Why Is Singapore Considered A Top Destination For The Tech Industry?
1. Singapore is the world’s 24th most populous country.
As of 2019, Singapore is the world’s 24th most populous country. This amounts to a population of 5,607,300 people living on land with an area of 719.9 km2 (277.6 sq mi), making its population density 7,809/km2 (20,222/sq mi). As the population grew from 3 million in the 1960s to over 5 million in the 1990s and early 2000s—the result of sustained high birth rates and immigration—the government became increasingly anxious that families might overburden the state’s resources. From 1971 to 2004, it promoted a two-child policy that required parents to pay financial penalties for having more than two children without special authorization.
2. Being a small country means that it’s easier to set up a business in Singapore compared to other countries.
- Being a small country means that it’s easier to set up a business in Singapore compared to other countries. With 5 million people, you can get around the city-state very quickly, which makes getting things done easier. Another advantage is that fewer competitors are offering similar products and services, so you have less competition in your space. It also means that it’s cheaper to live in Singapore than in other large cities like London or New York.
3. The Singaporean government is very supportive of technology in their country.
- The Singaporean government is very supportive of technology in their country. The public and private sectors collaborate to bring in the best talent to help advance the industry and create a tech-friendly environment for entrepreneurs. They even have programs set up specifically to facilitate the development of new startups. In addition, there are several tax incentives available for both new businesses and established tech companies looking to expand into the city-state.
4. Singapore is one of the easiest places in the world to do business, based on rankings by the World Bank and International Finance Corporation.
When you’re thinking about starting a business, it’s probably best to avoid places like Somalia and Venezuela on your list of potential locations. According to rankings by the World Bank and International Finance Corporation, they rank at the bottom of the list for ease of doing business.
So what does this mean for you? If you want to start a business in Somalia, it can take more than 4 days just to get an electrical connection, months more to register your property, and perhaps years before your company is finally registered.
In Singapore, by contrast, it takes less than one day to get an electrical connection — and if you have all your paperwork in order (which shouldn’t be hard considering that Singapore is also ranked #1 in terms of overall ease of registering a property), it will take less than two days total to obtain the necessary permits. Get your utilities connected within another 2-3 days and then register your company — which should take another day or so — and voila! You are now ready to do business (and hopefully make millions).
5. To make things even easier for companies, they have created five free zones – areas where businesses can thrive without paying extra tax.
To make things even easier for companies, they have created five free zones – areas where businesses can thrive without paying extra tax. These are in place to help you save money on tax and make it easier to do business. In the first quarter of this year alone, over 3,000 companies took advantage of them. That’s 2,000 more than the same period last year. And if you’re looking to start a tech company in Singapore – or move your existing one there – then these free zones could be ideal for you.
6. These are extra incentives to encourage foreign entrepreneurs to set up their businesses in Singapore, as new businesses often need to raise capital.
Singapore has often been touted as a top business destination thanks to its many incentives and supportive policies. These are not the only reasons why, of course, but they can help to attract the spark of entrepreneurship within you.
• Funding: Foreign companies typically need funding to get off the ground, and Singapore is known for offering generous loans and grants in this area.
• Tax: The government gives you tax breaks on your R&D costs, allowing you to quickly recoup them when you’re ready for profits.
• Support: If your business requires more than basic support from employers, including flexible working hours and more vacation days, then it can apply for up to six months of free office space from a government-backed entity called Science Centre Singapore (Sci-Sing). Many businesses based here also benefit from taxes on hiring people under the age of 40 since these young workers receive an additional social security allowance equal to half their salary.
7. The business environment and regulations in Singapore are extremely simple and efficient
Singapore is a dream destination for tech companies because it offers a business-friendly environment that guarantees efficiency and simplicity regarding business regulations. Most countries have long and complicated processes in place to set up businesses, which can take years before they are finalized. In Singapore, however, you can set up a company within hours if you have the right documentation. It is also easy to hire workers and get business permits. All of this means that tech companies find it easier to operate in Singapore than in other parts of the world.
8. The people in Singapore are young and highly educated, so you’ll have no trouble finding talented workers for your company.
You’ll have no trouble finding highly educated and talented workers to join your company in Singapore, as it is home to many universities. You’ll be able to find a lot of international talent here as well since many foreign students choose to study in the country’s excellent universities. In the past five years, it has been ranked among the top 3 countries for tertiary education by Quacquarelli Symonds. The city-state has invested in its education system throughout history—almost all students are enrolled in paid preschools or kindergartens that go up until they reach 6 years old, whereupon they enter public primary schools till age 12 and then secondary schools up until age 16. After that, almost all graduates from secondary school are eligible for subsidized junior colleges or polytechnics that help prepare them for the workforce.
9. Singapore is well connected with Southeast Asia, making it an ideal investment destination for those looking to expand across Asia.
Being a relatively small country, the island nation has well-connected flight routes to major cities in Southeast Asia and other countries. There are more than 5,000 flights a week from Singapore to major cities across Asia, which makes it an ideal base for anyone interested in expanding their business operations into the region.
With its strategic location and proximity to countries like Indonesia and Malaysia, Singapore is a major hub for many international companies looking to expand into the Asian market.
If you want to get your tech startup off the ground then you should look at basing it in Singapore
If you want to get your tech startup off the ground then you should look at basing it in Singapore. The country is small but has a large population, and the government is very supportive of the tech industry.
Singapore’s business environment and regulations are extremely simple and efficient, which makes it so attractive for foreign businesses. In addition, the people in Singapore are young and highly educated, making them ideal employees for new companies. Finally, Singapore is connected with Southeast Asia and serves as an entry point for other markets in Southeast Asia.