Race for the Crown for the 'Startup Hub' of Southeast Asia
However, the competition for the 'Startup Hub of Southeast Asia' is heating up. Countries like Malaysia and Indonesia are also in the race and have come up as viable options for startup company formation.
Obviously, the country offering the right infrastructure and startup support will have the maximum chance of winning the crown. And, "Yes!" Singapore has the right attitude, qualified workforce, and world-class infrastructure to back the new breed of startup investors.
Key Reasons Supporting Startup Ecosystem in Singapore
Here are a few more reasons why startups are flourishing in Singapore:
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Competitive tax regime
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Presence of a high number of wealthy local investors
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The middle class is increasingly investing in startups
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Educated & English-speaking professionals
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Pro-business climate
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Stable political environment
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Smartphone adoption
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Easy access to reliable internet
Startup Ecosystem in Singapore
Singapore is a well-known business hub in Southeast Asia. Singapore company formation process is fast. The Accounting and Corporate Regulatory Authority (ACRA) is the Company Registrar. It is easier to form a new company in Singapore than in neighboring countries. ACRA takes only 1-3 days for startup registration in Singapore, and the official fee is only S$315.
Singapore has invested in its startup ecosystem to make things easier for entrepreneurs. It has provided tax benefits, grants, accelerator, and incubator programs to make it an attractive proposition to startup founders. It is gunning for high numbers of tech startup registration in Singapore.
Its approach is flexible, and changes are made depending on the market trends. Singapore's startup ecosystem has evolved beyond spaces for startups and finding funds for them. It now boasts strong ties between universities, entrepreneurs, and investors. These ties promote streamlined research and development and funding for new startups.
Singapore has a strong legal system. The country has tough laws to protect the rights of Intellectual Property owners. The entrepreneurs and businesses involved in the research and development of innovative technologies choose startup registration in Singapore.
Benefits of World-Class Singapore Infrastructure
When it comes to infrastructure, Singapore ranks high in Asia. Its subways, Rapid-Mass-Transportation System, harbors, airports, and communication networks are world-class. These facilities lend a competitive edge to Singapore businesses. The state-of-the-art infrastructure act as a highly honed tool and enables them to conduct their profit-making activities efficiently and contribute to the growth of the national economy.
The World Bank Report 2020 ranks Singapore in 2nd place for the 'Ease of Doing Business' indicator. Singapore company formation is a highly streamlined process that even foreigners can complete in 1-3 days. Distance To Frontier (DTF) matters when it comes to cross-border trade. And Singapore's score is 87.34. It is calculated by taking into account various economic factors. The score shows the efficiency of the regulatory performance in Singapore.
The World Bank report 2020 places New Zealand in the top position for 'Ease of Doing Business.' However, Singapore leads with better performance when it comes to DTF score, and New Zealand comes second, followed by Denmark. For the DTF score, Malaysia has scored 79 and ranks 18th. Indonesia, with its DTF 58, has earned 108th rank. They have a lot to do to catch up with Singapore.
Ease of Doing Business in Singapore
When there are business activities, there are misinterpretations, commercial disputes, and legal battles. In most countries, it takes years to resolve even small disputes. It makes proving a point or winning a legal pointless for a company. It is not so in Singapore. Commercial disputes can be solved in the shortest time possible in Singapore. At the District Court, you may take only 150 days to sort these out.
Singaporean authorities have put their heart into making things easier for startup businesses. You can witness it in the highly efficient process of startup registration in Singapore. You can also experience it in the swift execution of statutory compliance and how the authorities have worked diligently to reduce the procedures and processes in it for the benefit of businesses.
Singapore authorities have set their heart on becoming the 'place' for startups in Southeast Asia. They have established a startup ecosystem that helps founders with their startup registration in Singapore and finding capital and starting their business activities swiftly.
Contact us at +65-6536 0036 or email us at info@sbsgroup.com.sg to get expert assistance and to know our Singapore company formation packages.
