Small Business Ideas: What Companies Can You Open and Register in Singapore

Singapore is known to be an international finance centre with a resilient economy. According to the September edition of the Global Financial Centres Index, the country ranked first in the Asia sector. Singapore's economy has been able to stay dominant thanks to its modern infrastructures, competitive workforce, and business-positive economic policies — making it a great place to start a business.

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:

EDUCATION

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 company 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.

There are many nuances in the digital space that could often be confusing and complicated for regular marketers to get used to. It is why many businesses outsource their social media marketing to experienced digital marketing firms to ensure that their social media marketing strategy runs smoothly and generates the intended 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.


DELIVERY SERVICES

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 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 you in the long run.


WEB DESIGN

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 these hawker stalls have versus restaurants is that the latter would require several required licences 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.

Blog

Essential Guide for Foreigners to Set Up Companies in Singapore

What do foreigners need to know before starting a business in Singapore? This guide details everything you need to know and how it's possible to register online.

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 business entity to be established in Singapore.

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 in Singapore to learn more about the business registration process 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:

• Incorporation 

• Preparation and Maintenance of Registers

• First-year Corporate Secretary Services

• A First-year Registered Business Address
  
  

To take advantage of the Launch with Lanturn Programme, apply now!

Singapore is undoubtedly one of the greatest places to incorporate your business, 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 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!