After the 2017 Budget was presented in a general manner, government officials have started explaining in detail some of the measures meant to assist Singapore companies in developing. One of these measures refers to a stronger partnership between the government and industry representatives who are encouraged to adopt innovation. Our company formation experts in Singapore can assist foreign investors interested in opening companies in various industries in the Republic.
The Industry Transformation Maps (ITMs) Program was launched in last year’s budget, but they worked quite OK which is why the new budget provides for the scheme to be retaken. The ITMs were given a 4.5 billion SGD fund with the purpose of gathering various industry stakeholders, among which trade associations and unions which would cooperate with the government with a focus on transforming each industry with the aim of creating a strong economy.
Until now there are six ITMs which are seeing the first improvements, one of them being the manufacturing industry. Foreign enterprisers seeking to open a company in Singapore in the manufacturing sector will benefit from numerous incentives. Our Singapore company formation agents can explain what those incentives consist in.
The government will assist Singapore companies interested in acquiring digital capabilities and seeking to introduce innovation in their daily activities. One of the best examples is new the venture capital legislation which provides for simplified procedures related to becoming a venture capital manager. The new measure will ease the access to startups seeking finance for their innovative projects.
The Land Transport Authority will also enable specific zones for automotive companies which can test self-driving vehicles.
The Health Sciences Authority will also enable a new scheme dedicated to the evaluation of innovative medical devices. The government will also support the construction industry through the Public Sector Construction Productivity Fund which will be granted funding worth 150 million SGD.
Foreign entrepreneurs who want to open companies in any of the industries above are invited to contact our company formation consultants in Singapore for assistance with the company registration procedure.