SINGAPORE Seceded from Malaysia in 1965. Entire country is 270 sq. miles. Population is 4.5 million; 77% Chinese, 14% Malay & 8% Indian. 42% Buddhist. Highest standard of living in Asia with a per capita GDP of $28,100, 11th highest in world.
Singapore − History An island once known as Temasek held a legend that was to change its name forever. According to a Malay legend, there was once a Sumatran prince that visited this little fishing island. During this visit, he encountered a strange and amazing animal. He later found out that the beast was called a lion. He was encouraged by an omen that stated he would find a city upon sighting the beast. Thus the name Singapura or Lion City was found. "Singa" meaning Lion and "Pura" meaning city.
In late l818, Lord Hastings, Governor-General of India, gave tacit approval to SirStamford Raffles, Lieutenant-Governor ofBencoolen, to establish a trading station atthe southern tip of the Malay Peninsula. On29 January 1819, Raffles landed on theisland of Singapore after having surveyedother nearby islands. The next day, heconcluded a preliminary treaty withTemenggong Abdur Rahman to set up atrading post here. On 6 February 1819, aformal treaty was concluded with SultanHussein of Johor and the Temenggong, thede jure and defacto rulers of Singaporerespectively.
In 1824 the British purchased SingaporeIsland and by 1825 the city of Singaporehad become a major port with tradeexceeding that of Malayas Malacca andPenang combined. In 1826 SingaporePenang and Malacca were combined asthe Straits Settlements to form an outlyingresidency of the British East IndiaCompany; in 1867 the Straits Settlementswere made a British Crown Colony anarrangement that continued until 1946.
SIR STAMFORD RAFFLES WITH BRITISH EASTINDIA OTHER MEMBERS
The opening of the Suez Canal in 1869and the advent of steamships launched anera of prosperity forSingapore as transit trade expandedthroughout Southeast Asia. In the 20thcentury the automobile industrysdemand for rubber from Southeast Asiaand the packaging industrys need for tinhelped make Singapore oneof the worlds major ports.
In 1946 the Straits Settlements wasdissolved; Penang and Malacca becamepart of the Malayan Union andSingapore became a separate BritishCrown Colony. In 1959 Singapore becameself−governing and in 1963 itjoined the newly independent Federation ofMalaya Sabah and Sarawak (the latter twoformer British Borneoterritories) to form Malaysia.After a period of friction betweenSingapore and the central government inKuala Lumpur Singaporeseparated from Malaysia on August 9 1965and became an independent republic.
SINGAPORE RANKINGS 2nd most competitive globally, after the United States 2nd most globalised nation in the world Best business environment in Asia-Pacific 2nd most profitable place for investors 2nd in personal safety among worlds top 50 cities Least corrupt country in Asia Best quality of life in Asia 2nd most network ready country 5th best offshore location globally
VIBRANT LIFESTYLE One of Asias safest city, Singapore offers residents and visitors a growing palette of entertainment, cultur al and lifestyle options.
LEADING FINANCIAL CENTRE Singapore has been a key regional financial centre with more than 500 local and foreign financial institutions offering a wide range of financial products and services. Funding and liquidity needs are easily met by the local equity and debt capital markets and the Asian dollar market required by the business.
IMMIGRATION IN SINGAPOREENTERPRENEUR PASS - ENTREPASS Singapore welcomes entrepreneurs with the introduction of the Entre Pass scheme, focusing on good business plans over traditional criteria such as educational qualifications and salary. The scheme is designed to allow global value- creating entrepreneurs and innovators to come to Singapore to start their business ventures, the implementation of the scheme is significant and timely as Singapore establishes its position as a regional business hub.
‘S’ PASS ‘S’ Pass is a new category of work pass. It is intended to meet industries need for middle level skilled manpower (especially workers & technicians), which is a gap in the current frame work.
DOING INTERNATIONAL BUSINESS FROMSINGAPORESingapore-India Trade Bilateral trade in the first 9 months of the year 2004 is 8.4 billion which is about 2% of Singapores foreign trade and is expected to be 10 billion. The actual statistics are yet to be released.Singapore-India Investment Singapore has become the third largest investor after U.S and Mauritius in IndiaSingapore-India Tourism Indian tourists are 7th most significant source of visitors to Singapore.
• Overseas Companies established in Singapore 2002 2004 Indian Companies 1184 1441 China Companies 1028 1160 TATA Consultancy regional head quarters is at Singapore and it covers far east countries including Australia, Japan, China and etc. TATA group which has set up Global headquarters in Singapore has acquired US based TYCO global network for US $ 130Million, the leading sub-marine cable systems through (VSNL) During June 2004 VSNL has set up its International head quarters in Singapore to manage the global business.
• Scandent Group, which provides It services and business process outsourcing, run by Mr. Ramesh Vangal (CEO) was awarded IHQ status by EDB. Scandent made Singapore its strategic base for global operation.
ADVANTAGES OF FTA’S IN SINGAPORE FREE TRADE AGGREMENT
• Signed Agreements USA, Japan, Australia, New Zealand, European Free Trade Association and Hashemite Kingdom Of Jordan• On going talks ASEAN & People Republic of China, Bahrain, Canada, Egypt, India (CECA), Korea, Mexico, Pacific Three, Panama, Peru and etc
ADVANTAGES OF INCORPORATING A COMPANY INSINGAPORE Exemptions from audit – Small Exempt Private Companies Dormant companies and exempt private companies with revenues not exceeding $2.5m would be exempted from the audit requirement. This is effective for financial year- end beginning on or after 15 May 2003. The prescribed amount is increased to $5m for financial year starting on or after 1 June 2004. Raising of capital by Private Companies Securities and Futures Act (CAP 289) allows private companies to raise capital through private and exempted offerings without the need to convert to public companies, so long as they fulfill the disclosure requirements.
One Director / Shareholder Companies • All companies can be incorporated with only one director and one shareholder. • Sole director must be locally resident in Singapore. • Sole shareholder can be an individual or a corporate entity. • All the companies need to appoint a Company Secretary and Director and the company secretary cannot be the same person, if it is a one director company.Full tax Exemption Scheme for New CompaniesFull tax exemption on normal Cl (excluding Singapore franked dividends)up to $100,000, for any of company’s first 3 consecutive Y/As which fallwithin Y/A 2005 to Y/A 2009.Online filingSingapore offers the facility to file all the corporate documents andreturns online with Accounting & Company Regulatory Authority (formerlyknown as Registry of Companies and Businesses)
SETTING UP OF LIMITED LIABILITYPARTNERSHIP (LLP) IN SINGAPORE An LLP is a business structure that offers all its members some form of limited liability while retaining the flexibility of operating the LLP as a traditional partnership. The LLP is a separate legal entity from its members; that is, it can own property in its name and remain in effect despite changes in its partners. An LLP partner does not assume personal liability for the debts or obligations incurred by the partnership or other partners. If the LLP becomes insolvent, his liability is capped to the amount, which he has agreed to contribute to the LLP. However, the partner will assume unlimited personal liability when he knowingly causes the LLP to commit a tortious act.
• Individual corporation can become partners.• Each partner is an agent• Conversion from firm to LLP is possible, conversion from company to LLP is also possible.• Name, nature of business, registered office, compliance officer, manager are required to register an LLP.
TAXATION IN SINGAPORE Tax for Companies at 20% from financial year 2004, assessment year 2005 Full tax Exemption Scheme for New Companies YA 2005-2009 for first three consecutive years falling in that period. Tax Exemption on Dividends, Branch Profits & Service Income Royalty payments made to non residents are taxed 10% based on DTA Partial Tax Exemption, company’s profit up to the first 100,000 are taxed as follows: First 10,000 profit 75% is exempted Second 90,000 profit 50% is exempted International & Regional Head Quarters scheme are administered by EDB and these companies can enjoy concessionary income tax rates between 5 to 10% DTA Singapore has signed DTA’s with 50 countries and limited DTA’s with 7 countries and agreements to be ratified with 3 countries. DTA was signed with India in January 1994
TRUST & FINANCIAL PLANNING IN SINGAPORE• ICICI Bank partnership with ”RUSSELL” India’s largest private sector bank with nearly 500 branches is making Singapore its HUB for offering wealth management services to the 20 million Indian diasporas around the world• Private Banking: Very aggressive private banking activities are going on in Singapore. CITI Group, ABN AMRO, CREDIT SUISSE, UBS, Coutts Bank, Dryden Financials are the major players in field.• Indian professional expatriates who have headed some major financial institutions at Singapore have started their own asset management companies in Singapore.
2011 MARKETING TRENDS REPORT –SINGAPORE Respondents A total of 1,613 marketers in Singapore took part in the survey to share their industry knowledge, providing an accurate picture of trends to come from marketers and their behaviours, as well as the most preferred agencies in various marketing disciplines. The large sample size achieved is a testament to the interest marketers have expressed in the study and the veracity of the data.
COMPANY STAFF SIZE IN SINGAPORE 17% Less than 7% 37% 50 15% 12% 50-100 12% 101-250 251-500 501-1,000 Over 1,000
Area of Responsibility 44% Regional/ International 56% markets Singapore market onlyThe majority of respondents (56%) had regional &international responsibilities in their profession, whichis not surprising given that Singapore is a preferredheadquarters for MNCs operating in the region. Theremaining 44% of respondents had responsibilitieswithin the local market only.
SUCCESS STORIES Massive vote of confidence in Singapores future The heart work of industrial development Turning her hunch into a multi-million success story Why Seagate continues to invest in Singapore Win-win way to TAP young talent Through good times and bad times ACCS rides outsourcing wave Innovation in NanoScience Connecting with Singapore in every way Mercks success formula