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Optimistic Business Outlook for the Services Sector in Singapore

Written by: Bridgewest

Optimistic-business-outlook-for-the-services-sector-in-SingaporeThe Singapore services industry is currently going through one of its best moment. Moreover, a great number of companies in this sector expect for the business conditions to improve towards the end of the year. Foreign investors interested in the services industry in the city-state can receive assistance from our Singapore company formation specialists if they want to establish a business.

The Business Expectations index in Singapore

The Department of Statistics in Singapore is in charge with polling companies about their expectations related to the country’s economy based on the industry they work in and the last survey was the Business Expectations index which was released at the end of August.

According to this survey, a net weighted balance of 5% of the Singapore companies in the services sector questioned about their previsions of the near future of this industry reported they expect favorable business conditions and a friendlier environment in the last part of the year. The result is a good considering the last survey showed a net weighted balance of -1% during the first half of the year and -6% for the same period of the last year.

Foreign and local enterprisers have plenty of choices if they want to open a company in Singapore in the services industry.

What are the most prolific branches of the Singapore services industry?

Among the companies participating to the Business Expectations survey, food and beverages businesses and accommodation ones are forecasting to register the greatest incomes towards the end of the year, mainly due to the approaching holidays which are expected to attract a great number of tourists.

Singapore hotel representatives are also positive about the Formula One race event which will take at the end of September.

Other branches of the services sector are the financial and insurance ones. Singapore companies in these fields are expecting a higher demand in the services they offer, especially the services which imply innovation, such as robo-advisory ones.

If you want to start a business in the services industry and need assistance, please feel free to contact our company formation representatives in Singapore. We can also help if you want to establish a company in other prolific sectors.

 

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