Reasons Why Singapore is the Best Country for Startup Business

For the past several years, Singapore has achieved great success with its homegrown start-up companies like 99.co, Referral Candy, and the ever so popular Grab. The success of these companies is mainly thanks to how well the regulations and policies are implemented in the country, infrastructure, as well as its strategic position in the globe. Entrepreneurs around the world are aware of how potential this country is for business ahead of the other countries around Southeast Asia, such as Indonesia, the Philippines, Malaysia, Thailand, and Vietnam.

The Southeast Asian tech ecosystem is surely growing, and it is expanding strongly. Startup event promoter Slush Singapore and Monk’s Hill Ventures conducted a study regarding a broad overview of the SEA tech ecosystem, unraveling the answer to the question of what makes it work and grow using responses from investors, entrepreneurs, startup executives, and other experts in the aforementioned countries.

Finding the best place to locate start-ups for founders has been made easier by the growth of the tech ecosystem in SEA. Companies are no longer restricted to cities where major venture capital firms are due to the increasing cross border funding. Indonesia, Singapore, and the Philippines are the few countries that are trying to develop a stronger tech talent base.

Now, founders also cross-national borders. They are no longer hesitant to expand to far countries, even ones with diverse cultures and more challenges. 77 percent of the respondents of the conducted research stated that they would found their next company in a different city from the one they’re currently located in.

Although, Singapore respondents mostly answer that they would prefer to build a company in Singapore. This is not a surprise, since the country allows start-ups to have access to venture capitalists, capital, and richer ecosystem. Compared to other countries in Southeast Asia, Singapore is the best place for starting a business.

Moreover, Singapore offers better job opportunities. The conducted survey reported that Singapore has the strongest tech employment opportunities for all.

Depending on the start-up location, remuneration for software developers may vary. In Singapore, people can earn three times more than in other SEA countries.

Although, Singapore respondents mostly answer that they would prefer to build a company in Singapore. This is not a surprise, since the country allows start-ups to have access to venture capitalists, capital, and richer ecosystem. Compared to other countries in Southeast Asia, Singapore is the best place for starting a business.

Moreover, Singapore offers better job opportunities. The conducted survey reported that Singapore has the strongest tech employment opportunities for all.

Depending on the start-up location, remuneration for software developers may vary. In Singapore, people can earn three times more than in other SEA countries.

Among other SEA countries, the highest demand for developers showed to be in Indonesia, most likely due to its large population. Both Singapore and Indonesia showed a great number of job vacancies for software development jobs.

Singapore is also leading to funding. Once again compared to Indonesia, its capital, Jakarta, along with Singapore are the two cities that received the most start-up funding compared to the other SEA cities from 2013-2018. Still, Singapore was in the leading position with $8.4 billion investment for 888 deals for a five-year period, while Jakarta earned $1.6 billion for 228 deals.