Although the state of economy worldwide does not seem to be encouraging of late, Asian countries seem to be spared the brunt of sluggish markets. One of the mainstays of Asia would be the fact that almost 50% of the world’s populations reside in this part of the globe. Additionally, there are many emerging markets that help boost Asia’s economic status in the eyes of global super powers in the United States of America as well as in Europe. Singapore happens to be one of the growing and emerging economies which continue to attract many investors in various industries. One of the growing markets would be the medical field. Therefore, it comes as little surprise that starting a medical devices company in Singapore looks to be a lucrative enterprise.
The Singapore government is also quick to capitalise on this interest. There are many incentives which are put in place to assist investors and businesses looking to set up a company in Singapore selling medical devices or equipment. Some of the best grants are for start-ups. For example, Spring Singapore has numerous grants in the field of development for companies which are just starting up. Then you also have the Singapore Economic Development Board which is a good avenue for those who want to branch into research and development or who are keen to apply for equity funding. All these ensure that Singapore remains attractive to potential investors. It is also a plus point that Singapore’s location is centralised within Asia itself; and also the fact that its technology is good enough for the development of the medical field.
Of course, there are many benefits of operating a medical devices company out of Singapore itself. Healthcare in itself is a growing market and as people worldwide start to look more seriously at their own state of health, it will continue to boom in the coming years. Current companies with headquarters outside of Asia will find it difficult to compete with local companies simply because the culture and customs are so different and diverse. You would ideally need to at least have a local presence in order to succeed in Asia. Singapore – with its readymade workforce and already strong economy – remains the mainstay and top choice for anyone who wants to have a steady hold on Asia’s markets. This is the reason why firms like Spine Vision (French based company) have set up or are in the process of setting up subsidiaries in Singapore.
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Be a Part of This Growing Industry
When all is said and done, everyone would want to have a piece of the pie. While established firms are able to put a foothold in the health care industry in Singapore, other, smaller start ups might find themselves in the sidelines simply because they do not have the expertise to compete with the big guns. Nevertheless, with the incentives provided by the Singapore government, it is a shame not to capitalise on such a good opportunity. Although starting a new company in Singapore might come with its own set of troubles, the business minded should not view this as an obstacle. Instead, registration of business in Singapore can be easy if you know where to look for help.
Certified public accounting firms such as Paul Hype Page & Co have the expertise and knowledge to assist any start ups who are interested in venturing into the medical devices segment in Singapore. Do not fall into the trap of being penalised simply because you are not aware of the rules, regulations and procedures which are involved in setting up a company. CPA firms are your key to making sure your first step into Singapore goes off to a smooth and profitable start.