Since the World Bank Group ranked Singapore as the world’s top location for ease of doing business, “Asia’s Silicon Valley” has been busy cementing its position as a prominent hub for business. Furthermore, Singapore’s corporate tax policies are pro-market, and the benefits extend to companies owned by foreigners. Interestingly, foreign-owned companies also benefit from open ownership rules and minimal controls on currency movement, as the government allows foreigners to own 100% of the stock of a company incorporated in Singapore, without the need to have local partners or shareholders. This enables startups to adopt the capital structure that is suitable for them rather than is forced into something the government desires. The factors discussed above allow startups to function freely with easy access to funds without onerous laws without any restrictions on capital movement into or out of Singapore.
Finally, Singapore has been described as the second freest economy in the world, making it a great place for startups to operate. One can set up a business in any sector as trade is not limited, and the currency is stable, allowing for capital to flow easily in and out of the country. To help organizations and business leaders select the startup organizations, StartupCity’s editorial board has assessed and shortlisted the lynchpin amongst startups in Singapore. These companies offer robust products coupled with innovative strategies that are distinctively prominent in the field. We present to you “Top 10 Startups in Singapore 2020.”