Singapore is well known as a prime location for global businesses looking to expand into Asia. Located right in the middle of robust and booming markets in the region, it has a highly skilled pool of labour ready to be assimilated into any organisations. To attract more businesses and investors, the government has since put forward several incentives, making it easier than ever for entrepreneurs to set up their own companies in the City State.
In Singapore, tax incentives are catered towards organisations engaging in activities that provides value to the country’s economy and technological development. Intellectual Property (IP) activities are therefore regarded as high value activities, strengthening the nation’s innovative capabilities and creating a better business environment. As such, these incentives are offering compelling reasons that continue to put Singapore on the map as a preferred location for setting up IPs.
Here are several examples where Inland Revenue Authority of Singapore (IRAS) and Singapore Economic Development Board (EDB) lend support to the improvement of IP infrastructure within the country.