SINGAPORE: Singapore has secured the 5th position in a ranking of the top countries around the world for startups, surpassing Sweden and positioning itself to potentially challenge Canada’s 4th place next year.
Over the past five years, Singapore has ascended 16 spots in StartupBlink’s Global Startup Ecosystem Index, marking it as the fastest-growing startup ecosystem in the world. This rapid rise underscores the nation’s commitment to fostering a robust environment for entrepreneurial ventures.
According to StartupBlink, Singapore’s score has now doubled that of China, firmly establishing it as Asia’s leading startup ecosystem. This progress follows its previous milestone in 2022 when it surpassed China in the rankings. The latest index awarded Singapore a score of 37.736, highlighting its exceptional business environment, where it ranked 3rd globally.
The organization’s report praised Singapore as a “model for innovation,” emphasizing its status as a preferred hub for startups in Asia due to its financial stability, pro-business policies, and advantageous tax regulations.
“Singapore is a model for innovation and another great example of a relatively small country that massively over-performs. The country has become a location of choice for the incorporation of startups operating in Asia due to its financial stability, pro-business approach, and tax policies. Because Singapore has a small market and population, its ecosystem’s growth depends on scaling overseas. This aspect gives the ecosystem a unique regional perspective from the start,” added StartupBlink.
In addition to its national success, Singapore City has also advanced in the city rankings, moving up four places to 16th. This improvement places it ahead of Shenzhen, now ranked 18th, and makes it the 6th highest-ranked city in the Asia-Pacific region.
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