Moving to Singapore can be ideal for start-ups and start-up job seekers looking forward to growing in a multi-cultural community with access to a diverse customer base. If you are one of them, here is a quick guide to help you make the shift to Singapore easier by understanding the benefits of Singapore’s start-up ecosystem. It has a population of 5.5 million and has immigrants from several countries.
Strong government support
The struggle of moving to a new city to set up a business can be even more difficult when there are no special policies directed to the benefit of startups and entrepreneurs. Singapore recognises this area of struggle and is helping to mould the entrepreneurial culture in the city through several start-up friendly policies and funding programmes in Singapore.
Since fintech is the most prominent start-up sub-sector in Singapore, most of these policies and grants are directed at the growth of the same. One such plan is by the Monetary Authority of Singapore, which has set apart a fund of $225 million for developing the fintech sector through the setting up of innovation centres and other similar institutions.
Start-ups in Singapore can save a considerable amount of money in taxes with the Start-up Tax Exemption Scheme (SUTE). This tax policy makes it much easier for entrepreneurs to set up a business that allows an exemption of $75000 on the first $100,000 for all eligible businesses and $50,000 of the next $100,000. Government-backed loans for SMEs are also an important form or supports startups moving to Singapore can enjoy.
The high levels of education in the people of Singapore and surge of start-up talent moving to the city, has helped in the creation of a strong and resourceful talent workforce. Moving to Singapore works very well for start-ups that require a lot of skilled labour as it is readily available.
Incubators and accelerators galore
Start-ups moving to Singapore and struggling to launch their business can always turn to the myriad of startup accelerators and incubators in the city. These organisations offer a wide range of support to fast-track the entrepreneurial journey of its participants by connecting them to the right resources.
Singapore has been the flagbearer of all major fintech start-up activities in Asia. The fintech start-ups in Singapore had a 6.7 per cent share in the total local venture capital investments in the years between 2012 and 2017. The segment comprised 270 start-ups, 20 international banks, and several insurance companies. Both B2B and B2C fintech start-ups have a good scope of growth in Singapore.
A convenient business environment
The city tops the list of countries for ease-of- business as the procedures to set up one here are relatively quick and straightforward. To incorporate a company in Singapore and get it registered takes much less than a week through a hassle-free process.
One of the main reasons that foreign talent and start-ups are expanding to Singapore is the ease in reaching out to funding sources. Singapore is ranked in the top five countries globally by the World Economic Forum for its venture capital. potentials and availability.
— Yostartups, a global pre-accelerator for startups & entrepreneurs. twitter @yostartups