Useful Tips for startups to enter Singapore

Probably, the Singapore government is the most advanced in the world in the terms of developing IT industry. Local authorities allocate “tons” of money for grants and supporting business initiatives.

This is facilitated by the almost complete absence of political struggle and elections – it allows the government to look far ahead. State purposefully selects the most talented minds by developing the scholarship program.

Before relocating

Before moving to Singapore you will need to get visa and work permit. There are different types of them but the most popular visa is an Employment Pass. Work Visa Employment Pass intended for foreign employees, managers, as well as foreign directors and shareholders of Singaporean companies planning to move to Singapore. Employment Pass intended for foreign citizens with the level of wages of 4,000 Singapore dollars per month and confirmed the level of skills and education. There are three types of Employment Pass depending on the level of wages and qualifications, positions and other additional features of the applicant. However getting EP may be difficult for those who have never done it before. Alternate way of EP may be getting EnterPass or Personalised Employment Pass.

Take part in Singapore program

In Singapore there are many different programs and government initiatives that the newcomer may get lost in all this abbreviations. To help start a business in Singapore, we present a summary of the state support programs for start-ups and small businesses with a description of their content and features.

ACE

One of their main programs – it is a grant of up to 50,000 Singapore dollars ($38,000) for business, if the person invests his own funds in the same amount.

However, participating in the grant program needs to meet certain requirements, one of them – the lack of business experience that means that the applicant must be a budding entrepreneur and have not registered on the territory of Singapore companies.

IDA

This program of the Infocomm Development Authority – is designed to help start-ups to enter guaranteed contracts with large companies, which tend to avoid cooperation with small businesses because of their potential unreliability.

In conclusion, its need to be mentioned that Singapore is so much popular for startups because of its economic environment, low taxes, high standards of life and the ease and quickness of startup process.

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