If you’re thinking about launching your tech startup, location is key. Setting roots in the right area will do wonders for your business. You’ll have access to the connections and talented workforce you need to find success.
When brainstorming startup hotspots, Silicon Valley is probably the first that comes to mind. This area in California is home to some of the world’s top technological innovators. You might also consider other hotspots such as London, Paris, Munich, and even Tel Aviv.
But what about Singapore? This country is one of the best places for startups to prosper. Read on to learn why Singapore might be the perfect spot for your new business.
It’s true that you can own a business abroad. However, if you’re launching a startup, you probably want to live where your headquarters are. The proximity won’t just help you better manage your new business; it will also give you a chance to experience a new culture.
Luckily, Singapore is a great place to live. You can easily fill out a PR application for Singapore with Dream Immigration SG. Once you move, you’ll enjoy a high standard of living. Residents have access to a wide variety of housing options that meet different budgets. You will also appreciate the efficient healthcare system, booming economy, and low crime rate. And, when you’re not busy managing your business, you can enjoy the local cuisine and attractions such as Marina Bay and Tanjong Beach.
2. It’s a Tax Haven
When you start a business, taxes can make or break your success as they can drain much of your profits if you aren’t careful. Luckily, Singapore is a tax haven.
The country’s corporate income tax caps at 17%. This rate is already pretty impressive, especially when you compare it to that of other countries. However, you can get this rate to 0%.
That’s right — the government exempts startups from taxes up to $125,000 on the first $200,000 of income. Companies can qualify for this exemption during their first three consecutive years of business (as long as they meet all the requirements). Even after three years, you can qualify for other exemptions thanks to policies set by the Inland Revenue Authority of Singapore.
3. It’s Home to a Talented Workforce
Singapore is home to a very talented workforce. Its universities provide top-tier education to locals, ensuring that there are many qualified workers. As a result, the country is the perfect place to build your skilled team.
As a bonus, locals aren’t the only qualified workers in Singapore. Many talented foreigners come to the country looking for opportunities with startups. The government provides incentives such as work visas to ensure the workforce remains competitive.
4. It’s Ideal for Networking
When you launch your company in Singapore, you’ll find that you’re not the only startup in town. The area is home to countless entrepreneurs looking to make it big. This scene fosters the ideal environment for networking. Whether they’re with suppliers or mentors, you’ll be able to create connections that will ensure your success. You may even be able to find investors willing to back your venture.
5. Its Most Common Language Is English
If you’re worried about not being able to communicate with others, don’t be. English is the main language in work environments, meaning you’ll be able to connect with employees and investors.
As this guide demonstrates, location is one of the most important factors when it comes to launching your startup. By building your business in Singapore, you will be setting yourself up for success.