All entrepreneurs know about San Francisco’s Silicon Valley, it’s the reference point for successful companies. Lately, more and more investors compare Singapore to Silicon Valley because when starting a business here, the chances to succeed are quite high.
When Indians start an overseas business their first option is Singapore and not San Francisco because there are numerous reasons to take the plunge here.
They can benefit from government grants
Singapore strives to become a smart nation and they provide financial grants that could help young entrepreneurs to start a business. For Indians, it’s a great opportunity they can take advantage of because it provides them funds for building their own company. SPRING Singapore is one of the grant providers that offer start-ups $5,000 vouchers to facilitate their start and to strengthen their business structure.
Alongside the financial benefits it provides, Singapore also ranks 4th globally for the institutional protection of intellectual property it offers. Investors not only get funding to start a venture, but they’re also protected.
Singapore is a rich country
No one can deny Singapore is a rich country, because the IMF reports it as a state with a growing GDP. This means that entrepreneurs are sure the country can support their new ventures, and the market provides all the opportunities their business needs to grow.
Venture capitalist firms also provide funds for start-ups and this facilitates their entrance in the industry.
Businesspersons can rely on a talented workforce
Studies show that in Singapore live the greatest proportion of high-skilled workers in the Asia Pacific region. To help students gain high skills, universities and educational organisations are constantly increasing the number of intakes yearly, so more students can study tech subjects the job market requires.
The number of students who graduate high-school doesn’t equate the number of students who are following the classes of tech universities, but the educational system is making efforts to meet the requirements of the blooming tech world.
Singapore facilitates access to the Asian business world
Small businesses are unlikely to become corporations solely by operating in Singapore. They need to expand their services to other Asian or even worldwide destinations. The Indian entrepreneurs who want to start a business overseas should first get a Singapore business Visa, and once they enter the Singaporean market, they can create an expansion business strategy. They need to target a specific regional market and to adapt their products and services to its characteristics. Singapore is also known as the gateway to Asia because it’s an important logistics, transport and financial hub.
When foreigners start a business in Singapore, they don’t have to pay taxes for dividends and capital gain. For a small business, cash flow is one of the fundamental factors to successfully run it. When an entrepreneur incorporates a firm in Singapore, the government allows them to apply for the same grants their citizens can apply. The grants can cover even 40% of the technology expenses the company has. Small companies aren’t required to perform an audit when a private entity owns them.