Starting and running a business in this modern world has many advantages, but of course, there are also plenty of obstacles in the way, which is why doing some thorough research, creating a detailed plan, and a proper organization is a must. Above all that, it's good to know more about the industry you want to join, as some have a much brighter future than others.
One of those industries is the tech industry, which is why launching a tech startup is so popular these days. Understandably, doing so also comes with many challenges, one of them being the location. Namely, depending on what you actually want, there are countries and areas more suitable and tech-friendly.
Yes, as you probably guessed, taxes can play a huge role here, but taxes represent only one piece of this complicated puzzle. Now, you may wonder about what to look for when choosing a location for your tech startup, as doing so can speed up the whole process.
There are many countries that support this industry, but they usually have some strict laws or/and high taxes. On the other hand, there are few countries that really are a paradise for tech startups, and yes, one of them is unquestionably Singapore. Don't believe us? Well, just keep reading.
Taxes (Singapore Has No Tax On Capital Profits)
Money really makes the world go round, and what everyone running some business wants is to cut all unnecessary expenses. Now, why pay for something just because of the location, especially when you can always relocate your business? Well, there isn't a reason for that. In most cases, due to high charges, people choose to move their company overseas. Now, what makes Singapore such a great place for tech startups is the tax laws, and if you heard about this just now, you haven't done proper research. Luckily, this country is one of the most tech business-friendly in the world, which makes it an ideal place to launch your new project right here.
Namely, in the first three years, tech startups get tax breaks, reducing their tax payment to a minimum. Furthermore, there is also no tax on capital profits, and perhaps the most crucial factor is that there is no double taxation as it has signed a contract (DTA) with more than fifty countries. Even for those with whom they don't have an official agreement, Singapore provides other credits, which makes it a true tax paradise no matter where you are from.
Great Job Opportunities
This is one of the best countries to live in if you are looking for a job because it offers great opportunities. Technology is expanding all the time, which only makes more workplaces for people who are willing to work.
Tech-oriented workers can find their paradise here because their salary is one of the highest in the world, and launching your startup here can be one of the best decisions you can make. It may look like it is not a good idea to open a tech startup company somewhere where the salaries are that high, but things are different.
Bigger salaries mean more experienced and well-trained workers that can make the company a real success, and launching in this country is really a good decision. The cost of developing software also varies by country. The United States and Australia would be on the higher end with India on the lower. Singapore is somewhere in the middle. According to the The Best Singapore it can cost around $30,000 - $300,000 to develop an app here.
Fully Protected Intellectual Property in Singapore
First of all, we need to explain what intellectual property is and why it is important for a tech startup company if we want to better understand why Singapore is literally a dream country. Intellectual property or IP is everything crucial for our company and our brand.
It can be our logo, name, designs, and inventions that are still patented, but the main thing is that all of it needs to be fully protected and safe. When it comes to this country, it is one of the top 10 countries in the world with the best protection and enforcement of these important laws. The government supports the protection in the best possible way by using the very modern legal framework.
Because of all that, it is one of the most secure countries for the protection of intellectual property rights, and many strong foreign companies use it as their base, which means that it cannot be bad for your new tech startup company.
Amazing Quality of Life
It may look like the least important thing for some people when they are choosing the country to open their tech startup, but for many people, the quality of life in that country is something that they pay attention to.
Starting a new company may mean that we need to change our address, and if we need to move to a foreign country, we need to be sure that our quality of life will be good enough that we won't regret it. Luckily, Singapore is a country with great standards and high quality of life, so moving there will not be a wrong decision.
It is safe, and there is no need to be afraid to buy a home and start a new life there since the crime rate is low. Besides that, it is home to many different cultures, so there is no need to worry that you will not fit in. Singapore really is the new world hub.
Sources:
https://www.corporateservices.com/singapore/why-singapore/ https://www.entrepreneur.com/article/319278 https://www.singaporecompanyincorporation.sg/blog/5-reasons-to-start-a-business-in-singapore/