Location – Situated at the southern tip of the Malay Peninsula, Singapore is the smallest country in Southeast Asia. It is one of the few remaining city-states in the world
Capital –Singapore City
Population –About 4,840,000
Languages – English, Mandarin, Malay, Tamil
Legal System – English Common Law
Political System – Separated from Malaysia and became an independent republic in 1965; the political system was established as a representative democracy, and the country is now recognized as a parliamentary republic
Currency – Singapore dollar (approx. USD 1 : SGD 1.5)
Exchange Control – None
Economy – With foreign direct investment, Singapore has created a modern economy based on a wide variety of industries. In particular, the territory industry, with a well regulated environment, has driven the country to become one of the world’s top financial and trade centre
Time Zone – GMT +8
International Banks – As an international financial centre, Singapore is home to a wide range of international and local banks
Principal Corporate Legislation – Companies Act (Chapter 50)
As a well known developed country, Singapore continues to have a good international reputation thanks to the ease of doing business there and the soundness of its regulatory framework for businesses.
The mission of the Accounting and Corporate Regulatory Authority (“ACRA”) of Singapore is: “To provide a responsive and trusted regulatory environment for businesses and public accountants”. This demonstrates Singapore’s aggressiveness in promoting its business growth and ensuring compliance and good corporate governance.
FEATURES AND BENEFITS
A well-developed society with a sound political, legal and economic structure.
Supported by comprehensive and mature professionals, financial institutions, legal services and sophisticated tax-planning expertise.
Double Tax Agreements have been entered into with various countries, including Mainland China.
Privacy– disclosure of details of beneficial owner(s) to the Authority is not required.
No tax is imposed on offshore profits.
Simple company structure
User-friendly – timely registration, online filing and searching services, etc
Singapore has established itself as one of the world’s top trading nations