A surge in inquiries on starting a new business from young entrepreneurs indicates that entrepreneurship is on the rise among youth in Singapore, reports GuideMeSingapore.com.
(PRWEB) June 30, 2010 -- Janus Corporate Solutions - the company that specializes in Singapore company registration and runs the GuideMeSingapore.com site - has witnessed a steady rise in the number of inquiries concerning set up of a business venture in Singapore from young foreign entrepreneurs aged 19-25 years over the last six months.
|Singapore has forged ahead in creating a pro-enterprise environment and is fast becoming an entrepreneurial hub, especially for young business owners.|
The Global University Entrepreneurial Spirit Students’ Survey (GUESSS) a biennial international survey that was last conducted in 2008 among students of Institutes of Higher Learning across the world also confirms that entrepreneurship is rising among the young. According to the survey, 42.8% of the surveyed students indicated that they would like to start their own business in the long term, ideally after 5 years of graduation, while 16%, aspired to be entrepreneurs in the near term, within 5 years of graduation. 53.3% of the students who indicated interest in entrepreneurship had already taken steps towards setting up their own businesses.
According to Mr. Chen, most of the young entrepreneurs were in the process of devising a business plan, while some had gone a step beyond; they had created a business plan and were keen on incorporating a company in Singapore as the next step towards realizing their goal. "We found that some of these budding entrepreneurs had attended business plan competitions and entrepreneurship education programmes. They had identified a specific need and how best to monetize it and were now seeking advise on registering a Singapore private limited company, corporate taxation, and obtaining business specific licenses."
Given the ease of Singapore company formation, availability of financial assistance schemes, and attractive corporate taxation in Singapore, more youth are taking the entrepreneurial route in Singapore. For instance, a Singapore company can be registered with a share capital of S$1 and within a day's time, without the need to have a physical office. Moreover, the minimum age requirement for directors of a Singapore company is 18 years; therefore, a young person can easily start a firm all on their own. The start-up tax exemption scheme exempts qualifying start-ups from paying tax on the first S$100,000 of taxable income during the first three consecutive years of company incorporation. Furthermore, young entrepreneurs can avail of up to S$50,000 government funding support under the Young Entrepreneurs Scheme for Start-ups (YES! Start-ups).
"Singapore has forged ahead in creating a pro-enterprise environment and is fast becoming an entrepreneurial hub, especially for young business owners. Some of the entrepreneurs who approached us had already done their groundwork on our website and seemed aware of the specific benefits in Singapore, including available tax incentives for start-ups and government funding support. Going by the GUESS Survey and our own experience, it appears that entrepreneurship is gaining a foothold with the young generation. We are happy to offer our professional services to help and nurture these budding entrepreneurs," added Mr. Chen.
More information about starting a business in Singapore can be found at http://www.guidemesingapore.com/
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[Via Legal / Law]