After the Committees on the Future Economy (CFE) stressed the importance of small and medium-sized enterprises (SMEs) to reach markets outside Singapore, the government pledged to support their expansion by enabling a new fund. Through it, Singapore companies will have access to new financing methods. Our Singapore company formation specialists can assist foreign entrepreneurs who want to start a business in the Republic.
The CFE was created in order to propose new strategies which would oversee Singapore’s economic development on a longer period of time. Even it seems hard to foresee economic growth for the following 10 years, the CFE proposed for Singapore companies in their early stages of life to be supported through additional funding measures which would help them access loans for expanding their activities outside the city-state. The base of this proposal is that there are already many companies which have established presences on foreign markets with the help of International Enterprise (IE) Singapore, the governmental agency supporting SMEs. According to statistics, in 2016 IE Singapore assisted more than 37,000 companies to reach markets outside Singapore, 9% more than the precedent year.
If you are interested in opening a company in Singapore, our company registration agents can offer detailed information on the procedure.
Based on the numbers above, the government has set up a plan through which companies would benefit from a “smart financing ecosystem”. The first step towards the completion of this plan, the central authorities will create a 600 million SGD fund called the International Partnership Fund through which Singapore companies will access capital for scaling up their businesses and reaching foreign markets. IE Singapore’s Internationalization Finance Scheme will also be improved for the same purpose of helping SMEs in their internationalization processes.
The aim of the new fund is to assist private companies seeking to enter new markets, but it is also meant for those interested in company registration in Singapore to have a perspective on the financing solutions available for the future.
If you need information on the company formation process in Singapore, please contact us. Our Singapore company formation consultants can also help you register the company with ACRA.