Why Singapore is a Great Place for Startups?

By StartUp City | Wednesday, January 27, 2021

A flexible launchpad has recently been built called Fintech Bay, dedicated to fintech platforms to include co-working space, acceleration initiatives, curated events, educational opportunities, and fintech innovation labs.

Fremont, CA: It is well known that different creative policies have often been set in place in Singapore, greatly assisted by many government subsidies. For almost 600 million people living in the Southeast Asian region, the ease of starting companies with a geographical advantage acts as an efficient gateway. The ecosystem of startups has tremendous global scope. Singapore hosts one of the world's largest Fintech events, drawing more than 45,000 participants from 130 countries.

Here are three reasons why Singapore is a great place for startups:

Strong Funding Climate and Rise of Incubators

top startups in singapore

In 2017, Startup SG was introduced by the Minister of State for Trade and Industry, Mr. Koh Poh Koon. Startup SG is the branding umbrella for unifying all startup support schemes in Singapore. Enterprise Singapore has recently named Startup SG Founder with several Certified Mentor Partners (AMPs) to help more startups access capital grants. They provide first time entrepreneurs with creative business ideas with mentorship and startup capital grants.

See Also: Top Tech Startups

A flexible launchpad has recently been built called Fintech Bay, dedicated to fintech platforms to include co-working space, acceleration initiatives, curated events, educational opportunities, and fintech innovation labs. Likewise, there are a multitude of incubators that encourage support and funding for startups that promote a better environment in all respects.

Local Culture and Developed Infrastructure

Complemented by a career-oriented local community, the fast-moving city's dynamism reflects openness to technologies that have given rise to strong startup culture in turn. Also, the technical infrastructure that has been built is invaluable for a startup ecosystem. The renowned 'Block 71' - a joint venture between government, education, and private industry - was launched in the country as an infrastructural help and a way to resolve the problem of high rents. It is now home to many startups, venture capital firms, and technology incubators, which together help create a strong culture of innovation and entrepreneurship.

Strong Governmental Support

Prime Minister Lee Hsien Loong has listed four technology sectors that Singapore needs to develop in recent years. Cybersecurity, the Internet of Things (IoT), computer science/artificial intelligence (AI), and potential technology for communications such as 5G mobile networks are among these. To build the country into a global R&D center, the government has slated S$19 Bn as investment capital. The Singapore government launched the Global Innovation Alliance (GIA) earlier in 2017 to allow more knowledge sharing and promote the co-creation of innovation and ideas.

This helped reinforce the ties between Singapore and major innovation hubs worldwide to find partners and find new companies in countries such as San Francisco, Bangkok, Beijing, Paris, and others. The government has also set up SGInnovate to nurture deep tech startups in the country. The government has also set aside S$500 Mn to increase investments in various technology fields as well. Even the Startup Tax Exemption Scheme encourages the proliferation of young startups who can put off paying taxes until they are larger and more developed.

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