Singapore has recognized the need for developing a strong array of local companies besides attracting multinationals to its shore
Singapore (PRWEB) July 21, 2011
In a bid to build its small and medium enterprise franchise in the Asian region, DBS Bank has launched Entrepreneur's Account for Start-ups. It is targeted at newly established businesses that are less than six months old. The initiative will give some of the 50,000 businesses set up each year in Singapore, banking services at a lower cost as well as other value-added benefits such as lower initial minimum deposit and waivers of subscription fees on several services.
The spirit of entrepreneurship is growing in Singapore and the new breed of entrepreneurs is comprised of much younger people. Global University Entrepreneurial Spirit Students’ Survey 2008 showed that 81.4% Singapore Students are keen on entrepreneurship. This is an indication of the tides turning in favor of entrepreneurship, as the mindset is changing. Organizations and educational institutions are doing their part by inspiring the young by having mentorship programs and awards to groom and recognize the achievers in this area.
Singapore has recognized the need for developing a strong array of local companies besides attracting multinationals to its shore. Singapore government is keen to promote entrepreneurship and starts by spotting them early and grooming them right. For example, SPRING has a scheme called, Young Entrepreneurs Scheme for Start-ups (YES! Schools), which provides schools with grants of up to S$100,000, to put in place a comprehensive & structured entrepreneurship learning programme, for their students. Another scheme, - Young Entrepreneurs Scheme for Start-ups (YES! Start-ups) - provides funding support of up to S$50,000 for youths to set up their innovative startup.
Thus the Singapore enterprise landscape is set to evolve and it is important to provide the right set of products and services to service the unique requirements of the evolving market. Young start-ups require financial and banking solutions that are precisely calibrated to their requirements. Satish Bakhda says “Many of the young entrepreneurs whom we service are technically savvy, they have great ideas but to take them to the next level they require a lot of mentoring and guidance in day to day operational issues and key areas of decision making such as financing, banking, insurance, regulatory compliance etc. This is where we, as professional service providers, can help them”.
Satish Bakhda further adds, “Entrepreneurs, especially the younger ones, require close guidance and support. The young startups’ requirements are different from well established companies. The startups need to focus on certain key aspects such as banking charges, minimum balance conditions, exchange commission, overdraft facilities etc., when opening a corporate bank account. Our How to Guide gives an overview of the opening formalities and the details which require closer attention when opening a Singapore corporate account with banks. Along with our company incorporation services we also provide corporate bank account opening services, where our consultants advice and guide our clients on their choice of banks. Minimum opening deposit and monthly average balance conditions are the main concern for young entrepreneurs. We are glad that homegrown DBS Bank has recognized the need of young startups. The latest initiative by DBS will definitely benefit a significant section of the new startups in Singapore and we understand that the new service, which bundles a heavily discounted insurance coverage, is highly tailored to the unique requirements of startups aiming to mitigate the business costs.”
Rikvin offers business solutions and has successfully helped hundreds of foreign and local entrepreneurs form a Singapore company. The firm’s specialties include company registration, offshore company setup, incorporation and providing professional corporate services. Rikvin also provides professional services on accounting, taxation, immigration and processing of Singapore work visa for foreign workers to work and relocate in Singapore.