With its resilient economy and reputation as an international finance centre, Singapore, a great place to start a small business, takes the top spot in the Asia sector, as per the September 2022 edition of the Global Financial Centres Index. Its modern infrastructures, competitive workforce, and business-positive economic policies contribute to Singapore’s dominance and attractiveness for business registration.
Do you have a rough idea of the business you want to set up? You can check out Lanturn’s piece on what to consider before proceeding with company incorporation in Singapore. If you want to know which small businesses to open and how to register them in Singapore, read on to find out.
Small Business Ideas
Here are some of the profitable businesses you can set up in Singapore:
Singapore has one of the best educational systems in the world. The country has dominated the Trends in International Mathematics and Science Study (TIMSS) more than once. In 2019, Singapore topped the TIMSS for the third time, outperforming kids from other developed Asian nations like Japan, Taiwan, and South Korea.
Starting a small business that provides tutorials, online resources, homeschooling services, and the development of educational apps can be a great business to capitalise on the country’s status as an excellent place for education. You can also consider creating digital learning tools that make online tutoring possible or develop software to support blended learning, which is now mostly employed by schools to minimise in-person contact while the virus is still spreading.
SOCIAL MEDIA MANAGEMENT
4.74 billion people worldwide (or 59.3% of the world’s population) are active social media users across all platforms as of October 2022. Over 190 million new users have joined in a year, equating to a 4.2% yearly growth with an average of 6 unique members every second — with no signs of slowing down.
With the sheer amount of active social media users, social media marketing is something companies are now implementing to tap into this new audience to capture more clients and build brand awareness. By utilising social media platforms like Facebook, Instagram, Twitter, and even TikTok, brands can interact and communicate with customers, develop brand loyalty, and generate interest in what they have to sell.
In the ever-evolving digital landscape, navigating the intricacies of online marketing can be daunting for regular marketers. That’s why small businesses often choose to outsource their social media marketing to experienced digital marketing firms. By doing so, they ensure a seamless execution of their social media marketing strategy and capture the desired attention.
Particularly in the current expanding digital era, digital marketing is a highly sought-after service, making it extremely competitive. However, because this is a highly sought-after service, you would definitely not have a lack of customers — as long as you can deliver quality results. Applying many of the industry’s best practices, keeping yourself updated on the latest trends, and learning from more experienced marketers are a few things you can do to get yourself started.
Because most people would rather stay at home than risk contracting the virus, the COVID-19 pandemic has increased the usage of online shopping and delivery services. While some supermarkets, grocers, restaurants, and other retail establishments offer in-house delivery services, the sudden increase in requests can sometimes be too much for them. To meet demands, some companies or small businesses outsource deliveries to delivery service providers.
Companies do have the option to develop their current delivery services but outsourcing deliveries can save them more money. Plus, delivery service providers have been known to not only be efficient in making deliveries but also fast — ensuring that your customers get their product at the soonest possible time. Read Lanturn’s article on outsourcing benefits to learn how outsourcing tasks can be better for your Singapore business in the long run.
Singapore businesses are beginning to invest in boosting their online presence as they see the potential of the Internet to expand their reach. One effective way companies can establish their identity is through a well-designed website.
Visitors who visit a well-made site are more likely to browse your services or products. A well-made website can help your brand establish a personality and make your business look trustworthy and appealing. Even if social media is an excellent tool for establishing a company’s identity, having a professionally-designed website can help you stand out even more, especially if your company wants to project a more professional image.
What’s nice about design firms is that they can start relatively small with very few employees working on designs. Some design firms are even completely remote, removing the need to rent out huge office spaces. You could even slowly transition from a web design firm into a digital marketing firm once your company has grown enough.
FOOD ‘HAWKER’ STALL
Singapore is home to an abundant number of open-air hawker centres distributed throughout the island country. In these centres, hawkers would plate anything from authentic Malaysian meals to traditional Chinese food at their stalls. As one of the wealthiest nations in Asia, it has attracted immigrants from all over the world. Singapore’s large and diversified population is responsible for developing an intriguing blend of cultures in food. In December 2020, the hawker culture in Singapore became part of the UNESCO Representative List of the Intangible Cultural Heritage of Humanity. It shows the importance Singaporeans place on their food heritage. As Singaporeans have a fondness for good food, so long as you maintain cleanliness and provide delicious food, you can earn an income.
One benefit small business hawker stalls have over restaurants is that the latter require several licenses in Singapore, unlike hawker stalls. Obtaining a food stall licence in Singapore is easier and simpler to get than a restaurant licence, making it great for food businesses still starting out.
Business Registration in Singapore
All businesses in Singapore are expected to adhere to the Companies Act and register with the Accounting & Corporate Regulatory Authority (ACRA). Due to its recognition as a distinct legal entity and associated tax benefits, a private limited company is the most popular type of Singapore business entity to be established.
The Singapore incorporation procedures are reasonably simple and easy. To register a Singapore-based company, follow these steps:
Step 1. Fulfil Basic Requirements
Step 2. Choose a Corporate Structure
Step 3. Collect Supporting Documents
Step 4. Secure Company Name
Step 5. Get Incorporation Documents Signed
Step 6. Finalise Incorporation
You can read Lanturn’s complete guide on how to register a company to learn more about the business registration process in Singapore in detail. But if you avail of Lanturn’s incorporation services, you can incorporate your business without the added hassle since we’ll do it all for you.
LAUNCH WITH LANTURN
A business-friendly incorporation package is available to ambitious first-time entrepreneurs through the recently released Launch with Lanturn programme. The programme is designed exclusively for aspiring entrepreneurs who satisfy our eligibility requirements and seeks to support them at the start of their journey.
When starting a new company with Lanturn’s new programme, self-funded entrepreneurs can significantly reduce their incorporation and corporate costs.
The Launch with Lanturn package includes the following:
- Preparation and Maintenance of Registers
- First-year Corporate Secretary Services
- A First-year Registered Business Address
- Up to 35% discount on annual Corporate Secretary and Accounting plans for as long as you meet the programme requirements
To take advantage of the Launch with Lanturn Programme, apply now!
Singapore is undoubtedly one of the greatest places to incorporate whether it is a small business or big, and Lanturn would be happy to help you every step of the way. Let Lanturn be your partner as you work to make your dream Singapore business a reality. If you require further assistance in your company’s day-to-day operations, feel free to reach out to us today so that we can tailor-fit our corporate solutions to your needs.
Contact us right away!