Why Singapore is one of the best places to startup — Crowd Product:
Crowd Product was recently in Singapore. We touched base with the Singapore fintech industry and the general startup ecosystem. In our journey to explore the fintech capital of South East Asia, we have made a number of observations. In this article, we shall discuss the key differences between the Indian startup ecosystem and the one in Singapore — and what makes Singapore one of the most preferred destinations to startup.
We were in Singapore for a period of 6 days — during which we witnessed the celebration of the Chinese New Year, one of the most cleanest and well organized cities in the world, interacted with startups based out of coworking spaces and tested the working of Bitcoin ATM machines! First of all, let us see what makes Singapore one of the best places to startup. After conversing with multiple startup founders based out of Singapore, we found that these are the factors that propel the nation as a leading place to startup:
- Income Tax Rate: The Income Tax rate in Singapore is much lesser as compared to its European and Asian counterparts. This is a very big advantage for any early stage startup.
- Dynamic Startup Culture: The dynamic startup culture of Singapore is another reason that attracts entrepreneurs from different parts of the world to start their journey here.
- Healthcare and transportation: Singapore has one of the best healthcare facilities. The transport facility in Singapore is another reason that any entrepreneur will fall in love with the nation. During our stay of 6 days, we never had to wait more than 5 minutes at any location for public transport — it is very efficiently managed and affordable too.
- Academic Talent: The National University of Singapore has been constantly rated as one of the best Universities to study in Asia. Getting access to a diverse talent pool early on helps a startup to scale aggressively.
- Population dominated by young people: The population in Singapore consists of people mostly in the age group of 16–28. When dominated by young people, acceptance rate of any new technology is much better. This gives a level playing field to startups across all domains.
- Law and Order: Singapore is a country which have the least number of criminal cases registered. This is because the country boasts of one of the finest police force -trained to handle any kind of situation. The harsh punishments keep the criminals at bay. Safety is another aspect which draws entrepreneur from different parts of the world to startup here.
These are the main factors which propel Singapore to be one of the finest places to startup. It enjoys many advantages as compared to the Indian startup ecosystem, as mentioned above. Also, business registration is a walk in the park in Singapore if you have the proper documentations. No doubt, opportunities in India is abound as it is one of the fastest growing markets in the world. They say that “If you can pull it off in the Indian market, you can pull it off at any part of the world” !
The demo of our solution was given to the good folks at WeWork, Singapore and 80RR Fintech Hub. Event organizers love our solution for event engagement: we make events intelligent. To get a demo of our solution, write to us at firstname.lastname@example.org
We will be posting about how Bitcoin ATMs work, along with the video, in our next blog post. This is a very interesting thing which actually lets you convert from any currency to other in the world, without going through banks. Make sure you stay tuned for the next post.
— Shibangsh Chowdhury