The healthcare industry in Singapore
The Singapore healthcare industry has started its development at the beginning of the years 2000 when the Government started to pay greater attention to the biomedical technologies with a focus on human healthcare. Ever since, this industry has known important growth, now becoming one of the industries supporting Singapore’s Gross Domestic Product. Nowadays, Singapore’s healthcare industry is made up of public and private biomedical and pharmaceutical companies. Medical technologies are also an important part of the healthcare industry in the city-state.
If you want to start a company in Singapore in the healthcare industry in the Lion City, you can refer to our specialists in company formation matters.
Why open a company in Singapore in the healthcare sector?
According to governmental reports, even if well developed, the healthcare sector in Singapore still has a lot of room left for improvement. Already known as a reputable medical center, Singapore has started to develop a new branch of the healthcare industry: medical tourism. During the last few years more and more foreign citizens have started to seek out Singapore for its excellent healthcare facilities. The great demand has transformed the city-state into one of the largest health and medical tourism markets in Asia. Singapore also has the 4th best healthcare infrastructure in the world according to several reports.
Singapore also offers a great business environment for the healthcare industry and a talented workforce in order to complete the picture. The city-state is also keen on addressing the innovative side of this sector which is why the Government has launched different schemes to help private biomedical and pharmaceutical companies and other healthcare providers. Our consultants in company formation can help you open a company in Singapore in the healthcare sector.
Governmental aid for the Singapore healthcare industry
Businessmen interested in company formation in Singapore in this industry, should know that during the last years, the Government has had a very active participation in the development of the Singapore healthcare sector. Among the most successful programs it launched are:
- – the development and expansion incentive under which healthcare companies can benefit from corporate tax deductions,
- – the investment allowance incentive,
- – the Approved Foreign Loan Scheme which addresses international investors in the healthcare sector,
- – the Research and Development Assistance Scheme,
- – the Research Incentive Scheme for Companies.
For complete information about all incentives available in the healthcare industry, do not hesitate to contact ourexperts in opening companies in Singapore.
Setting up a company in Singapore is not difficult, as the process can be completed in just a few days, approximately one week. The requirements vary for each type of company, however, they are not hard to comply with. If you want to launch a business in the city-state, contact us! Our agents will help you at once!