Setting up a company in Singapore has many advantages – one of which is having government support through various types of grants for higher chances of business success. From productivity, digital transformation & business expansion grants to Covid-19 specific grants, there’s a wide range of grants for Small and Medium Enterprises (SMEs) in Singapore to leverage on.
Doing Business in Singapore
There are many reasons why entrepreneurs are choosing Singapore as their destination for doing business. Some of the reasons include:
- Availability of grants – accelerate business growth
- 100% company ownership – full control over your company
- Ease of setting up a company – only takes 1 day to register and incorporate a business
- Talent hub – open immigration policy to attract global talents
- Strategic location – gateway to Southeast Asia and Australia
- Tax friendly – corporate tax rate in Singapore is capped at 17%
Bringing these reasons and more together, Singapore currently ranks 2nd in the world when it comes to ease of doing business and 4th in ease of starting a business.
What Are the Government Grants for SMEs & Start-Ups?
SMEs in Singapore are companies who fulfil the following main criteria:
While these are the main criteria, it is advisable to check on the specific grant that you are interested in applying for to understand the full benefits and criteria.
Some of the business grants in Singapore are:
Starting A Business in Singapore
The Singapore government has been a great support system for SMEs, especially in times of uncertainty and market downturn. These initiatives and grants certainly ease the financial burden and help to speed up the growth of these businesses, with the idea of creating an ecosystem of competitive businesses to channel economic growth in the long run.
Whether you are a foreigner or local looking to start a business in Singapore, Singapore is a great place to set up your company.
FAQs
Yes, you can start and operate a business in Singapore as a foreigner as long as you meet all the requirements.
The 3 steps involved in the registration of the Singapore Company are as follows:
- Choosing your business name
- Present all the documents and meet the requirements for the company registration
- Open a bank account for your company
The fastest way to start your business in Singapore is to get help from the service provider. If you want to quick and sure way, then work with the service provider to help you comply with the ACRA requirements is definitely a right move.
The process of starting a business in Singapore is fast and straightforward. It only takes a maximum of 3 working days to start your business in Singapore, regardless you are local or foreigner.
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