Do you want to start a business in Singapore? If yes, you have landed at the right place. Here in this post, we have listed the most profitable small business ideas in Singapore with little money.
The World Bank’s Ease of Doing Business Report has ranked Singapore as the 2nd best place for doing business for 10 consecutive years. There are many advantages to setting up a business in Singapore. It includes tax exemption schemes, low corporate tax rates, government grants, a straightforward company registration process, transparent policies, and a talented workforce, to name a few. Singapore has a highly developed trade-oriented market economy.
Of course, starting a business in any of these industries is only a good decision if you have considered all the necessary factors. Here are just a few: financial capital, your availability, timing, competitors, barriers to entry, government support, costs to run, etc.
Why Start a Business in Singapore?
Singapore, a bustling cosmopolitan city-state, is a prime destination for entrepreneurs seeking a vibrant and business-friendly environment. Here are compelling reasons why starting a business in Singapore is a strategic move:
- Global Business Hub: Nestled in the heart of Southeast Asia, Singapore serves as a gateway to the region, connecting businesses to diverse markets.
- Political Stability: The country has a stable political climate. It provides a safe and secure environment for businesses to thrive.
- Robust Infrastructure: The city boasts state-of-the-art infrastructure, supporting businesses with top-notch facilities and connectivity.
- Financial Hub: Singapore’s robust financial sector offers access to international capital and excellent banking services.
- Tax Advantages: Attractive Tax Policies: With competitive tax rates and incentives, Singapore is an appealing destination for businesses aiming to optimize their financials.
- Skilled Workforce: The city is home to a highly educated and skilled workforce, contributing to the success of diverse industries.
- Quality of Life: Singapore offers a high quality of life, making it an attractive destination for professionals and their families.
- Legal System: The city’s legal system is transparent and upholds the rule of law, ensuring a fair business environment.
- Government Support: The government actively supports businesses through pro-business policies and incentives.
Whether you are a resident or a foreigner, if you are interested in starting a business in Singapore, you can look into the following business opportunities.
27 Small Business Ideas in Singapore
1. Start a Blog
If you have some skills in writing, starting a blog is one of the most profitable online businesses you can start in Singapore. It requires minimal investment, but if can select the right niche, the profit potential is unlimited. You need to dedicate yourself a year.
There are many bloggers in Singapore earning millions. If you are interested, check our detailed guide on starting a blog and making money to learn more.
2. Affiliate Marketing
Affiliate marketing is one of the most popular home-based online businesses across the globe. And so is Singapore. The concept is simple. As an affiliate marketer, you will be promoting products of other companies on online social media pages and through your blog. When someone buys your promoted product, you get a commission out of it.
Read: How to Start Affiliate Marketing Business
3. Create an Online Classified Site
Online classified sites in Singapore are making good money presently. You just need to create a website providing users with the option of listing their products and services.
4. Dropshipping Business
If you want to create an online product store without taking the headache of stocking inventories, dropshipping offers you good money-making business opportunities online. Check our guide on the steps to start a dropshipping business.
5. Online Tutoring
You can start online tutoring with absolutely no money from your home in Singapore. Many online tutoring sites offer online tutor jobs.
6. Automobile Dealership
Singapore is one of the best places to start an automobile business. You can start a dealership business selling cars and vehicles here if you are interested in making money in the automobile industry.
7. Beauty & Personal Care
Beauty is an industry that is increasing rapidly worldwide. The rise of internet retailing and beauty specialist retailers is facilitating international brands to enter Singapore. Product launches are rapid and digital marketing is accelerating the speed by which consumers receive news of new products.
8. Biotechnology
The government is heavily investing in Science and technology in line with its goal to become the world’s first Smart Nation. The country is aggressively promoting and developing its biotechnology industry. So you can start a business in biotechnology in the food or pharma segment.
9. Cleaning Business
A residential and office cleaning business is a profitable opportunity and has good income potential. You can start the business from home. A home-based cleaning business demands very infrastructure costs. In addition, this business demands very little equipment to operate.
10. Consulting
Consulting is not a new phenomenon. It has been around for years. The consulting trend is continuing to build as companies are staying as lean as possible in tough economic times. Generally, consultants work best for those organizations or individuals who know what they are seeking and have clearly defined projects or objectives.
11. Digital Book Library
The Digital book library is one of the best digital businesses to start in Singapore. However, this business demands a substantial upfront capital investment.
12. Electrical & Electronics
The Electrical and electronics industry is promising in Singapore. Starting a business in this industry definitely, demands a substantial capital investment. However, there are some opportunities you can consider to start with moderate capital investment.
13. Export-Import
Despite its small size, Singapore is currently the fifteenth-largest trading partner of the United States. Singapore’s trade with major trading partners such as Malaysia, China, Indonesia, and South Korea is increasing rapidly. So starting an export-import business is a great option for entrepreneurs.
14. Florist
Any individual can initiate a flower shop business in two ways. You can initiate it on a home-based and part-time basis. Giving services to the local customers at any function’s floral needs includes planning, design, delivery, setup, and removing waste. Another way is opening a flower shop.
15. Home-Based Manufacturing Business
You can start a small-scale home-based manufacturing business in Singapore. In addition, this type of business demands a small infrastructure and comparatively small startup capital investment.
16. Interior Designing
Interior designing is a perfect career option for individuals who are passionate about design, art, and home decoration. In addition, any individual of any age can start this business from home.
17. Retail Store
Offline and online retail both are very promising industries in Singapore. In addition, entering some foreign brands into the market has added extra fuel. Furthermore, with moderate capital investment, you can start a retail store business in the country.
18. Transportation-Related Business
Transportation is one of the world’s largest industries. Different types of specific demands with changing lifestyle habits have introduced several innovative and profitable startup opportunities in the transport industry.
19. Travel & Tourism
Tourism in Singapore is a major industry and contributor to the Singaporean economy, attracting 15,231,469 international tourists in 2015, over thrice Singapore’s total population. And earns a major revenue from this segment. Therefore, starting a business in the tourism industry is a great opportunity for entrepreneurs.
20. Virtual Office Space Renting
A virtual office is a business location that only exists on the web. With this speciality, any business can be operated from any location using technology and the Internet. A virtual office provides significant financial savings to entrepreneurs compared to traditional space renting.
21. Elderly Care
It is estimated within the year 2030, the costs for elderly care in Singapore may cross 50 billion dollars. Singapore is projected to be one of the fastest-ageing countries in the world. This will create a wide scope for elderly care service businesses to grow.
22. Digital Marketing
Singapore is probably the most internet-savvy country in Southeast Asia. More than 85% of the population are active internet users here in this part of the world. If you have expertise in any area of digital marketing, Singapore is one of the best places to start a digital business.
23. Mobile Phone Repair
The sale of mobile phones is on the rise in Singapore. The demand for repairing mobiles, as a result, is growing. Though the market is a little competitive, still there is a wide scope for expert mobile repairers in the country.
24. Computer Repair
Most people in Singapore have a computer in their homes in Singapore. The market for computer repair is big and is expected to grow here.
25. Tour Guide
Singapore is one of the most attractive tourist destinations for travel-loving people from across the world. Tour guide service is one of the most profitable business ideas in Singapore. However, you must procure a tourist guide license to operate this business.
26. E-commerce Store
The demand for unique, locally-made products is rising in Singapore. You can tap this market by creating an online marketplace showcasing local artisanal products. Consider building a user-friendly website, collaborating with artisans, and marketing through social media.
27. Language Tutoring for Expats
Expats in Singapore often seek language tutoring to adapt to their new environment. Offer language tutoring services for expatriates. You need to be proficient in multiple languages, create engaging lessons, and target the expat community.
Frequently Asked Questions
How to start a business in Singapore?
Beginners looking forward to opening a business in Singapore, are advised to follow some essential steps. The most important steps are listed below:
- Understand the local market
- Select a business idea based on the market demand
- Create a business plan
- Register your business
- Select a business name
- Procure licenses and permits
- Arrange funds, if needed
- Develop a promotional plan
What is the cost of starting a business in Singapore?
The startup cost will depend on what kind of business you are going to run. However, for a legally compliant company in Singapore, registration of the business entity is a must. The company incorporation services for local entrepreneurs and foreigners are around $900.
What are the best locations to start a new business in Singapore?
Some of the most popular locations in Singapore to start a business are the following:
- Marina Bay.
- Orchard Road.
- Tanjong Pagar.
- River Valley.
- Suntec City.
Can foreigners do business in Singapore?
Yes, foreigners can open a business in Singapore. Even foreigners can register a business outside the country without immigrating to Singapore. A foreign entrepreneur in that case needs to appoint a local director.
Singapore is one of the best places to start a small business within your budget. We hope this list of business ideas in Singapore will help you in making an informed decision.
Editorial Team at 99BusinessIdeas is a team of experts led by Rupak Chakrabarty with over 25 years of experience in starting and running small businesses. Started in 2010, 99BusinessIdeas is now one of the largest free small business resources in the industry.
