Why Launching A Tech Startup Is A Good Idea For Company Formation In Singapore
There is no doubt that the Lion City is leading the race as a preferred business location for startups. Company formation for startups in Singapore continues to boom, allowing the city-state to climb the №12 position as one of the top global startup ecosystems in the world. Adding to this accolade is the recognition that was awarded to the country by Startup Genome in 2015 as one of the only two Asian countries with the best startup ecosystem.
It is not difficult to understand why new company registrations for startups continue to crop up in Singapore. Entrepreneurs name the country’s strategic location, availability of robust infrastructure, technology readiness, ease of doing business, clear government policies, and grants and support for entrepreneurs as primary reasons for launching their startups on this side of the globe.
Being tech-savvy has also served the Lion City well that no wonder tech startups prefer to take their ventures to Singapore. The government recognises the rise of this particular sector that dedicated hubs for tech entrepreneurs have been established, such as Blk 71, NTC, and NUS Enterprise.
So what makes Singapore a good location if you’re a tech startup? Read on and see if these reasons tick off all of the boxes on your list whilst making your decision to bring your own venture for company incorporation in Singapore.
1. Asia’s innovation leader
The Singapore government continues to nurture innovation as part of its efforts to encourage more entrepreneurs to start a business in the country. This is the reason why the city-state continues to lead in the area of technology, as more and more entrepreneurs opt to launch innovative startups that promote advanced technologies.
The government values this innovative spirit that it made sure to protect the ideas of its creative entrepreneurs, which comes in the form of protecting intellectual properties. Due to its consistent efforts, the Lion City is recognised around the world as a leader in scientific research and intellectual property protection.
With this kind of setup where innovation is promoted and your creative ideas are safeguarded, Singapore company registration should definitely be explored by startups looking to bring to fruition their tech ideas in the most encouraging way.
2. Ample government support
Apart from protecting startup entrepreneurs’ intellectual property rights, the Singapore government also provides a bevy of schemes and grants to help fund startup ventures. Amongst these are the SPRING Startup Enterprise Development Scheme, the Technology Incubation Scheme, and the Early Stage Venture Fund Scheme.
Such financial assistance can be depended on no matter which stage you are in your business operations — from streamlining the process of setting up your business to improving your investment ecosystem. Providing grants and schemes is the government’s way of encouraging more startup entrepreneurs to consider company formation in Singapore, whilst boosting its image as Asia’s gateway to technology.
3. Streamlined platform
The government makes sure to leave no stone unturned in helping startups realise their dream of making it big in the Lion City. To ensure that the process of receiving support is simplified, Startup SG was launched which placed all support initiatives for startups in one platform.
Through Startup SG, startups can choose the right initiative that appropriately supports the level of their business operations: Startup SG Founder for first-time entrepreneurs, Startup SG Talent for talent development within startups, and Startup SG Equity to provide incentives to support equity co-investment.
With a more simplified process of receiving support, you can easily get access to funding no matter which stage you are in your business, whilst making sure that your startup sees company incorporation faster and in a more efficient manner in Singapore.
4. Dedicated spaces to support creative startup ideas
The rise in startups also gave way to a growing number of co-working spaces in Singapore. Places like The Hub, The Co., Collision 8, and ClubCo have emerged solely for the purpose of giving enterprising individuals dedicated spaces to house their innovative businesses.
Having a dedicated area for your creative ideas, you will find yourself in the company of like-minded individuals who can further inspire you in coming up with more strategies to spur your growth.
With these reasons alone, startup entrepreneurs should definitely consider setting up their ventures for Singapore company registration. It is important, however, to keep in mind a few pointers to ensure that success is within reach when launching your startup in Singapore.
Some tips to ensure company formation of your tech startup in Singapore
With such a vibrant business environment, competition is undoubtedly tough amongst Singapore startups today. Here are a few tips to ensure that your tech startup idea goes from paper to a real business operation in no time.
1. Make sure that you have a strong product or service to offer that can easily attract investors and target customers.
2. Be in the know when it comes to the laws and guidelines for starting a business in the Lion City, as the government is quite strict on its implementation of the rules and regulations for new company registrations.
3. Grow your network and read up on success stories from fellow startup entrepreneurs. If you can, attend events that feature successful startup ventures to get inspiration and some nuggets of business wisdom.
4. Never hesitate to acquire assistance from local firms that specialise in company formation. Company incorporation services in Singapore are designed to help fast-track company registration of new businesses — from startups to multinational companies. These firms can easily help you get a company registration number in Singapore as well as handle all your incorporation requirements with ease and efficiency.
5. Consider outsourcing some functions of the business. Some Singapore company registration services also offer business financial solutions to help companies manage their operations more effectively. This means more time to focus on growing your business.
Keep these tips handy when making your decision to launch your tech startup in the Lion City. Consult a company incorporation services in Singapore today