Singapore is a modern, high-tech and business-geared society that offers incredible motivations for entrepreneurship. Singapore can be called a business nation. The contribution this country has done to the world’s economic growth is tremendous. The survey states that Singapore is the world’s easiest place to do business. That’s why it is called: THE WORLDS HOT PLACE TO DO BUSINESS
The support from the govt. of the country is unexplainable. They are always very welcoming to the new ventures and are one of the politically stable countries. They support business in all stages of development especially during the crisis management. Everything the country work is for the tremendous business results.
Factors that turn Singapore into an Asian magnet to attract most perspective entrepreneurial ideas:
- · Singapore is praised for the world’s second best insolvency solutions
- · Influential venture profile
- · Network enthusiasm
- · One of the most relaxed tax system
- · Easy outlines of setting up a business
- · Open-armed attitude to immigrants
- · Educated manpower and
- · Tension-free multinational atmosphere
The most striking fact about Singapore is that you can set up a company there in two working days. It may sound unbelievable if compared with the practice of Western countries. It’s a place with just smart and easy regulations. The location also plays a wining/important part for the entrepreneurs. There are more than 50 flights running daily which helps international trading and access a huge Asian market of almost 3 billion people. They are one of the busiest high end sea ports which link over 600 ports all over the world which makes the import and export easy within the country.
World Economic Forum and the Institute for Management Development acclaim Singapore has worlds most skilled, educated and motivated labor force. Brains and hands are keys to success of any business and Singapore takes the lead by setting high educational and work standards. The Singaporeans are known as hard working, well-grounded in high-end technologies and increasingly English-speaking.
According to survey conducted by Forbes: over five decades Singapore is the world’s seventh largest GDP per capita and more than one in six households have $1 million in cash savings. The government has initiated a number of projects which could help Entrepreneurs to bring out the best in them. Enterprise development is on the top of the government’s program. Some of the schemes are mentioned here:
- · Government-aided equity financing schemes
o Spring SEEDS, BAS, EVFS, etc.
- · Cash grants
o ACE, Tech Start-Ups, i-Start ACE, i-SPRINT, etc.
- · Business incubator schemes
o NRF Technology Incubation Scheme, IDEAS, Fast-Tech, etc.
- · Debt financing schemes
o LIS, LEFS etc.
- · Tax incentive schemes
o DEI, PIC, etc.
Reference : Forbes - http://goo.gl/0o6buX
Hawksford - http://goo.gl/hSfJxL