The new century is the high-tech century as technology is now used in every aspect of people’s daily lives. Asia is known as the “parent” of the high-tech industry and one of the countries contributing to its development at such a fast pace is Singapore. The Republic gathers thousands of professionals – engineers, venture capitalists, magnates of the technology sector– who together have transformed Singapore into one of the most futuristic countries and cities of the world. This is why opening a tech company in Singapore is one of the best business ventures in 2016.
Our Singapore company formation agents can offer more information on the tech industry in the city-state.
You can also watch the video below for details on how to open a tech company in Singapore:
The Singapore tech industry is present everywhere
The number of exports of high-tech products have been growing in Singapore, tech companies becoming some of the largest contributors to the economy for the past 5 years. This is the result of technology being implemented in industries like:
- – engineering;
- – aerospace;
- – telecommunications;
- – infrastructure;
- – electronics;
- – energy, with one of the newest branches: renewable energy;
- – healthcare;
- – environment;
- – logistics.
On a closer look, technology is present in every business running in Singapore. A special focus must be placed in the engineering industry where technology is employed in the marine, the precision, biotechnology and even real estate sectors of the economy. In numbers, the Singapore tech industry represents 20 to 25% of the country’s Gross Domestic Product.
If you want to open a company in Singapore in the high-tech sector, you can rely on our local agents.
Registering a tech company in Singapore
The company registration process of a tech company in Singapore consists in preparing the business’ articles of association in which the activities must be clearly mentioned. The best thing about opening a tech company in Singapore is the fact that it can undertake various activities, therefore their growth potential is unlimited.
The documentation together with the details of the shareholders, directors and secretary must be filed with the Accounting and Corporate Regulatory Authority. Foreign companies can also register tech companies in Singapore free zones with benefits related to the import and export of their products. It must be noted that companies will also need special permits for importing high-tech products into Singapore. It is also recommended to register any new high-tech product with the Intellectual Property Office in the city-state.
Our company formation specialists in Singapore can guide you through the registration process of your technology company in the city-state.
Assistance for tech companies in Singapore
A less known fact about the tech industry in Singapore is that most companies are startups which have known a rapid development within 2 or 3 years. This is because there is a lot of support for the high-tech industry. From venture capital, angel investors and private equity in the private sector to governmental assistance, Singapore tech companies thrive.
These are just a few of the government’s schemes created with the purpose of assisting technology companies in Singapore:
- – a 40 million fund put aside by the National Research Foundation;
- – the ACE Start-ups Scheme which offers 50,000 SGD to each enterpriser;
- – the Technology Enterprise Commercialization Scheme which offers 100% coverage of the costs incurred by projects of maximum 250,000 SGD;
- – the iStart ACE Scheme which offers 50% grants for the salaries of professionals hired by startups;
- – the Incubator Development Program which offers grants to business incubators developed with the purpose of assisting high-tech startups;
- – tax exemptions for technology startups;
- – a development and expansion incentive;
- – a micro-loan scheme.
We would also like to mention the Productivity and Innovation Credit (PIC) Program which is one of the most successful assistance schemes dedicated to high-tech companies in Singapore.
If you want to open a company in Singpore in the high-tech sector and need assistance, please contact our company formation consultants.