What benefits does the Singapore Government give to a newly set up Company?

To encourage local entrepreneurship, Singapore Government has declared a full tax exemption for newly incorporated companies.

NEW START UP COMPANIES

Full tax exemption is granted on the first $100,000 of Chargeable Income for qualifying new companies for the first three years of assessment consecutively (%)
First S$100,000 chargeable profit Nil
S$100,001 to S$300,000 8.5
Thereafter a Flat Rate of 17