Singapore is one of the most promising countries for young entrepreneurs, as the government supports them through all types of programs. The authorities in different fields have a good collaboration with the government and thus provide the easiest and quickest ways for company formation in Singapore.
Below, our company formation agents have prepared a guide on the most successful programs for entrepreneurship in Singapore.
Overview of the Singapore programs for enterprisers
Among the most important programs for entrepreneurs one can access in Singapore are:
- – The Startup SG program which was enabled by the Standards, Productivity and Innovation Board Spring (SPRING) and which has several branches;
- – The Action Community for Entrepreneurship, simply known as ACE, which is an incubator for startup companies;
- – Angel Investors Schemes – there are several programs set up by various private companies in collaboration with the government;
- – The Productivity and Innovation Credit, or the PIC Scheme, which was developed by the Inland Revenue Authority (IRA).
The Startup SG program – presented by our experts in company formation in Singapore
Foreign investors who want to open companies in Singapore can apply for the Startup SG program which has gathered several older programs for entrepreneurs under one umbrella. The renewed Startup SG program now comprises:
- – the Startup SG Equity through which private investors will be matched by the government for the investments they make in startup companies;
- – the Startup SG Tech which was developed for startups with significant innovative projects;
- – the Startup SG Founder which targets new enterprises operating in innovative fields.
Our Singapore company formation advisors can offer more information on how to start an innovative business in the city-state.
Singapore’s angel investors schemes for entrepreneurs
Singapore is known for the advantages it offers to angel investors through the Angel Tax Deduction Scheme. Angel investors can benefit from substantial tax incentives if they enroll into one of the programs meant to assist entrepreneurs in Singapore:
- – the Business Angel Network South East Asia;
- – the Singapore Angel Network;
- – the Business Angel Scheme.
The Singapore PIC Scheme
The Productivity and Innovation Credit targets companies investing in innovation with the purpose of improving their productivity. Under this scheme, Singapore companies benefit from tax deductions offered by the IRA if they invest in equipment purchases, employee training, and intellectual property licensing among others.
If you want to open a company in Singapore and apply for one of these programs, please feel free to contact us.