Singapore is already the playground of Asia – a preferred destination of foreign investors and entrepreneurs to work, live and play. Now the government here has decided to develop Singapore into the world’s first truly “Smart Nation”.
The Infocomm Development Authority of Singapore (IDA), which is the government’s premier agency for technical/technological sector “is seeking to build an innovation driven economy where technology startups play a core role in injecting the necessary innovation and vibrancy into the tech ecosystem”.
That’s why the focus in the city-state has turned to home-grown tech start-ups, which are able to scale globally and generate valuable knowledge-based jobs.
Incorporating in Singapore is now easy. So if you’re a tech genius looking to be the next Facebook or Google from Singapore, what should be your considerations, what the processes you need to go through, and what are salient points you should always keep in mind?
Below, we present a comprehensive to-do-guide on incorporating a tech start-up in Singapore.
Why start another tech company in Singapore?
There are several factors to consider before making that call.
First is to determine if there’s a demand potential in the core technology, which you plan to develop, across markets and product opportunities. Then, identify the competition or other companies offering similar solutions. In the era of mergers and acquisition, considering the likelihood of existing companies licensing the technology is also important.
Also, look for available avenues for raising funds and grow the business. If likely investors are identified, gauge the level of their commitment and involvement.
Finally, experience, expertise, and enterprise nature of the start-up’s executive team is the core determining factor in success of a tech start-up.
Read more on how to register a tech startup business at Singapore Company Incorporation.
