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Singapore Startup and How You Can Begin Your Entrepreneurial Venture
It is undeniable that breaking into a highly competitive business scene like Singapore is tough. But if you have a great business idea, what’s to say it won’t make it big? The startup wave has swept the globe and has gotten many people around the world to take businesses seriously. Amidst the wave oscillation, Singapore has emerged as the premier business hub and one of the world’s most desirable location to begin startups. Curious to know why Singapore is an ideal place to set a startup? Learn more about Singapore startup below.
Why Should I Start My Startup in Singapore?
Often times dubbed as Asia’s Silicon Valley, Singapore became a force to be reckoned with after launching their own tech incubator in the National Research Foundation (NRF), 14 years back, in 2006. Here’s a list of why Singapore is the go-to place for new entrepreneurs to startup:
The Singaporean Government has taken a myriad of steps in cultivating the nation to become a startup environment. The Government introduced attractive business policies with good tax regimes and assistance schemes which helps to give new pilot companies a leg up. Aside from that, Singapore is also well known for its top-notch workforce, just judiciary system and straightforward business regulations. Without having to comply with onerous laws and having such support from the Government, more entrepreneurs, both locals and foreigners, choose Singapore to begin their startup career.
Singapore’s high education standards have increased the quality of the nation’s human capital over the years. The Lion City has a vast skilled and knowledgeable labour pool, making it much more comfortable when an organization starts its hiring process. Valuable workforce combined with affordable employment cost is ideal for startups to begin, given how they do not have to spend too much at their inception.
Described as having the freest economy globally, Singapore continues to foster an effective ecosystem for businesses to grow. How they achieve, this can be seen through their efforts in making startup resources widely accessible. In Singapore, there are many investors, business mentors, service providers and other business catalyzers who offer support for growing companies. This healthy, operative environment has undoubtedly helped countless of businesses succeed. The country also created Startup Singapore in 2017 to encourage collaboration and cooperation amongst each other in the startup circle and whilst helping newcomers to expand their connections in the community.
So, if you’re still asking yourself if you should start your startup in Singapore, our verdict is: yes.
Your idea, no matter how good or how much potential you think it has will only be what it is: an idea. Now is a better time than ever to start embarking on your startup journey. It will certainly be a challenging road to take, but nevertheless a rewarding one if done right. The business industry is an unforgiving one, not just in Singapore, but everywhere else too -which is why it is crucial to do thorough research and study the market before diving head in. So, be sure to buckle up and stay resilient in facing oncoming obstacles on your path to becoming a successful startup in Singapore!