BWI: Singapore Gains Steam as Major Regional R&D Hub: SingaporeSetup.com

Press release from Business Wire India
Source: SingaporeSetup.com
Friday, January 14, 2011 10:00 AM IST (04:30 AM GMT)
Editors: General: Economy; Business: Accounting & management consultancy services, Business services, Information technology; Technology
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Singapore Gains Steam as Major Regional R&D Hub: SingaporeSetup.com
Singapore is gaining momentum as a research centric, innovative and entrepreneurial economy and is set to emerge as a major R&D hub in the Asian region

Singapore, Friday, January 14, 2011 -- (Business Wire India) -- www.SingaporeSetup.com asserts that Singapore is gaining traction as a center for research and innovation and is set to emerge as a leading R&D hub in Asia.

SingaporeSetup.com has identified factors such as a strong intellectual property protection regime; availability of R&D manpower; a low tax system; and excellent infrastructure as the key drivers for foreign and local companies to set up their R&D headquarters in Singapore.

According to Ms. Catherine Lee - a senior editorial board member of the SingaporeSetup.com site, "We see Singapore joining the league of research intensive countries such as the US, Japan, France and Germany. Recently, a number of international institutions have chosen to incorporate Singapore company to kick start their R&D operations. For instance in 2010 alone, companies such as Nestle, Bayer, Hewlett Packard, and Fujitsu set up their respective research facilities in Singapore. Singapore's growth into a R&D hub will lead to more high-value investments and create more knowledge intensive jobs, ultimately contributing to overall economic growth."

Singapore's robust IP protection regime is a huge draw for companies that specialize in innovation and R&D operations. The World Economic Forum ranked Singapore #3 in the world for intellectual property protection. Furthermore, the recently released Asia-Pacific Intellectual Property (IP) Scorecard 2009 reveals that Singapore is a regional leader in patent quality. Singapore's IP framework is consistent with the international IP regime and it is a signatory to major conventions such as the Paris Convention, Berne Convention, Madrid Protocol, etc. Last year, the World Intellectual Property Organization (WIPO) set up its Arbitration and Mediation Center (AMC) in Singapore; the first of its kind outside Geneva.

Singapore's tax system is another factor that enhances its appeal as a R&D hub. Not only does Singapore impose a low corporate income tax rate of 17% but it also allows companies that invest in innovative and R&D activities to claim substantial tax deductions.

R&D companies that choose to register Singapore company also benefit from the availability of scientific talent. According to the latest National Survey of R&D in Singapore, there has been a 3.4% increase in the number of research scientists and engineers from 2008 to 2009. The availability of Singapore employment visa and Singapore business visa has prompted a 7.6% increase in the number of foreign researchers and scientists in Singapore during the same period.

Singapore has also invested heavily in R&D infrastructure. For instance, Singapore's research district 'One North' houses research clusters that are dedicated to biosciences, interactive media, physical sciences, and health care. Equipped with state-of-the-art research facilities and scientific infrastructure, the research clusters allow companies to save on R&D costs and expedite their product development timeline.

"The 2010 Global Innovation Index ranked Singapore as the seventh most innovative economy in the world and the country is well on its way to becoming the next hotbed for research and innovation, " added Ms. Lee.

Targeted for global entrepreneurs and small-to-midsize companies, SingaporeSetup.com is the leading business information portal that provides comprehensive and up-to-date information about Singapore company formation and related doing-business topics.


CONTACT DETAILS
Manish Ghosh, SingaporeSetup.com, +65-6726-5000, info@singaporesetup.com

KEYWORDS
ECONOMY, CONSULTANCY SERVICES, BUSINESS SERVICES, IT, TECHNOLOGY

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