Singapore
Singapore
As many of the world’s western economies decline, businesses continue to fuel their investments in growing Asian economies. Singapore, ranked second in the Global Competitiveness Report 2012-2013 based on 12 pillars of competitiveness (including market efficiency, financial market development, business sophistication, and innovation), is recognised to be one of the best places in the world for business.
With the Singapore government’s support being manifested clearly in various initiatives and joint ventures; local entrepreneurship is on a steady rise. In the recent Young Entrepreneur Awards, the 20% surge in submissions is quite notable, proof that more and more young people are inspired to take the leap.
At Canon Think Big, we believe in empowering future entrepreneurs. We have compiled a list of government initiatives that were created to encourage entrepreneurship and help facilitate entry into the business world. For easier understanding, we have outlined them into the different business stages.
Once you’ve decided on the type of business that you want to get into, it is crucial to know the ins and outs of the industry that you are trying to penetrate. As the saying goes, knowledge is power, and the key to proper planning is to be guided by proper knowledge.
SPRING SINGAPORE
Under the Ministry of Trade and Industry, SPRING is responsible for helping grow Singapore enterprises and building trust in Singapore products and services. Through partners, such as Chambers of Commerce and Trade & Industry Associations, SPRING can advice you about financing, capability management, technology and innovation and access to markets.
Learn more about SPRING here »
National Library BoardNational Library Board (NLB)
Apart from accessing library resources by doing the research yourself, you can also get customized reports and analyses pertaining to market trends, statistics, sector profiles and more. The NLB can even deliver reports directly to you.
IE SINGAPORE – STATLINK
International Enterprise (IE) Singapore is the official source for Singapore trade statistics. Published annually, cumulatively, quarterly or monthly, trade statistics cover volume and value of imports, exports, domestic exports and more. Obtaining reports online is easy via STATLINK. You can also request for reports specific to your needs.
Learn more about IE Singapore here »
After thorough research and consultation, it’s time to put your business plan into action. One of the things you must do is to register your business and obtain proper documentation.
Accounting and Corporate Regulatory Authority (ACRA)
ACRA is the national regulator of business entities in Singapore. ACRA provides information on the different types of entities, plus requirements for registration, maintenance and closing of these entities. To start a business in Singapore, you must register at Bizfile, ACRA’s one-stop business portal.
Online Business Licensing Service (OBLS)
Whether you’re entering the F&B, entertainment, manufacturing, wholesale or retail business, you will need the licence to start operations. The government has made it easier for you to obtain them at a single online portal. Through the OBLS, you can submit one or multiple licence applications to the relevant government agencies.
Learn more about Online Business Licensing Service here »
Financing is also a challenge for any start-up. While you may have the passion, you must also have the money to fuel your passion. The government, along with selected members of the private sector, can help you with funding. The following are a few examples:
SPRING Start-up Enterprise Development Scheme (SPRING SEEDS)
SPRING helps you raise funds for your start-up by co-investing with third party investors, matching dollar-for-dollar up to $1 million.
Learn more about SPRING SEEDS here »
Micro Loan Programme (MLP)
A joint programme between SPRING and Singapore banks to grant loans of up to $100,000 to local enterprises with 10 or less employees.
Action Community for Entrepreneurs (ACE) Start-up Grants
For first-time entrepreneurs, you can get up to $50,000 in co-matching funds if your business is selected.
Loan Insurance Scheme (LIS)
Secure your loan by getting insured against default, part of this insurance will be subsidised by the government.
In the last 2 years, domestically driven sectors helped keep the Singapore GDP grow steadily. The government fully recognises these contributions and continues to develop programmes that benefit local businesses. From funding that helps enhance productivity and encourage growth, to tax exemptions for training, research, and innovations, government support extends beyond the start-up process.
The journey to your own business success can be quite a challenge. But with a government that is ready to give you full support, the goal may be less daunting than you perceive it to be.