Singapore is known as one of the best areas in the world for people that are interested in becoming successful entrepreneurs. From their stunning spaces to the government-funded programs, beginning your startup in Singapore comes with its fair share of advantages. Though much like any other country, there are disadvantages to take into consideration as well.
The Advantages of Having a Startup in Singapore
1. Little to No Language Barriers
One of the largest difficulties that many businesses experience when they branch out overseas is a language barrier between their company, their consumers, and their employees. Luckily, Singapore is one of the few countries in Asia where their main language is English. Depending on the market that you’re reaching out to, you should have little to no issues with language barriers.
2. A Foot into Southeast Asia
It’s commonly known that Singapore is the best, if not only, way for international businesses to take a slice of the well-known Southeast Asian pie. When you decide to begin your startup in the area, you’ll be able to have a unique access to the culture and people of the area. You’ll even find it simpler to branch out into other countries including Thailand and Indonesia with a strong Singaporean backing.
3. Talent Acquisition
It’s commonly known that the people you hire are a large part of whether your business succeeds or not. Singapore is known for their ample amount of talented and eligible employees that are simply waiting for their chance to shine. Whether you’re in the market from local talent that has studied at highly ranked universities or if you want individuals that have moved abroad to study and returned home the options are endless. Take WordPress for example, they are one of the many successful companies that have taken advantage of Singapore talents.
The Disadvantages of Having a Startup in Singapore
The main thing that you’ll want to take into consideration prior to determining that Singapore is the perfect place for your startup is funding. For entrepreneurs it can be difficult to gain enough capital to branch out into international waters without first becoming successful in their home country. Although there are many incentives available for individuals that want to start their own businesses, it can be quite the expensive venture to start a business from scratch in an entirely new venue.
Unless you’re the type of person that is interested in moving across the world, beginning a startup in Singapore means that you will have to consider relocating either on your own or with your family. Relocation can be an exhausting venture and it can be a terrifying prospect for business owners that aren’t sure whether their business will succeed or not. Though if you’re an adventurous soul that is always looking for the next journey in life, relocation could be an incredibly exciting opportunity. It’s also known that Singapore is a phenomenal place to live as they are accepting of immigrants and offer a great cultural scene for everyone.