The sovereign island city-state of Singapore is located in Southeast Asia. A highly developed country, it has favourable tax conditions for businesses and ranks highly in the provision of social services and amenities for its people such as healthcare, housing, security, education and standard of living. The country is a major economic hub and is one of the original four Asian tigers, a term used to describe the economies of Hong Kong, Taiwan, South Korea and of course Singapore which has all experienced rapid industrialisation and explosive growth between the early 1960s and 1990s.
Business in Singapore
Doing business in Singapore is an entrepreneur’s dream. The market economy is highly advanced, built on thriving businesses like foreign exchange, gambling, oil refineries, trading, and financial services. It is also a giant in telecommunication, transportation, and manufacturing. Tourism is another major life force of the Singaporean economy.
With almost 20 million people visiting each year, it is the fifth most visited county in the world. Singapore is reputed to have one of the most business-friendly environments. It has consistently been ranked as one of the easiest places in the world to do business and startups enjoy the many benefits it offers them.
What Singapore offers to startups in 2019
A thriving and stable economy
The economic atmosphere of Singapore is really business-friendly. Many businesses from different sectors of the economy are healthy, profitable and positively growing. Singapore’s business environment boasts access to necessary materials, infrastructure and internet access which are all necessary to any young business. Singapore’s economic stability provides suitable conditions for startups to grow and thrive.
A young demographic and educated workforce
About half the population of Singapore is below the age of fifty. This means that the population is young and vibrant. This is a necessary factor for the continued and sustained growth and development of any country. Singapore’s educational system is also regarded as one of the best in the world. The potential workforce for startups to tap into is guaranteed to consist of well-educated people with qualitative minds and a tendency for innovation.
Supportive government and business-friendly policies
The government of Singapore has introduced several policies and incentives that make the country a viable place to start a business. It has established government-backed short term and long term loans with minimal interest rates and also set up the start-up tax exemption scheme to protect startups from crashing under the weight of taxes they may not be mature enough to withstand.
Easy access to financial capital
One of the major problems startup businesses experience is securing enough capital to get their projects off the ground. Singapore is rife with credible financial institutions ready to dole out venture capital to startups through loans and crowdfunding. Funds are readily and easily available as long as one meets the necessary requirements of the financial institutions. The system ensures that these young businesses are able to eventually make a natural transition to standing on their own by the time they have grown past a certain stage and repaid their loan.
Secure and Corruption free society
A corruption-free society is one of the bedrocks upon which the economy of any nation grows and thrives. It is the only environment under which young businesses can even have the slightest chance of survival. Singapore’s corruption index is so low. The country is safe and secure and these are conditions that attract investors and business people from all over the world.
The startup scene in Singapore is very promising. It always has been. With a government and people that have been able to maintain a viable and stable economic environment, any business whether established or infant has a high probability of succeeding.