A decade ago, if you had said Singapore was going to become a pivotal place where entrepreneurs will go to invest their money in starting up their modern businesses, everyone would look at you like you were crazy!
Well, nowadays, it’s the place to be for tech start-ups. I was curious as to how this happened, so I did a little digging and came across some interesting discoveries.
Government Help
Something that quickly became clear to me is the government is incredibly excited to give entrepreneurs a helping hand. This started off with borrowing ideas from Israel after seeing their success. They had been carrying out extensive research and development into companies, as well as financially supporting businesses who would’ve found their start-up to be very risky.
Once they began subsidizing venture capital into companies, things began to blossom.
To give you a better idea of how accommodating the government is to new businesses, take a look at these numbers: If an entrepreneur has engaged their investors for $15,000, the government will offer $42,500, and other agencies will provide the same amount, for a total of $85,000!
Furthermore, the National Research Foundation has supplied $167 million into tech start-up companies, such as “iCarsClub” and “Treebox”.
Continual Expansion
In addition to the cooperative government, they never stop looking for ways to move forward. That’s why they’ve focused so much attention on early tech start-up businesses – the tech involved in companies today is paramount for growth.
The difference between Singapore now and over 10 years ago is shocking. The advancements they’ve made in creating a place full of enormous skyscrapers and uniquely crafted buildings is astonishing.
The land mass of Singapore has also increased by 25% since it was first discovered…
More and more space has been envisioned to ensure that there’s additional room for new companies to begin. The buildings and tourist attractions are EVERYWHERE you look. There’s always something new being created and flourishing with opportunity.
The Perfect Location
The government aid and plans to evolve are not all that surprising, considering Singapore is one of Asia’s richest countries. More importantly; however, Singapore is close to Indonesia, Vietnam, and Malaysia; all of which are cultivating the most impressive tech markets in Asia!
Singapore learns from these markets, apply it to the businesses looking to start up with the help of technology. So, once again, they’ve drawn inspiration from elsewhere and given themselves a strong platform on which they can build upon.
Having said that, Singapore will never be as big of a marketplace as other regions across the world. There are only five million people living there, so they’ve broadened their reach outward. The biggest market is in South East Asia, which is nearby and that’s where the biggest opportunities lie.
Many businesses like to situate themselves in Singapore due to the government’s support and friendlier taxes. It also gives them a direct link to South East Asia and more favorable odds for their businesses to shine.
The No.1 Place To Begin A Business
Singapore’s the easiest places in the world to set up a company. It’s an ideal location to start-up your company, as they’re in favor of supporting businesses of all types.
Setting up a corporation there in the past may have seemed like a joke, but they have now established a place where your company can prosper exceedingly well.
(Are you seriously considering setting up your business in Singapore? Here’s the Singapore company incorporation details!).
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