Why Singapore’s Startup Hub is the Best in Asia 

Once entrepreneurs hit their stride, many set their sights on relocating to a global startup hub that offers business-friendly policies, world-class infrastructure and access to international markets.

Some wait until their ventures gain momentum, while others move early, incorporating as soon as a profitable idea takes shape.

Enter Singapore – a sleek, future-ready city-state that’s more than just steel and skyline. It’s one of the most dynamic places in the world to build a business.

Just ask Facebook co-founder Eduardo Saverin. 

Drawn to the region’s opportunities and lifestyle, he made Singapore his home and never looked back. In 2012, Saverin renounced his US citizenship to become a permanent resident of Singapore.

He described the move as ‘practical’, aligning with his focus on investing in Asian startups. But the financial upside was obvious: Singapore’s territorial tax system exempts foreign-sourced income, and there are no capital gains or dividend taxex.

In short, Saverin saved tens of millions on the growth of his stake in Facebook while stepping beyond the reach of the IRS.

Since then, he’s thrived as a venture capitalist, backing a wide range of businesses across Southeast Asia and beyond. By 2024, he was named Singapore’s wealthiest resident, with a net worth of US$29 billion.

Singapore’s role in that success shouldn’t be overlooked or even underestimated. This forward-looking hub helps the wealthy protect

This futuristic city-state helps the wealthy minimise their taxes, protect their capital, minimise taxes and seize global opportunities.

In this comprehensive guide, the Nomad Capitalist team explores why Singapore is one of the best startup hubs in Asia for entrepreneurs.

The Singapore Startup Hub

Singapore has a population of just over six million. It features futuristic skyscrapers, lush green parks and landmarks like Marina Bay Sands and Gardens by the Bay. 

Just over half of the population are Singaporean citizens, while the rest are foreigners living there with either permanent resident or non-resident status.

There are roughly 4,500 startups in Singapore. 

Many wealthy investors and entrepreneurs gain residency in Singapore with its Global Investor and EntrePass programs, helping to transform it into one of the world’s most attractive startup hubs. 

Doing Business in Singapore: Pros and Cons 

Pros:

• Fantastic infrastructure: Singapore boasts world-class transport links, lightning-fast internet and top-of-the-range business facilities. 
• Highly skilled workforce: An innovative business environment and well-paid employment opportunities attract top talent to Singapore. 
• Tax-friendliness: Singapore has a territorial tax system, plus there’s no capital gains tax or dividend tax, making it financially advantageous for those with overseas businesses or investments. 
• Networking opportunities: As a global business hub, Singapore attracts a wealth of successful individuals.
• Venture capital opportunities: Singapore’s start-up ecosystem is thriving, powered by an abundance of venture capital firms. 
• World-class banking: Singapore is home to some of the world’s safest and most advanced financial institutions. 

Cons:

• High cost of living: Singapore ranks as the world’s ninth most expensive city in the Numbeo Cost of Living Index. 
• Small domestic market: With a population of over 6 million, businesses need to look overseas to experience substantial growth. 
• No dual citizenship: You’ll need to give up your existing citizenship to become a Singapore citizen. 

Utilising Singapore as a Startup Hub

Beyond being a haven for preserving wealth, Singapore is a powerful launchpad for global startups. 

The city-state’s strategic location in the heart of Southeast Asia gives founders access to a market of over 600 million consumers, plus direct trade routes to China, India and beyond. It’s no wonder many entrepreneurs use Singapore to scale internationally.

The government’s pro-business policies include strong IP protection, streamlined regulation and generous support schemes like Startup SG. 

This, combined with its English-influenced common law legal system and political stability, offers a frictionless business environment. 

What truly sets Singapore apart, however, is its international credibility. Investors worldwide view Singapore-registered companies as highly legitimate, transparent and well-governed – a factor that helps open doors to funding and partnerships abroad.

Startups here are also deeply integrated with regional and global innovation networks, thanks to top-tier accelerators and a strong cohort of multinational corporations. 

Whether you’re a fintech disruptor or deep-tech innovator, Singapore gives you the infrastructure, credibility and ecosystem to scale fast.

How Business Owners Get Singapore Residency 

Most business owners seek residency in Singapore via its EntrePass program. It is designed to attract successful, innovative businesses to Singapore. 

EntrePass Eligibility Criteria 

Citizens from any country are eligible to apply for an EntrePass. However, to qualify, you must have started or intend to start a business that is: 

• Registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA)
• Venture-backed or deemed to own innovative technologies. 

At the same time, you must meet one of the following ‘innovative’ criteria:

• Have raised at least SG$100,000 (about US$76,000) from a single funding round from investors for any past or current business.
• Be supported by a government-recognised or internationally-renowned incubator or accelerator.
• Previously sold a business that is venture-backed or owned innovative technologies.
• Hold intellectual property registered with an approved national IP institution, which cannot be easily replicated.
• Have relevant and ongoing research collaboration in Singapore with an institute of higher learning or a research institution. 

Businesses that are excluded from applying include bars, cafes, nightclubs, massage parlours and employment agencies.

Successful applicants are encouraged to organise networking events, workshops, webinars and mentorship sessions for other startup owners. 

EntrePass Application Process

You can submit your EntrePass application online via the Ministry of Manpower website.

There’s an extensive list of documents you’ll need to send alongside your application form. 

These include: 

• Various identifying documents
• Your CV
• Employment testimonials (if applicable)
• An extensive business plan
• A business profile and financial statements from your company (if it already exists)
• Documents to prove you meet the qualifying criteria. 

Your business plan should include details of the product and service offered, a market analysis, an operation plan, profiles of the management team and supporting documents to illustrate your expertise. 

There’s also an SG$105 (around US$80) application fee per application. 

The application processing time is around eight weeks. If successful, you’ll receive an ‘in-principle’ approval letter, which permits you to enter Singapore.

Co-owners of the business must fill out their own EntrePass application. There are no joint applications. 

Your spouse and dependent children under 21 can join you in Singapore, although the qualifying criteria for your business are stricter for dependents to also be permitted. 

They must also complete a separate Dependant’s Pass application.

Receiving Your EntrePass Card

You can apply for your EntrePass card once you’ve entered Singapore and must do so within six months of receiving your in-principle approval letter. 

The application can be submitted online via the Ministry of Manpower website or at a local Employment Pass Services Centre (EPSC). There’s a SG$225 (US$170) application fee.

You’ll be asked to submit details of your Singapore phone number, residential address and office address, among other things. 

Successful applicants will initially receive a notification letter allowing them to work and travel in and out of Singapore while they wait for their card to be delivered. 

You may also have to visit an EPSC to submit fingerprints, verify your documents and have your photo taken. 

Renewing Your EntrePass Card

Your first EntrePass will be valid for one year. You’re encouraged to start the renewal process three months before its expiry. 

The renewal process involves checks that your business still meets the qualifying criteria. 

During your second renewal and thereafter, this includes the criteria for total annual business spend and local employees hired. 

Your EntrePass card is valid for one year upon its first renewal. All further renewals grant you a Two-Year card. An SG$225 fee is charged with every renewal.

Our full guide explains how you can potentially upgrade to permanent residency or citizenship in Singapore. 

Alternative Paths to Residency in Singapore

The Global Investor Program is another path for high-net-worth individuals to get residency in Singapore. 

You can gain permanent residency through this program by investing SG$10 million (US$7.6 million) in a Singaporean business or SG$25 million (around US$19 million) in a qualifying investment fund. 

Other paths include:

• Employment Pass for skilled workers
• S Pass for employees in specific sectors 
• Marrying a Singaporean citizen or permanent resident. 

Singapore’s Startup Environment: FAQs

Ready to Set Your Sights on Singapore?

 It’s often said in business that your ‘network is your net worth’, and there’s no doubt that Singapore provides ample opportunity to join a successful community of startup founders. 

You’ll also be able to take advantage of world-class incubator facilities, banking, and venture capital markets. 

This city-state is much more than just a tax haven for investors and entrepreneurs – but it’s not for everyone. 

Some are put off by the strict EntrePass qualifying criteria or the high cost of the Global Investor Program. They might prefer nearby business hubs like Hong Kong or the United Arab Emirates. 

Still, it’s rightfully recognised as a place where successful business owners can thrive. 

But, it takes careful planning and getting the right advice from the start can save you lots of time, effort and money. Rather than relying on local providers, it pays to have impartial advice from international experts with no specific allegiance to any one jurisdiction.

That’s just one of the reasons people choose Nomad Capitalist – we have direct experience across multiple jurisdictions and will help you weigh up the pros and cons of each. 

So, remove all the guesswork, skip past the gatekeepers and speed up the entire process by reaching out and letting us help you go where you’re treated best.