There are multiple types of business in Singapore, each classified under a specific industry type. Because the Singaporean government provides compliance regulations for each industry, it is important to know what cluster your company falls under to ensure that your business operations are headed in the right direction.
In this article, we'll present to you the 7 types of industries in Singapore that make up its powerful economic landscape, as well as the guides to incorporate your business according to the industry. Here's what you should know about doing business in Singapore!
Why Do Business in Singapore?
Not only is Singapore’s economy recognized as one of the fastest-growing companies in the world, often referred to as Asia’s Economic Powerhouse, but it also has one of the easiest incorporation processes in the world. According to the World Bank, Singapore consistently ranks among the top three countries with the Ease of Doing Business as the country is highly open to innovation, foreign investment, and economic improvements.
Doing business in Singapore can be lucrative for aspiring entrepreneurs as the Singapore government provides grants and financial incentives for startups incorporating in the country. There is also a stable and skilled labor force available for hire, and Singapore has a strategic location as a financial hub in Southeast Asia.
Types of Industries in Singapore
As mentioned before, many different industries in Singapore help the government monitor and regulate companies more easily. Here are the key industries in Singapore:
How to Start a Business in Singapore
Starting a company in Singapore is relatively simple as the incorporation process can be done online. Depending on the type of industry and cluster, the regulating authority handling the process may differ. Here are guides on how to incorporate a business or company in Singapore according to the nature of the business:
- Starting an Import-Export Business in Singapore
- Starting a Retail Business in Singapore
- Starting an Entertainment Business in Singapore
- Starting a Land Transport Business in Singapore
- Starting a Law Firm in Singapore
- Starting a Security Company in Singapore
- Starting a Restaurant or Food Business in Singapore
- Starting a Kindergarten School in Singapore
- Starting a Hedge Fund in Singapore
- Starting a Fund Management Company in Singapore
- Starting a Dental Practice in Singapore
- Starting a Cryptocurrency Company in Singapore
- Starting a Crowdfunding Business in Singapore
- Starting a Cleaning Business in Singapore
- Starting a Catering Company in Singapore
- Starting a Non-academic Private School in Singapore
- Starting an Art or Music Company in Singapore
- Starting an Academic Private School in Singapore
- Starting an Online Business in Singapore
Start with WealthBridge
Different industries in Singapore have different roles within the country's economy, and knowing the cluster that your company falls under will help you understand the requirements in incorporating within the industry, and recognise the regulating authorities you will need to contact to set up your company.
Skip the guesswork, and partner with us here at WealthBridge for all your corporate services. Whether you're entering the publishing industry, or setting up in the chemical industry, our team can assist you with what you need to get the paperwork done.
Contact us today to discuss what we can do for your company!