Singapore has always been a country that plans ahead. It has transformed the public sector, paved new roads in research and development, and now it is leveraging technology to propel the nation forward in the digital economy.
10 September 2019 / By SGN
Its proximity to Asia’s emerging markets, growing pool of STEM talent and a unique business environment with a commitment to intellectual property (IP) protection make Singapore a strong contender for those looking to ride that vision and growth.
Here’s what’s in store for individuals and companies looking to embark on a promising future or take their enterprises to the next level:
An excellent geographical location with good access to the rest of Asia
International expansion is key to ensuring growth in a business. With Asia’s top emerging markets at its doorstep, Singapore is a great location for companies looking to scale to regional and global markets.
Dyson, Google and Facebook are just some of the 80 top technology firms in the world that have opened regional offices here. Singapore also enjoys the success of tech unicorns like Grab, Sea, Lazada and Razer – which have a combined market value of US$20b.
Supportive eco-system for companies
Singapore is a conducive environment to test-bed ideas and develop innovative solutions. A number of grants and support systems are in place to help individuals and companies seamlessly set up here and branch out into the region.
Singapore-based start-ups like MoneySmart and e27 are amongst many who have benefitted from the support of grants, incubators and accelerator programmes to help launch their regional expansion over the past five years.
Companies can take advantage of grant programmes and initiatives like Startup SG which offers support from launch to protection of their product. There is also the Angel Investors Tax initiatives which allows angel investors to enjoy a tax break of up to 50%.
A business-friendly environment
As the world’s most competitive economy, Singapore remains to be one of the top countries in the world for ease of doing business. The country’s attractive commercial tax system, which includes tax breaks for new businesses and a capped corporate tax rate of 17%, makes it an ideal location to launch a business.
Tech companies can also take comfort in Singapore’s IP laws, known to be tough and well-enforced, ensuring that R&D investments are well-protected. Applications of patents are easier and with Singapore set to sign six memorandums of understanding with various stakeholders including UK, Brazil and Qatar intellectual property offices, businesses can also look forward to faster and easier patent applications beyond the city-state.