4 Most Promising Industries to consider while Incorporating a Company in Singapore
There is no doubt in the fact that Singapore has unleashed a world of opportunities for the global business entrepreneurs intending to set up a company in Singapore. Every year, a large number of entrepreneurs visit Singapore, in pursuit of making their presence in the international market by incorporating a local company. The World Bank has also awarded the first rank to the Singapore on ease of doing business indicator for the 10 years in a row, which clearly shows how conductive and business-friendly the city-state is.
At the same time, we cannot disregard the fact that starting a business in Singapore is a gamble. Thereby, you must choose the industry sector for your Singapore business setup by taking some cautious steps. In this blog, we have listed out some top industry sectors in which Singapore businesses are growing optimally. Following are the niches waiting for both, budding and ongoing businesses to jump in and take off.
Information Technology: IT Sector
As per the “Global Information Technology Report 2013” of the World economic Forum, Singapore ranks at the top position as the network-ready country in the Asia and at the second position in the world. The South-Asian nation is regarded as ‘IT Hub’ for offering robust infrastructures and global talents. For last few decades, it has been attracting major global players from time to time. The opening of Twitter’s headquarters in Singapore this year is a perfect instance of it.
The government is also contributing to its growth by allocating adequate funds and launching various projects with a vision to harness technology for overall improvement of the business sector. The most recent IT project of Singapore Government is dubbed as ‘Smart Nation’.
Healthcare Industry: Med-Tech
Singapore has implanted strong bedrocks in healthcare excellence, having established the world’s 4th best healthcare infrastructure. The World Health Organization recognized the health system of Singapore is 6th best in the world in the year of 2000. Additionally in 2014, Bloomberg has ranked it as the topmost efficient healthcare system in the world. These awards and recognition have distinctly showed the reputation of Singapore’s healthcare system in the world’s context.
To become Asia’s premier healthcare hub is one of the main goals of Singapore. The government is also providing support in this concern. It is anticipated that the healthcare budget of Singapore is to rise to about 8% of its GDP by 2030. It is an out-and-out indication of rising growth in this industry sector. Those who have an interest in healthcare sector should consider Singapore company formation without wasting much time.
Being a home to the multicultural population, Singapore has unveiled a cosmopolitan world with a global lifestyle. The cosmopolitan population and global lifestyle combined with a conducive business environment, Singapore is the most thriving land for lifestyle businesses looking for international recognition and success. The businesses such as art, performing arts, collectibles, and sports companies are examples of lifestyle businesses that have emerged recently in Singapore.
Finance: Fin-tech Industry
Singapore has an unmatched monetary market and the government has played a vital role in setting up a large ecosystem of the banks and other fin-tech businesses. The Monetary Authority of Singapore (MAS) has done a brilliant job for growth and development of a vibrant financial sector of the nation. As a result, Singapore has evolved into one of the leading trading centers for foreign exchange. In Q1 2015, the average daily foreign exchange turnover of Singapore was US$ 292 billion.
The above-stated analysis will certainly help the businesses that are in the planning stage. You can also take the help of a professional business adviser such as SBS Consulting for the further due processes of Singapore company incorporation.