The biotechnology industry is starting to become more appealing to large foreign companies which are seeking for innovative countries to move their businesses to. Singapore is currently one of the most developed economies as well as one of the most innovative countries in the world in terms of research and development which are of great importance for this ever expanding sector. The most representative indexes show Singapore as one of the best countries to open a biotechnology company in.
Our Singapore company formation agents can assist foreign investors who want to open a business in the biotech sector.
The number of Singapore companies relying on innovative techniques has grown constantly during the last years which has helped many pharmaceutical companies which use biotechnology in all their process. The same innovation sector has transformed Singapore into a biotechnology cluster which plays an important role among Asian countries which are trying to keep up with the developments of this industry.
Singapore is now home to many biomedical and sciences institutes which are very important for the development of the biotechnology industry. These institutes consist in genomics, clinical sciences, medical biology, molecular biology and even bioengineering and thus granting all the facilities required by foreign investors interested in various areas of the biotech sector in Singapore. It suffices to say that there are more than 50 companies operating in all the biotechnology clusters in Singapore, at the moment.
The Singapore Government has prepared development programs for all major industries in the city-state, with a focus on those with great potential among foreign investors. One of these industries is biotechnology which now benefits from several incentives under the forms of grants or other fiscal advantages. Biotech start-up companies in Singapore can receive a corporate tax exemptions for their first year of existence. Biotechnology companies in Singapore also benefit from dedicated venture capital and crowdfunding platforms. The Government has invested around 16 billion SGD between 2011 and 2015 for the development of the biotechnology industry which has helped Singapore become one of the most sought destinations by large companies in this industry.
For information on the investment opportunities in the biotechnology industry, do not hesitate to contact our company registration specialists in Singapore.