It seems that there is an increasing presence of startups in Singapore which have the attracted business owners from all over the world, especially India. This may seem like an outflux of talent but if we look closer it may not be that case.
As an entrepreneur, it will definitely be beneficial for them to explore regional markets as the environments differ greatly to the country. The exposure will also give them the confidence that the business stays resilient, even to foreign and unknown environments.
Given the multicultural society that exists in Singapore, one can’t help but get attracted to come over here as it is much closer geographically to India as compared to Silicon Valley. It also gives a closer touch as the local culture is heavily based on Asian backgrounds. In addition, with the vibrant international culture that Singapore possess, it is no wonder that a startup that can survive in Singapore is very much likely to survive internationally.
More importantly, there is a wide range of support that are provided locally given that you put in the correct approach. The local government is promoting entrepreneurship and various forms of funding are available should they team up with a native Singaporean in the venture.
Another factor taken into consideration is how easy a business can be set up in Singapore as there is near zero presence of corruption in the country and taxes are exempted for the first SGD$100,000 ($79,580 USD) of annual profit. There is also strict framework of intellectual property laws that can ensure that original ideas are safe to develop.
With all these in mind, it’s no wonder that there’s so many Indian-based startups whom made their way to Singapore. Examples are Flipkart and Milaap in the e-commerce and social crowdfunding arena, as well as Honey Mittal’s SportMeNow, a locator app that lets you know which bars airs the favorite sport of your choice, regardless if it’s soccer or even golf.
So if you’re thinking of a new environment for your startup, consider Singapore!