April 04, 2015 | Sharon Cheong
The dream of people in every culture is to own their own business and be their own boss. Though the economy is still somewhat sluggish worldwide, thousands of would-be entrepreneurs work hard each year to build their own new business. Funding for a small business in Singapore can be the first and most daunting obstacle to overcome.
The Business Plan
For those with less access to funding, the solution usually turns out to be financing. In Singapore, financing for a small business or even a home works pretty much the same as in other countries. You will need a good credit rating and you must show a strong, steady income that will allow you to make payments on your loan. For business owners it is also important to have an extensive business plan.
In many countries, foreigners can find it difficult to get the financing they need for a new start up. However, in Singapore the government has gone to great lengths to make it easy for entrepreneurs to do business. In fact enterprise development is an essential goal of the Singapore government and they have purposely crafted pro-business policies. A few of the advantages of doing business in Singapore are the low tax system, the friendly business environment, the excellent infrastructure, and a skilled plentiful workforce.
Small Business Incubation Schemes
The National Research Foundation offers new startups a unique opportunity. They provide mentoring and up to 85% of the funding for any new technology business. This initiative is open to a limited number of startups and there are a number of requirements in order to qualify. The NRF is aggressively seeking to nurture high-tech businesses with programs like Early-Stage Venture Funding Scheme (EVFS) and others.
In addition, the government has rolled out numerous funding initiatives, including tax incentives, cash grants, debt financing schemes and government-backed equity financing schemes. These Government-assisted financing schemes are ideal for entrepreneurs who need additional capital for their startup business. The government is also working on an equity financing scheme that utilizes private capital or third-party investors.
Each of these schemes has its own specific requirements and some are more advantageous for certain business types. The SPRING Startup Enterprise Development Scheme (SPRING SEEDS) is a program instituted by the government that will co-invest in commercial start-ups, matching dollar-for-dollar. The first round of investment monies will be limited to $300,000 but they do offer up to one million dollars. SPRING SEEDS Capital provides several innovative programs for pre-approved businesses including the Business Angels Fund (BAF).
Leasing Serviced Office Space
There are numerous ways to cut back on the expenses of your new small business. For instance, leasing serviced office space can provide you with all the upscale amenities necessary at a much lower cost. Servcorp Serviced Offices have space available in several of Singapore's beautiful skyscrapers.
The PSA Building is an established landmark in the Alexandra precinct. Situated on the 26th Floor, this Servcorp location offers magnificent views. Marina Bay Financial Centre Tower 2 is a business hub of exceptional superiority offering full-service features.
Suntec Tower Three is a large commercial development located in Suntec City and known as Asia's vertical Silicon Valley. Six Battery Road is situated right in the middle of Raffles Place. The Metropolis Tower 2 offers international corporations a convenient and efficient solution for all their business needs. Please call to learn more about leasing a prestigious office space in Singapore from Servcorp.