Looking back to the time when Singapore emerged as an independent state in around 1965 when it even lacked sufficient water resources. And today it can fulfill its 55 percent demand for water through the reverse osmosis technique. Not just this it has grown up in every field from education, sports to being a Technological Hub. This is clearly due to the consistent and undying efforts of the government over the years which have resulted in today’s scenario of making it a tech hub.
Have a look at what actually helped Singapore reaching the top. Reasons behind Singapore’s Success:
Every Success has a story and for Singapore it was:
1. Extremely suitable for entrepreneurships:
One of the major reasons behind the uprising of Singapore is the higher subsidy and reduced amount of taxes by its government which favors entrepreneurs. Further, it brings out Southeast Asia’s tech market open to the investors for growing and establishing business here.
2. A helping Hand from the Government:
A nation, if ruled by a supportive and positive Government never faces failures and so is the case with Singapore. It is because of the help that government offers to its entrepreneurs, for example for every $15,000 venture capital investment which is offered by investor the government agencies offer $85,000 for the same. Such a huge subsidy being offered by the government will definitely attract the investors no matter what part of the world they are in. All this makes this place lively and growing at a faster pace with lots of skyscrapers coming up day by day and going beyond the sky.
3. Offering equal support to outside business too
In addition to giving support to in- house business, but the government is focused on outside investments as well. It has been a strong competitor to Flipkart backing its $7 million deal and also trying its luck on Snapdeal. Even the investor so Silicon Valley such as Sequoia Capital has looked towards the South East Asian markets to magnify their business strengths.
In all, the Singapore government has left no stone unturned for attract the investors to come and participate in their business ideas and let Singapore grow as a tech hub. Providing subsidiaries, low tax rates, maintain the social security and freedom to implement their ideas are too big reasons for investor to come in. Moreover, it is the best place to relax and rejuvenate while you grow your business.