Supporting Local Startups: What is the Action Community for Entrepreneurship (ACE) Singapore?

Entrepreneurs and investors worldwide recognise Singapore’s unique advantages as a strategic business hub in today’s rapidly evolving global economy. Its favourable regulatory environment, robust infrastructure, and deep connections within the Asia-Pacific (APAC) region make it a compelling choice for business expansion.

Whether you are a local startup founder or an international investor eyeing the APAC market, aligning with the right partners is essential. This is where the Action Community for Entrepreneurship (ACE) Singapore comes in, offering comprehensive, tailored support to position your business for success.

This article explores how ACE Singapore empowers entrepreneurs and investors to take full advantage of Singapore’s vibrant business ecosystem. Discover how its valuable resources, from company incorporation and corporate governance to financing and mentorship, can serve as your foundation for sustainable growth in the APAC region.

Why Do Startups Choose Singapore as Their Launchpad?

Strategic APAC Location and Connectivity

Situated at the crossroads of the APAC region, Singapore offers direct access to emerging markets like Indonesia, Malaysia, and Vietnam, as well as developed economies such as Australia. Its extensive transport links and open-trade agreements with various global economies make it an ideal launchpad for businesses targeting regional expansion.

Pro-Business Regulatory Environment

Thanks to its streamlined regulatory framework, Singapore ranks consistently as one of the easiest places to do business globally. The government promotes a pro-business environment, offering clear regulations that attract foreign investment and support entrepreneurial growth.

Innovation and Tech Ecosystem

Singapore has built a reputation as a global technology and innovation hub, hosting leading tech companies, startups, and research institutions. The city-state’s emphasis on digital transformation and support for innovative businesses provides an unparalleled environment for startup growth.

Related Read: What’s Fuelling the Surge in Startup Companies in Singapore?

ACE Singapore and the Role it Plays

What is ACE Singapore?

Established by the Ministry of Trade and Industry in 2003, ACE is Singapore’s national advocate for the startup ecosystem and a pivotal trade association representing startups’ interests. It works closely with the government and ecosystem startups to establish a dynamic and sustainable network in Singapore while bringing about opportunities supporting startup growth.

It focuses on 5 key pillars to achieve its goal:

1. Startups
2. Corporations
3. Institutes of Higher Learning (IHL)
4. Risk Capital
5. Public Sector

How Does ACE Singapore Support Startups?

Mentorship and Talent Development

ACE Singapore facilitates various mentorship programs where seasoned entrepreneurs and industry experts provide guidance on strategy, funding, and business development. These programmes are especially beneficial for overseas startups looking to gain a foothold in Singapore, helping them adapt and grow in the local market.

Funding Support and Investor Connections

One of the main hurdles for startups is securing funding. ACE works with investors and government agencies to provide funding opportunities for eligible businesses. Through pitch events, its incubator scheme, networking sessions, and partnerships with venture capital firms, ACE offers valuable pathways for startups to connect with potential investors.

Digitalisation and Innovation Support

With Singapore’s push toward becoming a smart nation, ACE encourages startups to embrace digitalisation and innovation. ACE offers support programs, such as grants and workshops, aimed at helping businesses integrate technology into their operations, enhance productivity, and improve customer experience.

Global Market Access

ACE recognises that international expansion is essential for companies looking to scale and that overseas market access is one of the biggest challenges faced in doing so. With global access to partners in 17 cities across Asia, Europe, and North America, it can help startups forge valuable connections with key players and exchange knowledge with other founders and experts.

Forging Opportunities Through its Strategic Partner Network

ACE’s strategic partner network involves collaboration with service partners to provide opportunities to cooperate on outreach and engagement programmes that the startup and corporate innovation community can tap into. It collaborates with members across 4 significant engagement opportunities:

1. Engaging the startup ecosystem
2. Engaging corporates
3. Engaging global system networks
4. Signature events

How is InCorp Aiding ACE’s Initiatives?

As a partner, InCorp’s responsibilities include organising joint initiatives with ACE to guide startups through the incorporation process in Singapore. These engagements include promoting awareness of important considerations for company incorporation and providing expert business advisory services.

We also focus on helping Singapore-based startups explore and expand into Southeast Asian markets by guiding regional opportunities, helping with market selection, and offering incorporation services for seamless market entry.

How is InCorp Positioned to Support ACE’s Initiatives?

Backed by a deep understanding of the regulatory frameworks across APAC markets, we empower entrepreneurs to navigate the nuances of expanding their businesses smoothly. Here are some services we provide that give us the expertise and knowledge to support ACE’s aims:

Company Incorporation and Setup Professionals

Starting a business in a new market can be challenging, especially in a fast-moving economy like Singapore’s. We provide end-to-end incorporation services for various company types, including private limited companies and variable capital companies (VCCs), ensuring compliance with Singapore’s strict regulatory requirements.

Understanding Company Compliance Requirements

Meeting regulatory obligations is critical to maintaining business integrity in Singapore. We have reliable corporate secretarial services, ensuring businesses comply with the Accounting and Corporate Regulatory Authority (ACRA).

This includes handling annual filings, shareholder agreements, board resolutions, and other essential governance processes, giving founders peace of mind so they can focus on growth.

Financial Management and Accounting Expertise

Maintaining sound financial records is vital for both regulatory compliance and strategic planning. Our accounting and bookkeeping services are tailored to help businesses maintain accuracy in financial reporting. Our team of certified accountants brings a wealth of experience in APAC market-specific accounting practices, ensuring that entrepreneurs can focus on scaling their businesses without financial obstacles.

Tax Advisory and Compliance

Navigating tax regulations is critical, especially when operating in a new market with its unique tax landscape. InCorp provides tax advisory and compliance services, helping businesses maximise tax efficiency. From corporate income tax to GST registration, our tax experts ensure clients comply with Singapore’s tax laws while optimising their tax planning.

HR, Payroll, and Employment Expertise

Human resources and payroll compliance can be complex for businesses expanding into the APAC region. InCorp offers tailored HR and payroll solutions, from employment contracts to payroll processing, helping businesses comply with Singapore’s employment laws. This service is particularly beneficial for international companies entering the market who may not be fully aware of local HR regulations.

Building a Pathway to Success

Aligning with reliable partners can make a significant difference when expanding your business. InCorp and ACE Singapore offer synergistic support that caters to foundational needs, like company incorporation and tax compliance, and growth-oriented initiatives, like investor connections and talent development.

Startups choosing InCorp gain a partner with comprehensive knowledge of the APAC’s regulatory and business landscape, offering hands-on expertise that simplifies operations. Meanwhile, ACE Singapore provides the entrepreneurial ecosystem and growth support needed to make an impactful market entry and establish a strong network.

From navigating incorporation processes to securing funding and building a network, we work together to enable your business to scale across the APAC region effectively. With us by your side, you can focus on what truly matters—growing your business, building customer relationships, and creating a lasting impact in the Asia-Pacific market.

About the Author

Alton Neo

Alton has deep technical expertise in the Singapore Financial Reporting Standards as well as hands-on experience in accounting for publicly-listed entities and growing enterprises in Singapore. Beyond that, Alton also provides expertise to fund managers and family offices on structuring.

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