Singapore's Plan to Support Tech Startups

Singapore is one of the countries supporting the most startup companies in the high-tech sector, however the government does not want to assist these types of companies only through grants and incentives, but it is currently seeking for new way to help them. One of these ways implies doing business with them. Foreign investors interested in starting a business in the city-state can rely on our company formation services in Singapore.

Singapore plans to become a high-tech hub in the region

The “Smart Nation” initiative has proven to be quite successful until now, however it was based on the financial assistance Singapore startups received from the government. Now, the authorities want to switch the way these companies are supported and start doing business with them which hopefully will help to create a digital economy.

Small and medium-sized enterprises in the private sector (SMEs) are the government’s priority and the central authorities will assist them buying their services. If at this point Singapore relies on the trading relations it has all over the world, the time to restructure this trade-oriented economy into a digital one.

If you want to open a startup in the high-tech sector, our Singapore company formation specialists can guide you through the business registration procedure.

How will Singapore turn its economy into a digital one?

First of all, the government wants to transform Singapore into an innovation center which will imply pushing the available funds towards research and development. Then, investments in training programs which will help with the reskilling of the local workforce will be necessary. The last step will be transforming the current payment system which now relies on cash transactions into a cashless one.

Up to this point, Singapore has allocated 14 billion USD for research and development through a program initiated last year. The government want to create open data platforms which will be of help for private companies in Singapore in search of creating new services and products.

If you are interested in investing in Singapore and need information on the most productive industries, do not hesitate to contact us. You can also rely on our Singapore company formation agents for assistance in starting a business.