Singapore’s Start-up Ecosystem: A Great Support for the New Businesses
Singapore suffers from one deficiency, the lack of natural resources. Its planners strived and converted it into a trade-based market economy. This island nation counts its human resource as one of its important resources and does everything to let it prosper.
That is why, there is a greater scope for start-up entrepreneurs in Singapore than anywhere in rest of the Asia. Singapore incorporation services like SBS Consulting, provide timely and accurate business advice and lend these newbie businessmen a helping hand to make their adventures a successful one.
Raising Funds in Singapore for Your Start-up
As per the surveys conducted, Singapore has outstripped other Asian countries in providing a conducive environment for the start-ups. By launching an Early Stage Venture Funding Scheme, the authorities made sure that the local technology start-ups received a reliable financial support.
During the last 2 years, Singapore start-ups have found increasing support from the Venture Capitalists. They can also turn to the Private Investors or Business Incubators who want to make a hit by supporting and promoting new technology-savvy companies at the forefront of the new technologies. The banks in Singapore also support these entities with the low-interest rate debts.
However, the major benefactor of Singapore start-ups is the government. It has launched many incentive and exemption schemes to make life easy for the start-up entrepreneurs. Not only they get easy funding but they also benefit from the simple Singapore company incorporation process and the compliance rules. It leaves them to devote their complete attention to ironing and developing their product or service to its fullest extent.
Following are few of the Grants, Incentives and loan schemes in collaboration with the Singapore banks launched by the Singapore authorities.
Grants, Incentives and Loan Schemes for the Start-ups
Singapore Budget 2015: Schemes for Start-ups
Singapore Budget 2015 has also announced schemes for the benefit of the Singapore businesses. The intention is to assist them in increasing their reach and in becoming global business entities. The policymakers believed that it will help in establishing Singapore as a brand.
1. IE Singapore’s Grant Schemes for SMEs
2. Double Tax Deduction for Internationalization Scheme
3. International Growth Scheme (IGS)
4. SkillsFuture Credit Scheme
5. Productivity and Innovation Credit (PIC) Bonus Scheme
The main problem faced by the start-up is in finding qualified and experienced human resource. Many of these are helped out of the predicament by the corporate services providers that specialize in the foreign recruitment and immigration.
Foreign Start-ups in Singapore
Singapore is top-ranked for ease of doing business and is attracting entrepreneurs, investors, and professionals from all over the world. Even, foreign corporate is interested opting to open company in Singapore. And they are aptly rewarded for their efforts. In addition, they have the advantage of gaining access to the emerging markets of Asia like China, Indonesia, etc.
Regional/International Headquarters Award (RHQ/IHQ)
The Singapore government has launched the initiative under the name, Regional/International Headquarters Award (RHQ/IHQ). Under these schemes, foreign corporate relocating their headquarter or regional headquarter to Singapore are charged low corporate tax rates, provided that they meet the required criterion.
Singapore provides a well-placed IP protection framework. It is well appreciated for its efficacy and has attracted foreign corporate willing to invest in Research and Development. Moreover, it has won the hearts of the professionals as it is a safe place to live that offers reliable and quality transportation facilities, sea and air link, network connectivity, and great infrastructure.