment in specialised tools to kill viruses.

10. Accounting Service

Small to medium businesses in Singapore prefer to outsource accounting and tax-related tasks to experts. As a city with a host of different types of companies, there will be plenty of businesses looking for accounting services. Financial services also enjoy tax breaks on top of being located in an international accounting hub.

Expand Your Business into Singapore in the Most Cost-effective and Flexible Way!

Expanding into Singapore involves being mindful of the local statutory and compliance regulations. In addition, carrying out market research and recruiting the best local talent will take time.

An increasing number of businesses are choosing to use EOR/ PEO services to expand their operations overseas due to the speed and efficiency of this method. Links’ EOR/ PEO services ensure you stay compliant with local regulations while helping you cut up to ten times the costs compared to setting up a legal entity. By entrusting local recruitment, onboarding, payroll services and benefits management to Links, you can focus on your core business operations and grow your company!

Get in touch with us to know more about our EOR/PEO services.

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Sign up for our FREE Vietnam Labour Law and Compliance webinar!

This webinar will be hosted by our Payroll Manager, Anh Tram Le who is based in Vietnam. Anh has over 16 years of experience in HR, payroll outsourcing and consultancy. She leads a team of payroll professionals, and is also well-versed in employee relations, labour law compliance, and HR administration.

Event Rundown

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Speaker:

Anh Tram Le
Payroll Manager at Links International

Event Details:

Date:Tuesday, 26 March 2024
Time:10AM ICT / 11AM HKT
Venue:Online (Zoom) Webinar
Language: English