Starting up a company can be hard. However, if you have a start up idea and are wondering where you should place your business, look no further than Singapore, now claimed by many investors and businessmen the easiest place to begin and set up a company.
These start ups are run by mostly international businesspeople that come to the country due to the ease of starting a business. The reason it is so easy to begin these businesses, is due to the assistance given to entrepreneurs by the government of Singapore. The company doesn’t have to be incorporated or even have a prototype ready; as long as it is a good idea that can impress the grant founders. There are around thirty different grants entrepreneurs are able to apply for to gain assistance from the government. You are even able to claim things like laptops as essential business equipment and receive some money back.
To get these grants, a company must follow a few guidelines. It must be incorporated into Singapore, and the founder must be considered a full-time founder, and much of the tech must be done in Singapore itself, but with it comes great benefits: for instance, each founder of the company is given $1000 a month out of the government funding to pay them. It’s a very cheap way for startups to break in, and help them grow without the risk. The environment is less competitive, and an easier place to begin gaining some traction. If the startup is successful, the government grants can total up to $200,000 or more.
Due to Singapore’s liberal immigration policy, it makes it easy for anyone to move their company there. When first immigrating, a startup must apply for an employment pass, and that’s all there is to it. More and more startup companies have been applying for employment passes in Singapore in recent years, generating over 300,000 employees and over $166 billion in profits. It is estimated that there are 1.7 million foreign business people currently living in Singapore, building an entrepreneurial, business-based economy in the nation.
According to several investors, a start up that sets up in Singapore first will often do better than a start-up trying to break into a hard market and climate, for instance, in Silicon Valley. While it may seem like a long way to go to start-up a business, the results speak for themselves. Singapore, in is location near Australia and just a plane ride away from Japan and China, gives a startup a chance at the heart of Asia while also having a safety net in the form of government funding. The country also has a high degree of technology, with the highest rate of smart phones per population of anywhere in the world. The country itself can be considered “Asia lite”, while having a stake in Asian Markets; most in the big cities speak English.
In addition to business people, investors are also more likely to invest more money into a company that has that fallback parachute and have already set their sights on globalization.