Commentary - 03 October 2016

Entrepreneurialism and the year of the monkey

Singapore’s government promotes economic vibrancy and encourages entrepreneurialism through reliable public infrastructure and business-friendly policies.

Over the years, the sizzling start-up scene has welcomed a flurry of incoming start-ups from all over the world, whilst a host of interesting home grown brands have sprung up. Today, Singapore is home to a thriving community of entrepreneurs, techies, start-ups, venture capitalists, incubators and accelerators.

According to the Doing Business 2016 Report by the World Bank, Singapore is consistently ranked as the easiest place in the world to do business. This shows Singapore’s business friendly commitment even amidst the challenging global economic conditions.

Just last year, the city leapt seven places to number 10 in US business analytics company Compass’ international report on the world’s best start-up ecosystems, beating leading financial hubs such as Paris, Toronto and Sydney. As part of its Smart Nation vision, Singapore has begun rallying industries, research institutes, government agencies, as well as the man in the street in the co-creation of forward-looking solutions to boost inventiveness and innovation.

In 2016, we have seen a significant upsurge in the number of international entrepreneurs who are looking outside of their home nations to set up their companies. Hawksford Singapore’s Q3 2016 Company Formations Report demonstrates that the number of internationally owned companies represented 44% of all business formations during the quarter. This trend, which was first reported in Q1 2016, shows that international business owners have strong confidence in Singapore, which is ranked as number 11 on the Global Entrepreneurship Index 2016, as a commercial launch pad for their ventures and investments.

The most significant character trait of someone born under the sign of the monkey is ambition, a complementary trait amongst entrepreneurs. This parallel is interesting given the obvious signs of the success of entrepreneurialism in the Asian economies this year.

We work with many clients whose ambition and foresight has been instrumental in them successfully launching new business ventures, and we are very proud to support our clients through the growth and development of their company.

For example, we have a client involved in the research and development of visual communication platforms. They started their business in Singapore in 2012 and since then it has grown and expanded so successfully they have gone on to acquire existing training companies to provide training services of their products and services.

We have also built a strong relationship with a client in the commodities, fuel and heavy machinery industries. In 2010 the client made the decision to move the business from Japan in order to take advantage of Singapore’s business friendly environment and good tax rates. They have since grown rapidly and have expanded to the logistics sector through the acquisition of an existing business in Singapore.

Earlier this year, Hawksford was a sponsor of the Indonesia StartUp Insights 2016. The event gives startups, investors, enthusiasts or individuals looking for startup partners the opportunity to gain exposure. We were delighted to be involved in such an exciting event showcasing some of the brightest entrepreneurial talent.

We work with many such successful and innovative clients who have leveraged the pro-business rules and incentives that the Singapore government avails to businesses, subject to them meeting eligibility. Besides being pro-business, Singapore offers many personal bonuses, including friendly tax rates, both corporate and private, all offered from a great location with easy travel routes.

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