CURRENT AFFAIRS

Detailed explanation-1: -Kanpur, U.P.: Singapore Indian Chamber of Commerce and Industry (SICCI) and SIIC IIT Kanpur signed a memorandum of understanding (MoU) to commemorate their shared goals of education and entrepreneurship development.

Detailed explanation-2: -It is also ranked number two worldwide by the Property Rights Alliance in its international property rights index 2022. Furthermore, it has low taxes - both corporate tax and goods and services tax rates are lower than India’s - and there are no capital gains tax or tax on dividends for shareholders.

Detailed explanation-3: -Singapore has one of the world’s simplest and most rational tax system. It levies no tax on capital gains or on dividends received from a business. This makes the country particularly attractive to entrepreneurs who want to incorporate and build a new business.

Detailed explanation-4: -Singapore’s business environment Singapore currently has more than 4, 000 startups, and equity funding for startups stood at 4.13 billion U.S. dollars as of the third quarter of 2021.

Detailed explanation-5: -However, the number of startups getting incorporated outside India is also increasing. In fact, some of the companies that turned unicorns in 2022 and 2021 are headquartered overseas. This includes Polygon, Amagi, CommerceIQ, Hasura, Fractal Analytics, BrowerStack, Chargebee, InnovAccer, MindTickle, among a few others.