Foreign investors who have chosen to start businesses in the hotel industry have one of the best choices, as the sector is expected to earn more starting with 2018. With an average occupancy rate of close to 85% during the first half of this year, Singapore hotels have also reported an increase in their incomes during the same period of time.
Next year hotel prices are expected to grow by 3.2% next year, however, Singapore is following a global trend which is given by hotel group consolidation. Even so, the price of hotel rooms in Singapore will be one of the lowest in Asia Pacific, which in 2018 will increase by 3.5%.
If you are interested in starting a business in the hospitality sector in the city-state, our Singapore company formation consultants can assist you.
And not by tourist seeking to simply visit the Lion City, but by the wealthiest individuals in the world. Considered one of the most advanced cities in the world, Singapore attracts millions of tourists every year which is why 18 new projects will be built over the next few years. Out of these, 12 will be finalized by the end of the year, 3 in 2018 and another 3 in 2019.
The increase in hotel prices was expected to some extent, if we consider that Singapore is the 3rd country in the world to have the highest index per capita and it also known as an international business, transport and financial hub.
Our company registration specialists in Singapore can also help you set up companies in other industries than the hospitality one.
For those interested in opening a hotel in the city-state, we remind them that they first need to complete the Singapore company formation process following which they must apply for a Certificate of Registration and a Hotel-Keeper’s License from the Hotels Licensing Board. Other licenses will also be required depending on the classification and services offered by the hotel.
If you want to open a hotel business in the city-state you will need to first register a company with ACRA. This process can be handled by our company formation advisors in Singapore, so do not hesitate to contact us.