Why Entrepreneurs Like Singapore

Singapore is one of the most popular choices for setting up a business when entrepreneurs are deciding to venture overseas. The strong social, economic and legislative foundations supported Singapore’s position as a leading world class business hub. Many accolades and key statistics corroborated with the position of Singapore as a leading global player in the business environment.

From the results of the above indicators and studies, Singapore has excelled in most of the major macro factors entrepreneurs will most likely take into consideration when deciding on the choice of location to start a business.

In the last decade, the Singapore government has introduced a slew of incentives and pro-business policies to encourage business growth. New companies are granted a 3 year tax incentive period under the Tax Exemption Scheme for New Start Up Companies whereby qualifying companies are granted full tax exemption on the first $100,000 of chargeable income earned in each of the first 3 tax years of the Company.

Various innovation and productivity schemes and grants are widely available to local Companies and businesses, These schemes and grants, administered by Spring Singapore, aim to encourage innovation via government subsidies. The scheme generally offers up to 70% cost subsidies or a fixed sum for low to moderate productivity investments.

Such pro-business measures, together with the increasingly positive entrepreneurial sentiments in the country, has resulted in a surge in company and business formation over the last 3 years.

Statistics on Companies and Business Formation in Singapore