New Assistance Scheme Unveiled For Singapores Franchise Industry
Singapores Franchising and Licensing Association plans to launch an assistance package to boost the franchise industry in Singapore.
The Singapore Franchising and Licensing Association has announced plans of introducing an assistance package in order to enhance the growth of the franchising industry in Singapore. The Franchise Assist package aims to address key issues facing most franchisees such as access to funding, advise on manpower planning, marketing, branding and protection of intellectual property rights. The package is expected to be implemented within six months time.
The franchise industry in Singapore has been gaining momentum in recent years and is said to have generated revenue worth S$8billion in 2008 alone. There has been a steady growth in the number of franchise concepts from around 380 in 2003 to about 500 in 2009 a 30% increase in just five years time. Today, most SMEs find the franchise route a viable business option simply because it is safer. Franchises involve lesser investment (as compared to setting up a new business); the product, concept, and operational system has been tried and tested; and finally, it is easier to learn the business. Singapore is the perfect entry point for franchise firms as it offers a strong IP protection regime, excellent infrastructure, skilled manpower, and a strategic location within Asia.
According to Mr. Darren Leow, a senior member of the editorial team at SingaporeStartup.com, Singapore is set to transform itself into a regional franchise hub. The ease of Singapore incorporation, government assistance schemes, and the countrys receptiveness to new ideas and concepts make Singapore the ideal destination for foreign companies to setup their franchise IP systems and to grow regionally. Some of the popular franchisees in Singapore include 7-Eleven, McDonalds, Starbucks, Holiday Inn, and Subway. Singapore-based Bread Talk, Charles & Keith, and OSIM are excellent examples of home grown brands taking the franchise route internationally.
Some of the business sectors that are popular for franchising include F&B, retail, beauty and spa, education, and health-care. With efforts underway to develop Singapore into an international franchise hub, programs such the Franchise Assist scheme only serve to strengthen Singapores position as a platform for local and foreign franchisers to expand in the region.
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