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Singapore is set to emerge as Asias entrepreneurial hub owing to its vibrant enterprise eco-system
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A leading Singapore business information portal, www.SingaporeStartup.com predicts that Singapore will emerge as Asia’s entrepreneurial hub in the near future. Analysis by SingaporeStartup.com shows that a number of economic indicators are pointing towards Singapore’s strong position to emerge as a key entrepreneurial hub in the region.
Singapore took the 15th spot in the recently released Global Entrepreneurship and Development Index (GEDI), which ranked 71 of the most important countries globally. Singapore is well ahead of its closest counterparts in the region with South Korea at the 20th spot and Hong Kong at 23rd. Interestingly, Singapore surpassed some of the most technologically advanced countries such as Germany, France and Italy that rank 16, 18 and 27 respectively. GEDI focused on the level of innovation and the growth the enterprises generated while evaluating the level of entrepreneurship in the countries it reviewed. Singapore scored particularly well in areas such as entrepreneurial aspirations, entrepreneurial activity, and entrepreneurial ambitions in taking businesses global, growing businesses, new technology adaptation, and new product introduction.
According to SingaporeStartup.com, Singapore offers the best enterprise ecosystem for budding entrepreneurs to start their businesses and grow globally. The government has introduced timely measures such as cutting red-tape, easing the Singapore limited liability company formation process, lowering corporate taxes in Singapore, improving access to financing, building a strong intellectual property regime, providing excellent infrastructure, and encouraging more research, innovation and enterprise activities.
It is easy to setup a company in Singapore and a well prepared team can almost immediately commence business. The infrastructure, Internet penetration and tele-density are so pervasive in the local market, that many technological innovations launched in Singapore find an immediate market. Various financing schemes such as the Business Angel Funds, the SPRING Start-up Enterprise Development Scheme (SPRING Seeds), Technology Enterprise Commercialisation Scheme (TECS) and the Young Entrepreneurs Scheme for Start-ups (YES! Start-ups) also encourage budding entrepreneurs to kick start their business ventures. Entrepreneurs shape a country's economic future and Singapore’s educational institutions are working towards cultivating an entrepreneurial culture among the young. Singapore’s three major universities strengthened their innovation eco-system on campus by setting up entrepreneurship education programmes.
SingaporeStartup.com’s analysis of recent Singapore company registration statistics also points towards the country’s potential to grow into an entrepreneurial hub. The shareholding structure of companies incorporated during January-February 2011 reveals that 66% of the newly formed companies had 100% local shareholding. This is strong evidence to show that local entrepreneurship is on the rise in Singapore.
Commenting on Singapore’s pro-entrepreneurial climate, Mr. Darren Leow, senior editorial team member at SingaporeStartup.com said, “The economic prosperity of a nation is inextricably linked to knowledge-based activity. This is the one of the main reasons why Singapore actively promotes the development of innovative and technology driven companies and entrepreneurs. Buoyed by the pro-business environment and the immense market potential, many entrepreneurs with strong business instincts find Singapore an ideal launch pad to kick start their business operations and make forays into the region.”
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