What tax 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