Nearly 34 percent of the surveyed start-ups have reported revenue of over S$500,000 and of them nearly half have earned 30 per cent of their revenue from foreign sources. Such companies are very confident about crossing the coveted $1 million mark in the next couple of years. Companies operating in the transport and storage sector and the manufacturing sector have accounted for such high turnover.
Experts are of the opinion that the start-ups have their fundamentals strong which helps them to tide over the tough economic times. More over most of the start-ups nowadays are targeting the markets beyond the shores of Singapore. Not only the local start-ups but foreign companies are setting up in Singapore to leverage on its strategic location, favorable time zone and proximity to the markets as well as the sources of supplies. Such aspects immensely support the start-ups in Singapore in gaining an edge over the others. There is lot of funding facilities available from the government that supports promising Singapore start-ups.
Ms. Jacqueline Low, the Director of Janus Corporate Solutions said “Singapore is evolving into a start-up hub, propelled by the eastern shift, enterprises and entrepreneurs who are targeting the Asian markets find it easier to operate from Singapore. With competitive tax rates and its reputation as the easiest place to do business it is gaining a lot of traction among the entrepreneurial community. Moreover when clients work with professional service providers like us, we can help them understand the nuances of doing business and thus help them get their business models right. For instance, when clients approach us for Singapore company incorporation and entrepreneur visa service, they are asked to fill up a questionnaire that helps them to systematically scrutinize their proposed business plan thus eventually they have a strong business model and well thought out plan which is crucial for success. At Janus, when it comes to company incorporation service we not only counsel the clients on the fundamental aspects of setting up a Singapore company but clients can also engage us to do market research prior to incorporation in order to arrive at the right premise for their business plans. Start-ups with strong business models based on thorough understanding of the market needs have the potential to weather any crisis."