ED 47: January-February 2013

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36 ma r k E t in t E l l i gE n C E the Asian business hub of Singapore has a long standing reputation as a favoured destination for global corporations looking to set up in the region. Its swank Marina Bay financial district is home to some of the largest global brands - it houses Google’s Southeast Asian headquarters, as well as the sprawling trading floors of companies such as Barclays Capital and Bank of America Merrill Lynch. The UK-based banking giant Standard Chartered is also located in the district. Ja n | FE b <strong>2013</strong> En t r E p r E n E u r s’ Di g E s t
ma r k E t in t E l l i gE n C E GettinG Started in SinGapore Singapore’s vibrant Startup ecosystem Attracts investors and entrepreneurs While there is an abundance of wealth management and financial heavyweights in Singapore, the country is also a great place for budding entrepreneurs looking to launch their ventures. Over the years, several Singaporean startups, such as Hyflux and Creative Technology, have grown from small operations to global brands. incentives for startups Many of the reasons that attract multinational companies to Singapore are also the same reasons that make the country a very attractive venue for startups. The government’s pro-business policies have created a stable and efficient infrastructure where startups do not have to jump through hoops of redtape. The procedures for incorporation, compliance and fund raising have been streamlined dramatically. For example, incorporating a company in Singapore typically only takes 1-2 days, whereas it takes weeks in places such as the state of California. Singapore has a very attractive tax regime. It is often the cited as the example of a country that has reduced tax rates, yet a very healthy budget and foreign reserves. The maximum corporate tax rate in Singapore is a relatively low 17 per cent. In addition, Singapore government offers several tax incentive schemes designed specifically to help startups. For example, qualifying startups can avail of a full tax holiday up to a certain amount of their taxable income for each of their first three consecutive years of incorporation. Start-ups who continue to grow can also qualify for other tax incentives such as the Development and Expansion Incentive (DEI) and the Productivity and Innovation Credit (PIC) scheme. There are a wide range of other government-backed funding and assistance options for new businesses, including equity financing schemes, cash grants, business incubator schemes, and debt financing. A dedicated government agency, SPRING Singapore, is focused on the growth and cultivation of SMEs in the country. Singapore’s flourishing private funding scene The attractive startup environment, combined with the continuous inflow of investment and wealth into Singapore, has led to the proliferation of angel investors, venture capitalists, and private equity firms. In 2011, Singapore-based venture capital and private equity firms registered a total of S$26.5 billion in assets under management. According to the IESE Business School’s 2012 Global VC and PE Country Attractiveness Index, Singapore is the fifth most attractive destination worldwide for firms in the industry, behind traditional investment powerhouses Japan, the UK, the USA, and Canada. Singapore is an excellent place for those looking to invest in startups. The country has no capital gains taxes, which makes it very attractive destination for investors and entrepreneurs alike. In addition, for foreign investors looking to relocate to Singapore, the easiest way is through its Global Investor Programme (GIP). Under the GIP scheme, an individual can qualify for permanent residence by investing at least S$2.5 million in a local startup or the expansion of an existing company. The country’s largest education institutions, such as the National University of Singapore (NUS), also have entrepreneurship programs where they invest in startups or facilitate third-party investments, and provide the necessary mentoring to help the business grow. For example, NUS’s annual business plan competition - StartUp@Singapore - provides a forum where participants can hone their skills while getting the chance to network and pitch their ideas to potential investors. The upgraded Action Community for Entrepreneurship (ACE) program, which lists NUS and other major educational institutions and private sector organizations as partners, also helps bring startups and investors together. With plenty of options available for both entrepreneurs looking for funding as well as investors looking for the next big company, Singapore is truly a conducive environment for the creation and development of startups. Jacqueline low chief operating officer Janus corporate Solutions Ja n | FE b <strong>2013</strong> En t r E p r E n E u r s’ Di g E s t 37
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