{"id":1559,"date":"2019-05-07T13:00:28","date_gmt":"2019-05-07T20:00:28","guid":{"rendered":"https:\/\/loopnewsletter.com\/?p=1559"},"modified":"2019-05-07T13:00:28","modified_gmt":"2019-05-07T20:00:28","slug":"why-startup-in-singapore","status":"publish","type":"post","link":"https:\/\/transformborders.com\/why-startup-in-singapore\/","title":{"rendered":"Why Startup in Singapore"},"content":{"rendered":"

Singapore is easily one the best places<\/a> to start your business in Singapore; taxes that favour businesses, incentives to help you grow and the strongest, Intellectual Property (IP) regime in Asia. All of this contributed to some really stand out startups you might have heard before!<\/p>\n

Grab, a ride-hailing app, Chope, a tool that consolidates restaurant bookings in one, convenient mobile application and Honestbee, delivering hawker food and groceries to your doorstep in an hour. These are just a drop in the ocean of success that is the startup scene in Singapore.<\/p>\n

Singapore\u2019s ranking as the 3rd most globally connected startup is testament to the country\u2019s efforts to further their agendas on creating a healthy environment. But what are the reasons that surround Singapore\u2019s reputation as a great country to build a startup?<\/p>\n

Taxes<\/h4>\n
\"Man
Taxes can hold back businesses, especially startups<\/figcaption><\/figure>\n

As a startup, your first 3 years of business will be exempted from any tax on the first S$100,000 of chargeable income!* On top of that, there is an additional 50% tax exemption on the next S$200,00 of normal chargeable income.*<\/p>\n

What\u2019s more, Singapore\u2019s corporate tax is only at a paltry 17%; along with an income tax of 0% (depending on the salary) and a low Goods and Services Tax (GST) at 7% in 2019, these business-centric benefits are compelling reasons to create a startup and even grow smoothly.<\/p>\n

Grants and Fundings<\/h4>\n
\"Coins
Even cent counts when a startup is in the red<\/figcaption><\/figure>\n

All businesses need some kind of funding, be it in loans or investments. Singapore\u2019s government is very enthusiastic about the startup sector, so much so that everything that you need is consolidated under Startup SG.<\/p>\n

There are 6 different branches under Startup SG. They are:<\/p>\n