Singapore Archives - Page 12 of 12

Article, Singapore

Guide to Business Startup Schemes and Grants in Singapore

August 4, 2018

The Singapore government has offered a wide range of startup schemes and grants to promote the growth and expansion of businesses in Singapore. In fact, to get ahead of the fierce competition, the Government of Singapore recently rolled out Startup SG in March 2017. The aim of this launch was to provide an enhanced and innovative business environment to gather fresh startup talent from all the corners of the world. Such measures taken by the government are proving beneficial in propelling the country towards a thriving start-up ecosystem.

Why Does Singapore Appeal to Global Entrepreneurs?

The primary factors that contribute to the flourishing state of Singapore’s microbusiness ecosystem are its political and macroeconomic stability. In addition to these, a strong judicial system, corruption-free bureaucracy, and robust regulatory institutions have provided a thriving business environment in the nation. Other factors include state-of-the-art infrastructure, financing schemes and cash grants by the government, and tax incentives, among others.

Startup SG in Singapore

Startup SG is an umbrella branding that brings together all the support schemes for startups in Singapore. It is basically a launch pad for all the global entrepreneurs that offers them a platform to connect with the global entrepreneurial network and also gain access to the local support initiatives.

The six pillars of support include the following:

Startup SG Founder

This scheme was developed for new entrepreneurs with an innovative business. It provides up to $30,000 by matching $3 to every $1 raised by the entrepreneur. Along with the funding, mentorship and business guidance will also be provided to such entrepreneurs from Singapore-based incubators. This scheme can be applied only through an Accredited Mentor Partner (AMP).

Startup SG Tech

The grant offers project funding to local Singapore companies to develop a breakthrough technology. With this grant, such companies will receive funding for POC (Proof-of-Concept) and POV (Proof-of-Viability) projects. POC projects are designed to test the technical and scientific viability of a new technology. POV projects are designed to test the commercial viability of a lab proven technology. POC projects can receive funding up to S$250,000 whereas POV projects can receive up to S$500,000.

Startup SG Equity

Startup SG Equity is an investment fund managed by SPRING Seeds Capital and SGInnovate for funding startups that require higher capital expenditure and take longer to become commercially viable.

The eligibility criteria for the startups include the following:

The company must be a private limited company incorporated in Singapore having a paid-up capital of S$50,000 minimum.
The company must not be a joint venture or a subsidiary.
The company must not have been in existence for more than 5 years.
The core activities of the company must be carried out in Singapore.
A third party investor ready to invest in the company must be identified by it.
The company must have high growth prospects and international scalability.
The company must demonstrate that its applications have substantial intellectual content and are highly innovative.

Startup SG Accelerator

Startup SG Accelerator provides funding for incubators that assist in developing and mentoring new startups in high growth industries. Some of the sectors in the list of accelerators and incubators include the following:

Cybersecurity
Smart Logistics
FinTech
MedTech
Robotics
Data Analytics
Artificial Intelligence
Internet of Things

Startup SG Loan

These are government-backed loans that are offered through Participating Financial Institutions which can provide startups with the much-needed working capital. Trade financing and equipment/factory financing are also covered by such loans. Startup SG Loans include SME Micro Loans that are applicable for companies with less than 10 employees to support their day-to-day business needs with financing up to S$100,000.

Startup SG Talent

This pillar includes schemes such as the EntrePass, T-UP and SME Talen Programme (STP) for startups. EntrePass is a work pass scheme that eases the entry and the stay of global entrepreneurs in Singapore so they can contribute their skills to the local skill-sets and make for a more vibrant start-up ecosystem.

If you are looking for company registration in Singapore, get in touch with us. We can assist you with Immigration and Visa services and also offer taxation services once your company has been established.

Article, Singapore

Top Business Ideas in Singapore

August 2, 2018

Are you tired of the daily grind of the 9-5 job routine? Do you wish to become your own boss and run your own business? If yes, Singapore can provide you with ample investment opportunities to start your own business. Singapore holds the second spot among 190 countries in the World Bank’s Ease of Doing Business Rank for 2018. It boasts of a highly developed, business-friendly and trade-oriented market economy. With over 3,000 multinational companies, Singapore is one of the top financial hubs that attract investors from all the corners of the world. We have picked our top ten business ideas that you can consider to start your own business in Singapore.

Farming: There is very little arable land in Singapore, and so, the country exceedingly depends on agro-technology and vertical farming for its agricultural production and consumption. There are very few players in the agricultural market and so you are likely to make huge profits after investing in state-of-the-art technology.

Shipping: Singapore’s maritime sector plays a major role in its economy and comprises of over 5000 maritime establishments. Its importance as a maritime centre continues to grow owing to its strategic location along the confluence of major global shipping routes. Additionally, the government of Singapore also offers special incentives to shipping companies to set shop here.

Financial Services: Singapore is an international financial hub and is home to corporations from various countries. So, there is a high demand for professional services such as auditing, bookkeeping, and accounting by both indigenous as well as foreign companies.

Import and Export/Trading: In 2017, Singapore imported US $327.7 billion worth of goods and exported goods worth US$2 billion. It is one of the top nations to trade with countries such as Hong Kong, China, the United States, and Japan among others. Setting up an import/export business in Singapore would expose you to endless opportunities in the trade market.

Biotechnology: The government of Singapore has spent and continues to spend millions of dollars on infrastructure, fund research and development of its biotechnology industry. As of 2016, Singapore ranks second in being the most innovative country in biotechnology providing immense opportunities to new investors.

E-Commerce Services: It is estimated that Singaporeans will take in revenues of approximately USD 5.4 billion dollars by the year 2025. This goes on to show how profitable it would be to invest in e-commerce services and set up an online business to cater to the citizens online.

Spa Services: The wellness industry in Singapore, or any other country for that matter, will always do well. The target niche of massage services for both men and women has an even better business potential. After all, there will never be a dearth of working professionals wanting to get pampered with luxurious treatments after a long and hectic day at work.

Fast Food and Snacks: Food is the universal love that connects us all. Food business does well in all the countries, especially Singapore, which has an exciting and vibrant street food culture. Furthermore, this requires minimal capital and you can start reaping the benefits early on.

Electronics: Singapore is quickly emerging as Asia’s centre of manufacturing industry. The electronics industry in the manufacturing sector alone accounted for 48% of the total industrial output. Clearly, there are huge opportunities for electronic companies to create and manage new markets here.

Freight and Courier Services: You can start your own transport business in Singapore. Depending on your capital, you can begin with a taxi service to transport within local routes and then expand to inter-city or inter-state transport service. You can also venture into logistics and parcel delivery and enter the freight forwarding industry after getting the required licenses.

If you wish to set up your business in Singapore, get in touch with us as and we will be happy to assist you in your Singapore Company Formation.