Incubating your company to tap into the plethora of grants and subsidies in Singapore
Read on to find out how Singapore and kimbocorp provides the legal, digital and physical environment to support your Singapore company.
4 pillars of support
kimbocorp leverages these 4 pillars of strength to support global businesses domiciling in Singapore
Leverage corporate image to get better contracts
Businesses looking to gain a foothold and expand overseas often talk about leveraging the qualities associated with the Singapore brand - the hardworking people, adherence to and promotion of standards, protection of intellectual property rights and trustworthiness, among others.
It also stands for financial transparency, enforceable and fair corporate laws, resilience to changing business climate, advanced digitalisation and hub for deep technologies with abundance support.
A Singapore brand Increase your chances of securing that dream contract or job with a paid subscription plan. All paid users get a legal body corporate which they can use to position themselves for better jobs and projects.
Leverage business deductibles, tax rebates and industry specific incentives to reduce exposure
Many understand Singapore as being a low-tax haven. What that means is not because Singapore does not charge income tax. It means businesses are rewarded when they actually do something and spend to progress.
For example schemes like the 13H Scheme and FIM program rewards funds with reduced tax rates when they spend and invest in Singapore incorporated startups.
For any company, they would be avail a whole list of tax-deductible expenses when calculated the effective tax rate, which many a times end up being extremely low. Tax deductible items include spending for items like R&D, which can carry a 200% tax deductible rate and manpower expenses.
Best place to be during COVID
Singapore is ranked as one of the best places to be during COVID, in a ranking system by Bloomberg’s Covid Resilience Ranking, who crunches the numbers every month for a snapshot of the best and worst places to be in the coronavirus era. The city-state has brought down locally transmitted cases to near zero thanks to border curbs and a strict quarantine program, allowing citizens to largely go about their everyday lives, even attending concerts and going on cruises.
On the business front, the government has spent over $100 billion, around 20% of GDP, to support local businesses. A lot of that goes to supporting cashflows and wages of local businesses, with the rest going to capability type of funding. Below would suggest some schemes that Singapore incorporated businesses can tap into.
Singapore is home to the best talent
Consistently ranked as one of the world’s most competitive, Singapore’s workforce is highly educated and skilled. More than 30 per cent of our workforce holds a university degree, with another 15 per cent having earned a diploma or professional qualification.
Singapore’s bilingual education policy also means that our people are proficient in English and at least one other language, such as Mandarin, Bahasa Melayu or Tamil.
Given that Singapore is a regional hub for businesses across industries, our workforce comes from and interacts with a number of Asian markets. Talent in Singapore is therefore multi-faceted, with extensive experience in Asia. Your business will benefit from talents with a deep understanding of Asia’s different markets.
Singapore measures to help businesses cope with COVID-19
Generally applicable for businesses registered in Singapore.
Speak to us to navigate subsidies
Schedule a time to speak to us to see how these subsidy programs can benefit you. We will also send you the "emerging stronger together" guide to subsidies and grants when you make an appointment.