Top 5 Money Making Industry in Singapore
Singapore is one of the few countries in the world that offer unmatched business-friendly environments especially to overseas investors. As a matter of fact, the country most recently earned the title of “The best-value country for international businesses”.
Renowned firms such as Google, Apple and many more have already established successful businesses in the country. This shows that international firms acknowledge the efforts the country makes to promote foreign investment.
However, all industries aren’t the same. Some are more successful than others. Here are the Top 5 money making industries in Singapore:
It is said to be a huge contributor of the general Singapore economy. The country boasts of unique natural features including its flora and fauna. We should always remember its heritage sites and structures. These make it a destination that is quite pleasant. Definitely, there are no disappointments associated with visiting the country as a tourist.
In 2012, Singapore registered around 14 million international arrivals with revenue of around 25 billion dollars. In 2010, the industry was said to have a boost in its growth rates especially expenditures made during sightseeing and entertainment. Also on the same year, the government decided to diversify the tourism industry in Singapore. It invested more in MICE i.e. meetings, incentives, conferencing and exhibitions, medical tourism and gaming. This has potentially impacted on the amount of revenue generated over the last 5 years.
The industry of biotechnology in Singapore is swiftly becoming a top money making industry. Over the last couple of years, the country’s biotechnology industry has attracted the attention of both local and international investors.
The Singaporean government works round the clock to promote the industry in order to make it one of the best in the world. In an effort to support the industry, the government has allocated a lot of funds on industry-related technology and R&D facilities.
Through the Singaporean Economic Development Board, the Singaporean government launched the National Biotechnology Program as well as several centers including the Institute of Molecular Biology, the Institute of Molecular Agrobiology, and the Bioscience Center, to focus their full attention on various areas of biotechnology.
Renowned market players such as GlaxoSmithKline and Pfizer have already set up their facilities in Singapore. New players are also joining the industry every day.
In addition to the above mentioned industries, the country has tremendously invested in other industries such as healthcare, manufacturing, online marketing, and beauty. The Singaporean government is always encouraging local, regional, and international investors to set up businesses in the country. It strives to ensure that the country’s environment is business-friendly and allocates a lot of funds to create an enabling environment.
This is an industry that has been trending regardless of the economy shift in Singapore. Singaporean go with different trends and are continuously coming up with new fashion trends. The need to acquire fashionable items for our wardrobes has led to major fashion companies investing in Singapore.
In May 2018, Asia Fashion Exchange (AFX) unveils a one-week style extravaganza that puts Singapore on the map as Asia’s fashion capital. With an array of exciting events under its banner, AFX brings together key fashion events — from a fashion festival to fashion tradeshow to thought-leadership and talent development programmes so that fashion industry leaders and insiders will have a chance to interact, network as well as learn more about the industry.
Fashion majors including Zara, Aldo, H&M but not limited have invested in Singapore over the last couple of years. This industry continues to flourish especially with the presence of international players and shift in fashion trends.
Education industry is a core pillar of societal growth. Even though the industry has been maturing over the last decade, the industry still plays a huge role in the economy, and more room for development. The industry has many potential avenues for business minded individuals to create additional source of revenue.
However, the current demand for education is sky high. Investing in education and diversify your courses to areas such as fashion and design, research, administration, hospitality among others. Furthermore, Singapore is known for offering quality education. As a matter of fact, many students in Asia opt to study in Singapore due to attractive education grants and scholarships. Therefore, Singapore remains as one of the top choices for Education in Asia.
- Financial Services
The financial services industry is probably the number one money making industry in the country. Sectors in the financial industry include the banking sector, capital markets, and wealth management and insurance.
The country offers premium business environment, such as brilliant infrastructure and valuable regulatory environment, to financial services providers. This is why more than two hundred financial institutions have headquarters in Singapore, and the number of financial institutions choosing to set up headquarters in the country is constantly increasing. The country’s capital markets play an important role in Asia’s growth and development. Sectors such as Business Trust Framework, Foreign Exchange, and Equity Capital Markets are always doing extremely well and facilitate fast growth and development in the region.
Singapore has a foreign exchange market that has been rated the fourth in the whole world. The leading foreign exchange markets include London, Tokyo and New York. The country is also said to have assets that are worth 584 billion dollars in a study conducted in 2004. Furthermore, it offers integrated securities in the Singapore exchange as well as derivative exchanges.
The country’s capital markets play an important role in Asia’s growth and development. Sectors such as Business Trust Framework, Foreign Exchange, and Equity Capital Markets are always doing extremely well and facilitate fast growth and development in the region.
Wealth management and insurance offers a wide range of investment opportunities to investors from all parts of the world. Insurers and reinsurers from all corners of the world view Singapore as a leading insurance marketplace.
With that, Financial Services is proven to be one of the most lucrative industry in the market.
The above discussed industries are the major contributors to the economy in Singapore. You can invest in any of the other industries available in the country, but it is important to take note of the top 5 money making industry in Singapore for your investment consideration.
At Enterprise Assurance PAC, we have a team of experts with the knowledge and experience in a broad range of services, spanning from company incorporation, accounting services to tax planning services. We provide a one stop service for clients who are interested in starting a business in Singapore. Our professionalism and expertise will help your business be a smooth sailing one from thereafter. Contact our experts today to get a consultation!