Why choose Singapore to register your Blockchain gaming/company?

Foreign investment opportunities for Singapore-based blockchain gaming companies are notably abundant. In an InvestGaming report for the first six months of 2021, 24 companies with ties to cryptocurrencies and blockchains raised $476 million across 24 deals - which is more than double the amount from last year's 12 121 USD million deals.

In addition, Singapore’s appeal for FDI, especially in tech sectors like cryptocurrency and blockchain gaming, has soared. In 2020, the country experienced a record 15% increase in FDI capital, hitting $92 billion. 

Notably, companies like Grab and Bigo Technology secured substantial investments, such as Grab’s $1.5 billion from Softbank and Bigo Technology’s $1.4 billion from YY Inc. These investments signal the country's allure for tech-driven ventures, including blockchain-based startups.

Setting up a crypto/blockchain gaming company in a foreign location like Singapore is now a common strategy for global businesses. Companies benefit in several ways:

• Attracting International Investment: Singapore's appeal enables these firms to easily draw in significant investment from global investors.
• Testing Ground for Innovation: Singapore provides a conducive environment for creating sandboxes to experiment with new technology applications and business models.

By incorporating Singapore, blockchain gaming companies effectively attract foreign investment while enhancing their local and global brand presence. Leveraging Singapore's favorable tax laws and tax treaties with G7 countries facilitates business opportunities and international expansion for these companies.

In Singapore, you can find applications across diverse sectors. This is a golden opportunity for you to create a vast network of partners to aid you in the journey of developing your company.

• Blockchain application in the field of Communication: Top Network, etc.
• Blockchain application in the field of Digital Content: MinersINC, REOS, etc.
• Blockchain applications in the field of games: Sky Mavis, ALTO, Seascape, etc.
• Other various global blockchain application companies:
  • Wachsman: Originally headquartered in New York, it recently established its Asia Pacific headquarters in Singapore. Wachsman specializes in public relations, event management, and strategic consulting, working with key companies in the blockchain ecosystem.
  • Bluzelle: Initially based in Silicon Valley, Bluzelle set up its blockchain company in Singapore in 2014. It provides integrated blockchain applications, middleware, and data services for its clients.

To better support potential start-ups in the field of blockchain gaming, Singapore has implemented a range of policies with The Monetary Authority of Singapore. 

Since 2016: The Monetary Authority of Singapore (MAS) partnered with R3, a blockchain technology company, collaborating with financial institutions to develop interbank payment projects using blockchain. Singapore has also explored blockchain's potential to connect National Trade Platforms with commerce platforms of other countries.
In 2020: The Singapore government initiated an SGD 12 million blockchain innovation program funded by the National Research Foundation (NRF). This program involves 75 companies, including multinational corporations, large enterprises, and IT firms, to pioneer 17 blockchain-related projects over three years. The goal is to translate blockchain research into practical commercial applications.

In 2017, Singapore's crypto landscape saw pivotal developments as the Monetary Authority of Singapore (MAS) initiated a review of legislation for virtual currency issuance and use. Additionally, MAS contemplated establishing a regulatory framework for cryptocurrency funds and Initial Coin Offerings (ICOs).

Remarkably, Singapore hosts the ACCESS - Association of Cryptocurrency Enterprises and Start-ups Singapore, a Blockchain and Cryptocurrency Industry Association. Together with MAS and the Association of Banks in Singapore (ABS), ACCESS introduced an Act aiming to standardize principles for crypto-related businesses. This collaborative effort seeks to facilitate regulatory compliance for digital asset traders and owners in the country.

You can enjoy favorable corporate tax rates and incentives, particularly for startups:

• Corporate income tax rate: 17% on company profits.
• Start-up tax incentives: For the first three years from establishment, the first $100,000 of normal chargeable income gets a 75% exemption, reducing the effective tax rate to 4.25%. The next $100,000 receives a 50% exemption, reducing the effective tax rate to 8.5%. After three years, there are continued tax incentives, albeit at a reduced rate.
• Government stimulus packages: The government frequently introduces measures to support businesses and stimulate the economy, potentially further lowering the effective tax rate.
• Tax calculator: Blockchain game companies interested in establishing in Singapore can estimate their tax liabilities using a tax calculator provided by the Singapore government.
• Partial tax exemption (PTE): Companies not eligible for the startup tax exemption can apply for the Partial Tax Exemption from the fourth year onwards. This program extends tax benefits beyond the initial startup phase.