Singapore has introduced tax incentives for start-up private limited companies since 2005, aimed at nurturing entrepreneurship and fostering SME growth. Eligible newly incorporated companies, meeting specific criteria (including Singapore incorporation, tax residency, and having no more than 20 shareholders, with at least one individual shareholder owning a minimum of 10% of shares), will receive specific tax benefits under newly start up scheme:  For each of its first three consecutive tax years - 75% exemption on the first $100,000 of normal chargeable income and further 50% exemption on the next $100,000 of normal chargeable income.  From the fourth tax year onwards the first $10,000 of normal chargeable income will get 75% exemption and next $190,000 of normal chargeable income will get a further 50% exemption.