Strategy
Singapore Eyes Sharper Tax Incentives For Startups, Other Measures
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The state's powerful wealth management industry sits inside a broader economy which policymakers say they wish to bolster with a range of measures.
Singapore issued an economic strategy report yesterday, containing 32 previously-unveiled recommendations that cover areas such as sharpening tax incentives for business startups to attract talent.
The backdrop of a varied, broader home economy that is home to sectors such as technology, specialist manufacturing, tourism and healthcare, among others, means that the Asian city-state, one of the world’s largest wealth management hubs, enjoys some of that status.
Policymakers will study the recommendations and work with industry partners and unions to translate them into action, the Ministry of Digital Development and Information was quoted as saying by the Business Times and other publications. WealthBriefingAsia has contacted the ministry for comment and may update this article in due course.
The report sets out the country’s strategy for securing growth and creating good jobs for Singaporeans in a “fundamentally changed global environment,” reports said.
The report looks at how Singapore should position itself as an AI hub for developing, testing and deploying AI solutions and cementing its reputation as a trusted global hub.
Of the eight focus areas in the report, the first iproposes that Singapore should build global leadership in key industries while taking bold bets on emerging ones, even if not every investment is expected to succeed.
Another area is that Singapore should foster a more dynamic enterprise ecosystem that helps firms to not only grow but also restructure or make a transition when needed.
The moves come at a time when Singapore is working to keep competing against rival financial centres, and developing a broader-based economy is part of that. According to a recent report by Boston Consulting Group, Singapore is home to $2.1 trillion of cross-border wealth, making it the world's third-largest cross-border financial hub, behind Hong Kong and Switzerland.