- Strategic Location
- Minimal Bureaucracy Laws
- Flexible Tax Rates
- Skilled Human Resources
- Protection of Intellectual Property Rights
Indeed Singapore’s regulatory framework and pro-business polices are adapted to meet the needs of investors and businesses, and they are constantly being reviewed to remain relevant, in today’s knowledge-based and technology-driven economy.
However, Singapore still has some way to go for the start-up ecosystem here. Businesses and observers stressed the need to build on the momentum and not rest on our laurels.
JTC LaunchPad @ one-north which started with one block has expanded to three (with further expansion plans in the pipeline), is a vibrant, nurturing environment for start-ups in the biomedical sciences, information communications, electronics, and engineering industries. It is Singapore’s equivalent to the Silicon Valley, with more than a thousand people in hundreds of start-ups and incubators.
Everyone can offer a solution, and if you have good ideas, why not prototype and test-bed them in Singapore. Moreover should your solutions prove to work, highly likely you can upscale and deploy it at the national level. Minister in-charge of the Smart Nation Programme Office, Dr Vivian Balakrishnan at the Strata + Hadoop World 2015 Conference in Singapore back in December have said that, “When it is proven to work in a sophisticated city state such as ours, your solution will have applications in the rest of the world as we build the cities of the future.”
Singapore’s start-up scene has been flourishing for the past decade, and this is partly due to the many assisted schemes rolled out by public agencies such as the National Research Foundation (NRF), SPRING Singapore, and the Infocomm Development Authority of Singapore (IDA). It is probably the most proactive government in the world when it comes to pumping money into grants and initiatives. Many of these schemes favour companies with some or majority Singaporean ownership, but foreigners are not excluded. The slew of Initiatives are part of the government’s overarching strategy to position Singapore well into the twenty-first century.
Each grants or schemes has its own set of requirements and procedures. Interested companies should take a look at these requirements before submitting their application. Most applications can be submitted online and almost immediately after the business registration in Singapore. Still unsure of these schemes and grants, feel free to speak to any of our consultants today, they will be able to let you know which grant will be suited to meet your business needs.
Singapore is indeed pulling out all the stops to build its very own version of Silicon Valley in aims to create ‘the’ start-up hub for Southeast Asia. Investors are saying that the technology ecosystem here is becoming more active, but with time, the continuous drive in entrepreneurial spirit and the support from the government, this city-state just might be The Silicon Valley of Asia.