Singapore is one of the top-ranked countries in the world when it comes to ease of doing business. Business-friendly government regulations, combined with the hostile trade war between the US and China, have poised Singapore to take over the tech world and become what many are calling the “Silicon Valley of Asia.
Read on for ten things to know about this booming tech economy. If you're looking to build a tech startup or develop a new app, you may just want to bookmark https://www.dreamimmigrationsg.com/ so you can apply for your permanent Singaporean residency!
Back in 2019, the government of Singapore set aside the equivalent of close to thirty million US dollars to standalone 5G development and research to make Singapore a 5G hub. And this investment paid off! Singapore is consistently ranked as one of the world's top countries when it comes to internet speeds.
Good internet speed is crucial to doing business in any sector these days, but even more so in tech and app development. If you choose to do business in Singapore, you're not likely to be let down!
Singapore has a sector of government dedicated to scientific research and development to keep Singapore at the forefront of new technology. It's called the Research Innovation Enterprise Council and has been around since 2006. Through the RIEC, Singapore has pledged to spend at least 1% of its GDP on research and development into new tech. They even have a Government Chief Digital Technology Officer who runs the Government Technology Agency, or GovTech, which oversees this funding.
Singapore is well on its way to being a major hub for artificial intelligence. Singapore's National Research Foundation launched AI Singapore to conduct research, develop technology, adopt industry innovations, and create new opportunities to train individuals and startup companies in all that AI technology has to offer. If AI has ever piqued your interest, this is the place to be.
Studies have shown that the survival rate of startup companies in Singapore has a 53% higher survival rate when compared to similar companies in places like the United States and the United Kingdom. By 2018, Singapore surpassed Silicon Valley as the number one place in the world for entrepreneurial talent. This is partly because the country has a unique Home Office Scheme that allows people to start many businesses right from their homes — a huge plus for entrepreneurs who can't afford the high upfront costs of renting an office.
Singapore has no less than 22 free trade agreements with individual countries and multilateral partnerships alike. They even have their own free trade agreements with the European Union and the Trans-Pacific Partnership. These deals essentially mean the world is your oyster when you're digitally trading from Singapore.
The country also has next to no restrictions on storing and sharing digital data, so there are far fewer constraints when it comes to trading data internationally — especially compared to countries like China.
Singapore is on the cutting edge when it comes to technological innovations and development. But more importantly, if you're looking to build your own business in the tech sector, it is a place that welcomes tech entrepreneurs with open arms and plenty of support! The Singaporean government has prioritized policies that put the tech economy front and center. This means they've already attracted top tech talents in the world — you could be next!
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