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Double Tax Deduction for Internationalisation Scheme
Did you know that Singapore companies can get a 200% tax deduction for expenses when tapping into overseas business/markets?
The Double Tax Deduction for Internationalisation Scheme (otherwise known more conveniently as DTDi) allows Singapore companies to claim the above tax deduction on the first SGD 150,000 of eligible expenses in pursuance of the following activities:
1. Market Preparation;
2. Market Exploration;
3. Market Promotion; and
4. Market Presence
For more information as to how your company can take advantage of the DTDi scheme, please visit: Double Tax Deduction for Internationalisation - E-Services | Enterprise Singapore (enterprisesg.gov.sg).
Good Businesses to Start in 2023?
What are people saying are the best new business ideas to start in 2023?
1. Online reselling / E-commerce: with the benefits of platforms such as Amazon, Ali Baba and Taobao, setting up an online/e-commerce business has become almost universally accessible to bright thinking entrepreneurs with a great product to sell worldwide.
2. Advertising / Marketing Consulting: if you have particular knowledge in advertising and marketing, this knowledge can be used to set up a consulting business to advise small, medium and larger brands on their worldwide advertising / brand campaigns.
3. App Development: for those which strong IT skills, setting up a new app service is becoming a common theme for many successful businesses particularly with the ease of access many consumers have in this day and age with their mobile devices.
Traditional industries also remain sexy: things for home, renovation, pets, and more!
Be brave and think about a need people have 😊 If you have one great idea and want to share, please visit: Young E3 Entrepreneurship Fund (yethree.com).
Top Business Trends to be aware of in 2023
Technological innovation has been growing exponentially in recent years as a highly useful enhancement when doing business increasing efficiency but, in some instances, a necessity especially during Covid.
There are no signs of this slowing down.
3 business trends entrepreneurs should seek to integrate as part of their business:
1. Increased online business models
Many of today’s generation purchase their goods and services online. Businesses need to integrate either an online model or, at least, a dual online/offline model for sale of their products or services.
2. Remote working
If the pandemic has taught us anything, it is that traditional workspaces such as the corporate office space are becoming a thing of the past. Employees also feel rewarded to have the flexibility in arranging their work arrangements.
Businesses are advised to recruit a higher remote workforce.
3. Marketing Automation
Marketing automation helps to fill this gap by taking the time out of what would otherwise be hours upon hours of individualised marketing ads.
To find out more about our entrepreneur start-up mentoring services, please visit: Young E3 Entrepreneurship Fund (yethree.com)
Is ESG a must for your Start-Up Business?
YES – especially when securing early-stage funding is often vital for any start-up business to grow and flourish. Venture capital investors, especially in 2023, will expect to see how your start-up business has considered and embraced Environmental, Social and Governance as part of its growth/achieving its forecasts.
However, many entrepreneurs who may be focused on driving their business/networking may not have realised the importance on considering how Environmental, Social and Governance could enhance their business.
Even at the stage of creating your business plan, please consider ESG!
To find out more about our entrepreneur start-up mentoring services, please visit: Young E3 Entrepreneurship Fund (yethree.com)
What are the main businesses / industries set up by Women Entrepreneurs in 2023?
With consistent growth – although much more growth is needed – of female entrepreneurship, 2023 has seen interesting trends in industries in which such entrepreneurs operate in.
The top 5 industries include: Retail, Health & Fitness, Food and Restaurant, Hospitality and Education.
This survey revealed also an increased appetite amongst millennials to start-up their own businesses (female entrepreneurs are outpacing their male counterparts by 36% in 2023).
Exciting future ahead!!!
To find out more about our entrepreneur start-up mentoring services, please visit: Young E3 Entrepreneurship Fund (yethree.com)