Young entrepreneurs increasingly attracted to Singapore

01/07/2010

The last six months have seen a steady rise in inquiries about setting up a business in Singapore from young foreign entrepreneurs aged between 19 and 25, statistics have shown.

The 2010 Global University Entrepreneurial Spirit Students’ Survey (GUESSS) shows that 42.8 per cent of the surveyed students would like to start their own business in the long-term, at least five years or more after graduating. 16 per cent had aspirations in the short term, wanting to form their own business within 5 years of graduation.

And 53.3 per cent said they were already taking steps to set up their own businesses. Many of those surveyed said they would be interested in setting up a business in Singapore, due to its business incentives and favourable tax options.

Singapore-based business incorporation expert, Andrew Chen, has worked with many of these young entrepreneurs. He said their ambition was indicative of the high-achievers the island nation attracts.

"We found that some of these budding entrepreneurs had attended business plan competitions and entrepreneurship education programmes," he said.

"They had identified a specific need and how best to monetize it and were seeking advise on registering a Singapore private limited company, corporate taxation, and obtaining business specific licenses."

Company registration in Singapore can take one day, with a share capital of only S$1. The minimum age requirement for directorship is 18 years and young people can apply for S$50,000 in government funding under the Young Entrepreneurs Scheme for Start-ups (YES! Start-ups).