Singapore

Singapore has a well-developed free market economy that is based primarily on trade, finance, and manufacturing. It ranked number one on the World Bank’s Ease of Doing Business survey for nine consecutive years. The geographical location of Singapore gives it the unique advantage of having access to the entire population of Asia, especially to other business hubs like China, India, Australia, and Malaysia. Doing trade in Singapore is beneficial due to its –

Trade Strategy

• Expansion of international economic space for local entities.
• Aims to secure a predictable and fair trading environment.
• It aims to minimize impediments to the flow of imports and exports.
• Import duties on liquor, tobacco, petroleum products, and motor vehicles remaining dutiable have been abolished.

Free Trade Agreements

 Singapore’s Free Trade Agreement (FTA) with China, Korea, European Countries, Australia, Sri-Lanka and other countries eliminates trade barriers, which ;

• reinforce its role as a regional services hub;
• attract more inward Foreign Direct Investment, and
• secure preferential treatment and legal protection for Singapore investments abroad.

Singapore has zero tariffs and a “single window” (TradeNet) for all goods.

Singapore used as a gateway by Foreign Companies to explore opportunities, including via partnerships with Singapore companies, enjoying tariff savings, preferential access to certain sectors and enhanced IP protection.

A robust economy and no currency control

•  No need for any local partners or shareholders to form an entity.
• No limitation on profit repatriation and foreign currency.
• Ease of Incorporation and Operation of entities.
• Availability of a High Skilled workforce.

Centrality

 Situated in the middle of the Straits of Malacca, Singapore is one of the world’s most important trading routes connecting the Pacific and Indian Oceans. It became the port-of-call for many trading companies due to the following reasons:

• Singapore is global trading centre for machinery, equipment, metals, minerals and
  construction materials etc.
• Ranked highest in the world for its Trade to GDP ratio.
• Tax-efficient jurisdiction to hold intellectual property.
• Given sound infrastructure, expanded network of treaties, and the existence of tax on
  local source income.
• Singapore is compliant with international standards for tax transparency.