Singapore is one of the most attractive tourist destinations that also stands as a favourable business destination. The hospitality segment in Singapore is a multi-million-dollar sector that lures visitors from all around the world.
The industry is focused on the satisfaction of customers by providing unique experiences. It stands as an international hub for the business industries and owners to come forward and invest.
It is set to grow steadily; with the global economic outlook favourable and Asia-Pacific tourism poised to expand, the hospitality industry is generally optimistic about the year ahead.
If you have been looking forward to starting a business in Singapore, targeting the hospitality industry, then this guide is a must-read for you!
Singapore's Hospitality Industry
It is a well-known fact that the pandemic has hit-hard the tourism and hospitality industry. However, one of Singapore's challenges is by blending business segments with the tech segment. Every sector accepted digital transformation to revive the overall market, and thus, the hospitality industry in the region has also been one of the major players.
The definition of hospitality business doesn't always end with lodging services. On a broader level, it can be explained as an overall package that involves numerous dimensions to provide an unforgettable experience to the service-seekers.
The food and tourism stand phenomenal in Singapore that attracts the visitors count drastically. However, a more considerable revenue market is widely supported by similar industries like medical tourism, meetings, conventions, and business exhibitions.
A few of the business categories that are considered in the hospitality segment includes:
The travel industry in Singapore is one of the major concerns the completes the hospitality industry. Be it road, air or waterways, numerous options are available that one can opt for that connects the popular locations.
The travel business has always been in demand. Therefore, if any business investor wants to start a travel business or expand the existing business by opening a branch, one can proceed with Singapore.
Currently, the travel industry in Singapore is taking all the effective measures to provide an overall safe journey to travellers.
As tourism gets spiked, the hotel industry is booming simultaneously as numerous foreign travellers step in. As a result, Singapore has successfully placed itself in the minds of international visitors as one of the top leisure destinations, comprising over 400 luxurious hotels.
Any business investor who holds a lodging service in any part of the world can expand their business in Singapore. Alternatively, if anybody is looking forward to starting a new hotel business in Singapore, it is the best place to start with.
Due to the high number of travellers in the country, most international investors prefer to kick-start their hotel business in the location. Many times, the existing players opt for mergers and acquisitions services to play safely in the market.
The accommodation sector encompasses hotels, resorts, motels, and other lodging services, primarily offering bed & breakfast services with additional comfort, quality and experience.
Utmost importance is to be given to the overall hygiene factors to avoid any health issues.
3.Food & Beverage
The next segment that is considered is the food and beverage segment encompassing hotels, resorts, motels, and other lodging services, primarily offering bed & breakfast services with additional comfort, quality, and experience.
Singapore has an extensive food and beverage market blended with innovative techniques to meet the required supplies at ease.
Diners settled in-house, or out-house can now order their favourite food with the click of a button and pay their required bills digitally, lowering the operational cost to a great extent.
If you are a chef or a restaurant owner and planning to expand your hotel business or cloud kitchen, you can count on Singapore.
While doing so, you also need to make sure that you hold the best team to perform the kitchen operations smoothly. Protective measures are to be taken accordingly to present a safe dish to your esteemed customer.
When it comes to leisure, how can one exclude entertainment? Well, you guessed it right!
It is an integral part of the hospitality industry, a world of creativity and substantial business segments to generate higher returns. However, few of the segments included in the entertainment industry include Movies, Theatres and Sports.
In general, the entertainment industry is massive and holds numerous segments in the same. Therefore, even the recent development in the 5G will hold a significant impact on the industry.
Business investors have considered today's online streaming platforms to promote their shows and plays to capture the audience at an international level.
One of the significant contributors to the economy, the tourism segment plays a vital role, contributing around 4% to the nation's GDP. The area of operations in the travel industry includes:
- Offering airline service
- Connecting trains to popular destinations
- Sightseeing packages
- Tourist hotspots
- Adventure and sports
- Boating services
- Cruise ships
A few of the famous tourist spots in Singapore include:
- Marina Bay Sands
- Gardens by the Bay
- Singapore Zoo
- Buddha Tooth Relic Temple
- Fountain of Wealth, etc.
There has been a massive growth in medical tourism that made people focus on Singapore, and it is expected to spike in the future. So if you plan to start your tourism business in Singapore, you can proceed with the same.
Be it any business that you opt for; it is essential to know that starting a business in Singapore requires specific steps that have to be taken accordingly.
One of the first steps is to choose a business structure that will define the complete skeleton of your business. Then, look at the different business entity types in Singapore that you can proceed with.
How to Proceed Ahead?
To implement and incorporate your business in Singapore, dealing in all the categories mentioned above, you need to take the appropriate steps accordingly.
An easy way is to get in touch with a business consultant who stands as a certified expert and can help you to complete the process in a hassle-free way.
Our guide, 10 Steps to Starting a Business in Singapore, provides a transparent picture to the business investors that they should take accordingly.
If you are looking forward to gathering more information, feel free to speak to our experts. We at Business Setup Worldwide take the initiative of understanding the business needs and provide tailored solutions to our esteemed clients.
Contact us today-we'd be glad to assist!