This year Singapore has been elected 8th best city for women entrepreneurs. This city has been rewarded for its ability to attract firms owned by women.If you are surprised by this figure: well you shouldn’t be! Despite all the appearances and the common beliefs, Singapore is a very attractive city for entrepreneurs.
Regardless of the presence of well established companies, there is still a lot of room for early makers who dream of launching the next big start-up!
In this article, we’ll give you the five most relevant factors to understand why Singapore is such an appealing city for new start-ups and why you should definitely consider coming.
So if you want to know why StandOut decide to settle in Singapore five months ago, just read!
#1. A strategic position
First, its geographic location in the heart of Southeast Asia makes it a ruler of the eastern world. Singapore truly is the hub, at the crossroad of East and West Asia.
Its past history with the western world helped Singapore with a strong base of occidental clients and investors who came to invest and do business in the city.
With more and more Europeans and Americans coming to Singapore to develop their businesses, the thriving economy has more importantly become a unavoidable springboard for asians entrepreneurs.
Its ideal location and role in the growing Asian region makes it an ideal launch pad for companies pursuing the opportunities on both sides of the hemisphere. By settling your business in Singapore, you can access to some 2.8 billion people easily.
Moreover Singapore is not only well located, it’s also well connected. Singapore enjoys both the best aerial and maritime connectivity to asia's market which is the currently the fastest growing market in the world.
Be sure that Singapore containers and ports never sleep and that there are planes full of smart people with inspiring ideas landing at Changi International Airport every now and then.
#2. A business friendly environment
Singapore benefits from a business friendly environment that entices many entrepreneurs into moving in this city. It is the most politically stable country in Asia and stability is a key factor to appeal investors and startups.
There are several business advantages to benefit from in Singapore. First, Singapore was ranked as the third most globalized economy among 60 of the world’s largest economies according to the Ernst and Young 2011 Globalization Index.
This city is so successfully connected to the globalized economy that you can do business here with companies from all around the world.
But what’s more interesting is that Singapore has many free trade agreements and investment guarantee agreements which make several markets easier to access for entrepreneurs and businessmen.
Finally, you can rest ensure that your ideas are well protected, thanks to Singapore’s strict enforcement of its strong intellectual property laws.
Above all, Singapore is a very nice city to live in. Indeed, Singapore is rated #1 in Asia for quality of life and #3 wealthiest nation in the world according to Forbes magazine. You can enjoy both your business and your life in a city where out-of-business relationships are very important to succeed.
#3. A competitive workforce with top-notch infrastructure
First, Singapore profits from an educated labor force. Its knowledge-based economy appeal to talents across the world. The Singaporean labor force is therefore well educated and professionally qualified.
Indeed, Singapore’s workforce is known for its higher education, culture and academic excellence: more and more European top business schools are setting foot in Singapore to educate their talents. That’s why ESSEC business school (#2 French business school) created a campus in Singapore a few years ago.
The immigration policy of Singapore encourages meritorious foreign talents to come and also to help the international businesses succeed by finding the best talents. Where great employees are needed, Singapore is the place to be.
Singapore can also rely on its infrastructures. The first thing you’ll notice when you come in Singapore is the very modern Changi International Airport which has been ranked as the best airport in the world.
The rest of the transportation network is also very effective in the city. Since Singapore is taking a lot of measures to become a car lite society, the government invested a lot over the years.
Finally, Singapore has ultra-high-speed broadband infrastructure connecting homes and offices and is one of the highest mobile penetrations in the world.
#4. A profitable tax system
Singapore’s tax system is one of the most appealing factors for entrepreneurs because of the low corporate tax rates. Private limited companies are required to pay about 8.5% up to $300K profits and a flat 17% above that, which is really good news for the start-up ecosystem.
Moreover, there are no dividend or capital gain taxes in Singapore, so if your company skyrocket, the money is all yours!
Moreover personal tax rates are low! Personal tax rates start at 0% and max out at 20% above $320K: if you compare this with European countries, Singapore is way more attractive.
For instance in France, personal tax rates max out at 45% above €150K. No wonder why Singapore is much more appealing. But in addition to that, there is no estate/death/inheritance tax in Singapore. All the more reasons for entrepreneurs to settle their business in this country.
#5. A local government support
One of the biggest reasons why Singapore attracts entrepreneurs from all across the globe is that the government is overwhelmingly supportive. Indeed, the government launched a $1 billion "Technopreneurship Fund" back in 1999 exclusively dedicated to help tech startups to develop in Singapore.
In 2013, this fund was completed by an additional $50 million investment plan for local startups.
Depending on what you need and the size of your company you can apply to several grants. At StandOut we can help you find you some grants for your marketing and digital needs, so don’t hesitate to reach us to know more about it!
The motto of the government is to make Singapore the top industrialized nation in the world so they are powering their ambition by injecting new blood into the startup ecosystem to be not only more appealing but also more competitive on an international scale.
So now you know it all: Singapore is most definitely the best city to develop your business and enjoy life at its fullest. If you come in Singapore to launch your company don’t hesitate to reach us: we can help you with all your digital strategy!
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