One might consider Europe or America to be the ideal place to start a business, but according to a 2017 Start-up Genome report, Singapore has even dethroned Silicon Valley as the best place for start-up talent.
Both, a talent and capital magnet, Singapore has continued to help businesses soar and achieve great heights. This year will only see an increased growth of start-ups in the country. Here are a few reasons why Singapore is a hub for entrepreneurs in the year 2020:
Global Investor Programme and Entrepreneur Pass
The Global Investor Programme enables entrepreneurs to set up their business. What makes the company incorporation Singapore easier is the country’s Economic board. It helps them collaborate and interact with other business networks, thereby creating more opportunities for them. Once the investor is willing to start their business with a minimum of SGD 2.5M, he/she can apply for the permanent resident status, and relocate to the country with his/her family.
Another way that permanent residency is encouraged in Singapore is through the Entrepreneur Pass – a scheme that allows immigrants and their families to move in and out of the country freely. All one needs to do is submit a good business proposal, following which an immigrant can relocate to the country. Although the Entrepreneur Pass is only valid for two years, it can be renewed based on business performance. If performance has been good and has the potential for growth, then chances of renewal are higher.
Read more on how to get an EntrePass in Singapore
Singapore Business Incorporation – Geographical Advantage
Singapore-based start-ups have a geographical edge when it comes to scaling their business because it is situated in the heart of Southeast Asia. Due to its location, it can build networks with the markets of India, China, the Philippines, Thailand, and Malaysia. Singapore business incorporation thus becomes more appealing to potential investors from different parts of the world.
Although Singapore is a small country, it works as an economic and metaphorical gateway to the continent’s entire population. While Singapore’s Changi Airport caters to nearly 20 million passengers and provides flights to most of the major cities of the world, Singapore’s port is the busiest in the world.
Singapore’s sound infrastructure encourages businesses to become more competitive. Nearly every building in the country has a conducive environment that encourages cross-fertilization of ideas and fine-tuning of businesses. This efficient infrastructure is what facilitates the delivery of information, goods and services, and assists in improving the country’s social objectives such as educational levels and quality of life. What constitutes this world-class infrastructure is the highway system, internet infrastructure, subway, museum, public parks, hotels, and commercial buildings. An attractive infrastructure encourages a positive work environment, while at the same time improving the productivity of work.
Company incorporation services Singapore owe their high demand mainly to the country’s advanced infrastructure.
Skilled Workforce in Singapore Incorporations
The Economist stated that Singapore’s education system is the best in the world, with students constantly ranking well in global achievement tests. Therefore, the population has the necessary skill set to succeed in the business front. The Singapore incorporation also takes a deep interest in constantly up-skilling its talent pool and welcoming as many innovative and creative solutions as possible.
Legal Protection for Incorporation Services Singapore
Start-ups can operate more efficiently when they know that their inventory remains secure and protected legally. Singapore is identified as one of those countries that safeguard company property. What further makes businesses more secure is the relatively low crime rate in the country and its policy of not exposing businesses to irrelevant tax litigations. Incorporation services Singapore are fully encouraged and supported by the Government.
Apart from legal protection, it is also possible to improve the financial visibility of a company with help from several incorporations that provide back-office solutions, such as PikoHANA. At PikoHANA, challenges like staffing and HR, lack of financial visibility, tax and regulatory filings, are all overcome with the help of a dynamic and qualified team.
A company can breeze through compliance and legal requirements with the help of secretarial services. Read our blog if you want to choose the right corporate secretarial services in Singapore: Tips To Choose The Right Corporate Secretarial Services in Singapore – Importance and Benefits.
Speed of Operations
Another reason why Singapore is the hub for start-ups is because of the ease in operating and opening a business in the country. The speed of operations, along with great infrastructure gives Singapore a competitive edge in the start-up scheme in Asia.
A strong funding climate and robust governmental support are two more factors that help speed up operations in Singapore. All of these factors make Singapore company registration services viable and attractive.
Due to the good quality of life, diversity of culture, cleanliness, and safety, Singapore instantly becomes the ideal place to establish a start-up. Highly talented and skilled individuals often look at the quality of life as the most important factor to make their country selection decision. Apart from the above-mentioned factors, Singapore is also known for its world-class and reasonably priced transportation facilities. Additionally, the healthcare system is efficient and affordable as well.
Living conditions, therefore, prove to be very important when it comes to company incorporation services Singapore.
All the above-mentioned factors are the reasons that make Singapore the perfect destination to start a business venture. Since trade is not limited, and the currency is strong and stable, one can set up a business in any sector. Company incorporation Singapore is thereby an easy and awarding task. Furthermore, Singapore’s forward-looking economic policies and pro-business environment are what make Singapore the hub for start-ups in Southeast Asia.
When it comes to choosing the right place for a career leap, some aspects that people consider would be quality transport, banking, housing, education, entertainment, and political stability. Singapore meets all these requirements.
If you’re still not convinced about starting a business venture in Singapore, read our blog: 7 Reasons To Launch Your Company In Singapore: The City’s Thriving Business Culture.