Slingshot your way to startup success with a Singapore advantage
That Singapore is an attractive destination for young startups looking to expand beyond their native domiciles is old news. What’s not so old, however, is an accolade recently bestowed upon the island nation by US-based think-tank Startup Genome: Sunny Singapore has now overtaken Silicon Valley to become number one in the world for startup talent. With the Singapore government perennially rolling out new initiatives to attract startups, the list of reasons to establish a base here is growing at an exponential rate.
Laying out the red carpet for international startups
The Singapore government is well-known for its financial generosity toward startups, but a recent announcement made just over a month ago has taken this generosity to unprecedented levels. The existing EntrePass scheme, which enables foreign entrepreneurs to start and operate new businesses in Singapore, will soon have an initial validity of two years instead of the previous one year. A requirement for EntrePass applicants to have a paid-up capital of at least USD35,800 in their startups will also be waived.
Startups specialising in deep-tech (AI, VR and the like) have even more to look forward to. The government is now prepared to shell out up to USD2.86 million in co-investment funding support for such firms. More initiatives are likely to be launched in the near future as the number of schemes under the ‘Startup SG’ umbrella increases.
So how can your startup benefit?
A potential expansion into Singapore as a legal and operating base is an exciting move for any startup in the region. That said, there will be certain challenges that come with venturing into new territory. Fortunately, corporate consultancy firm In.Corp Group is here to help.
Coming June 20, In.Corp will be holding an information session for startups in Indonesia and the region in conjunction with the Singapore government-affiliated Action Community for Entrepreneurship (ACE). They’ll be covering topics ranging from the benefits of expanding into Singapore to the nitty gritty details of the expansion itself.
The event is free to attend, and you can begin signing up below, or at this link! As this will be an invite-only event, successful applicants will be notified via email by 16 June 2017. We hope to see you there!
Panel Topic: What should be the Singapore approach for Indonesian companies?
Some of the questions that will be explored with the panel are:
- Does it make sense to launch my product in Singapore?
- What are the legal requirements to bring my business to Singapore? What’s the procedure?
- How do I approach the Singaporean consumer or enterprise client?
- As a startup from Indonesia or elsewhere in the region, what are the pros and cons of setting up a legal base in Singapore
- What’s the procedure and what are the common mistakes?
- Atin Bhutani, CEO, In.Corp Global
- Ramesh Shahdadpuri, Executive Director, Action Community for Entrepreneurship (ACE)
- J.P. Ellis, Founder & Group CEO, C88 Financial Technologies
- Benjamin Twoon, Co-Founder & COO, Fundnel Ltd.
Date: 20 June 2017, Tuesday
Time: 6:30pm – 9:30pm (Registration will start from 5.00pm onwards)
Venue: JW Luwansa Hotel Jakarta – Rapha Room 1 & 2
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