Singapore Companies Set To Benefit From Country’s ICT Drive: SingaporeStartup.com

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Singapore’s advanced technology standards and high rates of ICT diffusion and adoption is set to benefit the country’s business community.

Singapore Offshore Company Formation

Singapore Offshore Company Formation

It is remarkable to see how Singapore’s technological drive has led to a positive transformation in the way businesses operate here.

Singapore’s national ICT policy that strongly advocates the use of technology will result in tangible benefits to Singapore-based businesses, reports Singapore offshore company formation portal SingaporeStartup.com.

Singapore ranked #1 in the ‘2011 Network Society Index’ that was recently presented at Ericsson's Business Innovation Forum in Silicon Valley, USA. The index is based on a comprehensive analysis of 25 global cities across 26 parameters that measure the social, economic and environmental benefits of ICT investments. Singapore topped the Index with a score of 66 points. Singapore also ranked second in the world and first in Asia in the 2011 Global Information Technology Report’s ‘Networked Readiness Index’.

SingaporeStartup.com asserts that entrepreneurs, SMEs, and MNCs that choose to setup a Singapore corporation are well positioned to take advantage of the country’s digital economy. By delivering integrated electronic services and leveraging upon IT to build new capabilities, the Singapore government aids businesses to channelize their resources and perform their transactions in a more efficient, effective, convenient, and cost-effective manner.

Analysis by SingaporeStartup.com shows that a company in Singapore can be registered online with the click of a button within a record time frame of 24 hours. Entrepreneurs can also opt for a Singapore shelf company if they require a company with an older incorporation date. Furthermore, the Online Business Licensing Service that was introduced in 2004 allows companies to apply, renew, or terminate their business licenses online. The one-stop electronic service is particularly useful to companies that need to apply for or renew multiple business licenses. Similarly, TradeXchange that was launched in 2007 is an online platform that seamlessly connects the commercial and regulatory systems for Singapore’s trading community while TradeNet is the world’s first electronic trade network that integrates import, export, and transhipment documentation processing procedures.

According to Mr. Darren Leow, senior editorial team member at SingaporeStartup.com, “Businesses no longer have to run from pillar to post to register their Singapore company, obtain a business license or to secure a trade permit. Singapore companies can also file their tax returns, patents, and trademarks online. This translates into time and cost savings that are crucial to businesses. Instead of focusing on administrative tasks, companies can focus on building and growing their businesses. Online integrated platforms such as TradeNet and TradeXchange are befitting to Singapore’s status as a leading hub for trade and close to 90,000 traders stand to benefit from these two platforms.”

Singapore is proving to be the perfect model of how a country can harness the power of ICT to increase productivity, reduce paperwork, and automate tasks. The Infocomm Development Authority of Singapore is reported to have received enquiries from more than 30 countries from the Middle East, South-east Asia, Latin America and the Caribbean, including China and Russia about developing a similar e-services model. ICT master-planning, ICT infrastructure, online business licensing systems, smart power grids, and integrated health-care are some of the areas where Singapore’s expertise is being sought after.

“It is remarkable to see how Singapore’s technological drive has led to a positive transformation in the way businesses operate here. Thanks to technology, Singapore-based companies stand to be more empowered and competitive than their regional counterparts,” added Mr. Leow.

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