I can't comment on this subject with regards to Singapore, but could give an insight into the UK market with this, as i'm signed to a UK company.
You guys certainly have a different outlook!!
The record industry is catch-22, in the sense that the majors won't be interested until you have a proven track record of consistent selling. Too many risks were taken in the past with regards to promoting/signing new acts, which cost the record companies millions of pounds. It is easy to slate the big companies, but, at the end of the day, they are a business first, and many went under in the 70's/80's/90's due to signing unknowns who a few A&R guys thought would make it big.
I'm not saying they shouldn't take chances; all i'm saying is that if they take too many chances, it would kill the business.
No-one here has mentioned publishing: here is one piece of advice - don't approach a record company if you have no publishing in place - the majors won't even consider speaking to you if your music has no safeguard i.e. publishing rights.
What about funding over there? Are there arts councils? Or approach the local council/government (sorry, it may be different over there) with regards to grants. This could, at the very least, get you good gear for gigging with.
Someone mentioned Dream Theater - record companies hate it when 18 year old lads think they can play and sound like Petrucci and the such - the result is usually very messy playing (not many can be consistent in the studio every time - and studios are very expensive, and the record company pays for the studio hire. It is ok to sit at home and nail a fast riff once, but the playing has to be great every time). So just do what you do, and do it well, as there are a million people out there trying to be the fastest guitarist/pianist/whatever. Remember, to the non-musician, it all sounds complex anyway! And if you are trying to appeal to a niche market (e.g. specifically to guitarists), then you are drastically and instantly cutting your market appeal, so it will be tougher to get signed.