Brainstorm a startup idea that allows large number of businesses to be set up
- Status: Closed
- Hadiah: $50
- Penyertaan Diterima: 8
This is an open challenge to any one with a good idea for a startup that seeks to attract as many people around the world to set up companies in Singapore.
In singapore, over the last couple of years, 5,000 business are newly setup per month. Considering that singapore has one of the lowest tax rates in the world and the 3rd largest FX centre of the world where businesses can transact freely with anyone in the world in most foreign currencies, that 5,000 looks small, and it is even smaller since businesses can be done remotely these days via payment gateways. The costs of open a business is not huge, a few hundred dollars in government fees or even less.
The benefits of having one, even if doing nothing, is tremendous. Many MNCs and SMEs set up shop to raise capital or keep capital.
However the rule of a “resident director and company secretary” for compliance purposes, are what is more expensive and prevents more netizens claiming that corporate entity. A resident director must be fulfiled.by a local, while a Secretary must also be fulfiled by a local. In addition there is the requirement of a Qi (qualified individual), which oerforms the works, the author is one such.
The author therefore is seeking a solution to double or tripe the number of new businesses to be set up in singapore via a digital solution or a new business model.
For e.g it can be a model similar to a crowd funding solution, where anyone post their non startup or innovative business, can be the most traditional or non-innovative business in the world as long as there is a prospect of cashflow from dividends or profits, to let people post a business and launch it to a marketplace for their friends and families to help them with the startup costs.
or it can be a funding model where we fund their business setup, let them have the bank and payment gateway after agreeing payment terms with us.
Or a tokenised solution to the less needy in developed countries, where they can seek donations from the internet community to build business, and issue a token at a “price per token”, to anyone in the chain, and then use the incoming and outgoing from their digital banks account to derive at a “market price per token”., which essentially is a “price per share”
Of the company. This solution would involve integrating a digital banking APi with an accounting software APi so that calculation can be made.
Winning entry would get equity in the startup that can be seed funded.
Deliverable would be mock ups, or figmas, of the app or dashboard that correctly displays the busines objective of large increase in number of business setups.