Six Business Opportunities in Singapore in 2021

When you look for a business in another country, first you would consider which business is beneficial and fast-moving. Along with this, you have to carry out due diligence and research in the particular sector. Your main objective is to incorporate a business in another country.

You have to think about economic factors, social factors, and political factors which affect your business. It would be easier if you have a guide for doing business as per the relevant country. Singapore is one of the best places in the world for doing business.

You have to think about economic factors, social factors and political factors which affect your business.

As per the World Bank Global Data, Singapore ranks in second place for ease of doing business. Since 2010, Singapore has maintained its place in the top five ranks for ease of doing business. Due to this, you may consider carrying out business opportunities in Singapore in 2021.

This article would provide you with a definitive guide for six business opportunities in Singapore in 2021. By reading this, guide you will understand which business is best suited for your needs.

Why Singapore?

First thing you may ask yourself, ‘Why to carry out business opportunities in Singapore in 2021?’

Well to answer this there are different factors to consider:

Ease of Doing Business- Whether you need local incorporation services or need to use a registered filing agent for your business or need to reserve a tradename for your business, Singapore has it all. As per the World Bank Ease of Doing Business survey, Singapore is ranked second place in the world for doing business. Hence you can incorporate your business in Singapore with ease.

Excellent Infrastructure- Singapore, also known as the City of Lions offers excellent infrastructural facilities to its residents. All the sectors in Singapore are backed by government support. Hence you would find it quite straightforward to carry out a business.

Start-up Environment- If you are considering business opportunities in Singapore in 2021, then you have lot of support. The government of Singapore have come up with several schemes for start-ups. You can utilise all these benefits to start your business.

Economic Outlook- Business Opportunities in Singapore in 2021

The year 2019 was good for companies and investment in Singapore. In December 2019, Covid-19 pandemic brought a complete halt to businesses and development. Sectors that were heavily impacted included the services sector, airline sectors, tourism, catering, and education.

Some sectors which showed positive signs were the e-commerce sector, which developed more markets with the effect of nationwide lockdowns. Consumer shopping shifted to online using the internet and other resources. Due to this, E-commerce firms and other operators improvised their services with consumers.

The transportation sector was brought to a standstill. This is the only factor that affected e-commerce delivery firms.

Six Business Opportunities in Singapore in 2021

Owing to the Covid-19 pandemic economic recovery is slow. However, not all sectors are suffering. Some sectors are taking advantage of the pandemic to improve their overall customer experience. There are certain sectors that have come to a complete halt. Below are six business opportunities in Singapore in 2021 that you can consider:

Agriculture and Agro Produce

Out of the six business opportunities in Singapore in 2021, the above sector is booming. Singapore is a small country with landmass of 720 Square Kilometres. There are different types of industries that are heavily reliant on agriculture. You can set up an agricultural business that supplies produce to local retailers and restaurants. Supply and demand for food never decrease.

There are specific factors that affect the agricultural industry which include:

Environment and Climate Change Factors- Global Warming is ever increasing. Due to this, the world is facing consequences. Agriculture and farming are heavily dependent on the climate.

Covid-19- In the beginning of January 2020, supply chains across Singapore were drastically affected.

The Government of Singapore is working with local producers to promote sustainable methods of agriculture. Singapore has culminated the idea of high-tech farming produce which contributes to the indoor production of plants.

Biotechnology and Bioengineering

Biotechnology is a diverse, innovative, and technical area which is developed in Singapore. Due to the adverse effects of Covid-19, many countries are strengthening their healthcare infrastructure. Some measures taken are by increasing the amount of resources in the healthcare sector. Prolonged government support is also required in this sector.

Many biotechnology start-ups are producing innovative products which is an eye-opener in various sectors. Notable examples include the cultivation of lab-produced meat in Singapore. This meat was grown and maintained in a bioreactor with a fluid combination of amino acid, salt, and sugar.

Funding and innovation are required in these sectors. However, there are many investors financing such sectors. Out of the six business opportunities in Singapore in 2021, this is a prominent sector that requires funding and innovation.

Digital Marketing Activities

With the influx of the internet, businesses are going online. Over the years businesses are heavily dependent on online and social media marketing. This method of marketing is known as digital marketing. There are many ways to market your products and services using digital media. Some of these methods include:

Instagram
LinkedIn
Google Ad Words
SEO
YouTube

Every business requires digital marketing to operate. Due to Covid-19, businesses have changed their mode of operations. In order to increase your consumer traffic online, you have to market to the correct sources with the given resources. If you want to specialize in marketing, you can start off with digital marketing business.

Out of the six business opportunities in Singapore in 2021, this opportunity is heavily dependent on the use of the internet.

Aviation and Airline Industry

When you look into business opportunities in Singapore in 2021, you would consider sectors that are performing well. The effect of Covid-19 has devastated the airline sector. Travel Restrictions have been imposed on countries and flights are not allowed to operate. Not only international travel is affected, but even domestic travel has also been affected severely.

According to figures from Singapore’s Economic Development Board (EDB), the aerospace industry produced S$8 billion in total output in 2016. The airline industry has been severely affected due to the ongoing crisis.

Many industries that manufacture airlines are using IOT (Internet of Things) and AI (Artificial Intelligence) enabled technology to manufacture planes. If you have the Aviation industry in your mind for business opportunities in Singapore in 2021, then you have to consider the prevailing conditions. You also require a lot of investment.

Sustainable and Clean Energy

Looking for Business Opportunities in Singapore in 2021? Then you can consider clean and sustainable production of energy. Many countries around the world are relying on energy that is nationally produced. With the current use of fossil fuels, it is estimated to be exhausted in the near future.

There are different forms of energy that can be harnessed. Some of these energies include:

Hydrogen
Air
Solar
Water
Nuclear

Singapore has developed resources for solar energy. Many industries are trying to harness this energy as it is clean and does not lead to unwanted emissions.

Problems in Harnessing Solar Energy

Landmass of Singapore
Climatic Conditions

In order to reduce this, the Energy Market Authority (EMA) is increasing its focus on research and development activities. This would include storage of solar emissions and the requirement of solar forecasting options. Singapore also aims at increasing the gigawatt peak solar deployment.

The advances of renewable energy would phase out fossil fuels and there are different investors targeting this sector.

E-Commerce

As per research and statistics online e-commerce business in Singapore is booming. Temasek estimated the value of e-commerce business to be more than SG$ 2 Billion. The amount of e-commerce users has increased due to the effects of a pandemic. Consumer spending has shifted to shopping online. In 2021, the e-commerce market in Singapore had a penetration level of more than 75%. This market penetration percentage was about 50% in 2015.

Owing to the devastating impact of the Covid-19, consumers have shifted to online methods of purchasing products, rather than conventional methods.

For securing an e-commerce license, the applicant must secure permission under the provisions of the Singapore Broadcasting Authority Act. A license is required from an ISP before disbursing services through the internet. Along with this, you have to follow the Code of Conduct for carrying out e-commerce business over the internet.

Conclusion

In order to consider business opportunities in Singapore in 2021, it is important to carry out market research. Along with this, the prevalent business conditions have to be considered. If you are interested in obtaining more information regarding business opportunities in Singapore in 2021, you can contact us for a free consultation.