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>we have not yet seen many successful exits that are typically seen in mature ecosystems such as Silicon Valley. This doesn't surprise me. Singapore provides t

>we have not yet seen many successful exits that are typically seen in mature ecosystems such as Silicon Valley. This doesn't surprise me. Singapore provides tons of cash for new startups but the quality of the talent just... isn't that great. If your startup requires creative, detail oriented professional work (e.g. a developer), good talent isn't easy to come by. This isn't really the fault of Singaporeans per se, it's just the nature of how the society has shaped them. Compulsory military service and test-driven schooling engenders this type of attitude at a subconscious level and on top of that, pay scales are way out of whack - you'll get paid more as an average manager as you will as a really good developer. The successful businesses in Singapore that I've noticed tended to be rather blatant imitations of other businesses and a lot of the failures tended to be cargo cultish SV wannabes. Added to which, the local market is tiny and the regional market is highly fragmented.

sjogress 11y ago
Do you think it would be possible, and if so a good idea, for foreign talent to form startups in Singapore targeting foreign markets?
- crdoconnor 11y ago
  No, since you'll have to maintain a proportion of local employees in order to keep your business there. Most companies I had dealings with ran up against this limit all the time.
  - creamyhorror 11y ago
    Just to clarify, the proportion-of-local-employees isn't really a problem if you're mostly hiring programmers. Programmers generally come in under Employment Passes, which there's no official quota on. The main issue is the wait time and the uncertainty of approval. The businesses that run up against the limit are those that hire lower-pay foreigners, which the government doesn't want to encourage anyway. For tech/innovation-driven startups, the limit shouldn't be a barrier. @sjogress: It makes sense to start a company in Singapore if you're looking to target multinational companies that have their regional headquarters here. Also, if you're considering setting up in Singapore, it's good to have a Singaporean as a cofounder - it makes getting the smaller grants simpler. @nopzor: Really? Is it an unwritten quota? All the official statements are that there's no quota for Employment Passes[1][2]. It makes sense that the government wouldn't allow a company to be 100% foreigners on EPs, but I think there's some flexibility in how many EP holders you can hire. @mdda: The advertise-to-locals-first rule only applies to companies larger than 25 people, so it doesn't really hinder startups. We actually applied for an EP for my co-founder (a foreigner) and got it on appeal, with only 1 local employee besides me. As you say, the process is fairly straightforward if somewhat tedious. [1] http://www.mom.gov.sg/passes-and-permits/employment-pass/key-facts http://www.mom.gov.sg/passes-and-permits/employment-pass/key... [2] http://www.mom.gov.sg/~/media/mom/documents/brochures/services-sector-quota-english.pdf http://www.mom.gov.sg/~/media/mom/documents/brochures/servic...
    - nopzor 11y ago
      There are absolutely limits/ratios on EP's for foreign employees.
    - mdda 11y ago
      New rules were instituted, requiring jobs to be advertised locally first : [1] In addition, as a EP-holding business-owner, I was 'asked' to explain my plans to employ Singaporeans/PRs in the coming year. OTOH, I don't see this as entirely unreasonable : After all, the USA does the same (for E-2 investor visas, for instance). Moreover, the Singapore visa turn-around time is only a few days (after an online application), whereas the US visa process makes one long for the friendliness of the DMV... [1] http://www.mom.gov.sg/employment-practices/fair-consideration-framework http://www.mom.gov.sg/employment-practices/fair-consideratio...

sjogress 11y ago

Do you think it would be possible, and if so a good idea, for foreign talent to form startups in Singapore targeting foreign markets?

crdoconnor 11y ago
No, since you'll have to maintain a proportion of local employees in order to keep your business there. Most companies I had dealings with ran up against this limit all the time.
- creamyhorror 11y ago
  Just to clarify, the proportion-of-local-employees isn't really a problem if you're mostly hiring programmers. Programmers generally come in under Employment Passes, which there's no official quota on. The main issue is the wait time and the uncertainty of approval. The businesses that run up against the limit are those that hire lower-pay foreigners, which the government doesn't want to encourage anyway. For tech/innovation-driven startups, the limit shouldn't be a barrier. @sjogress: It makes sense to start a company in Singapore if you're looking to target multinational companies that have their regional headquarters here. Also, if you're considering setting up in Singapore, it's good to have a Singaporean as a cofounder - it makes getting the smaller grants simpler. @nopzor: Really? Is it an unwritten quota? All the official statements are that there's no quota for Employment Passes[1][2]. It makes sense that the government wouldn't allow a company to be 100% foreigners on EPs, but I think there's some flexibility in how many EP holders you can hire. @mdda: The advertise-to-locals-first rule only applies to companies larger than 25 people, so it doesn't really hinder startups. We actually applied for an EP for my co-founder (a foreigner) and got it on appeal, with only 1 local employee besides me. As you say, the process is fairly straightforward if somewhat tedious. [1] http://www.mom.gov.sg/passes-and-permits/employment-pass/key-facts http://www.mom.gov.sg/passes-and-permits/employment-pass/key... [2] http://www.mom.gov.sg/~/media/mom/documents/brochures/services-sector-quota-english.pdf http://www.mom.gov.sg/~/media/mom/documents/brochures/servic...
  - nopzor 11y ago
    There are absolutely limits/ratios on EP's for foreign employees.
  - mdda 11y ago
    New rules were instituted, requiring jobs to be advertised locally first : [1] In addition, as a EP-holding business-owner, I was 'asked' to explain my plans to employ Singaporeans/PRs in the coming year. OTOH, I don't see this as entirely unreasonable : After all, the USA does the same (for E-2 investor visas, for instance). Moreover, the Singapore visa turn-around time is only a few days (after an online application), whereas the US visa process makes one long for the friendliness of the DMV... [1] http://www.mom.gov.sg/employment-practices/fair-consideration-framework http://www.mom.gov.sg/employment-practices/fair-consideratio...