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General Information About Singapore
Singapore is situated at the southern tip of the Malaysian Peninsula. Strategically located along the major shipping and air routes of Asia, it is the major nerve centre for trade and investments in the region. Spanning just over 622 sq km, Singapore though small, is undoubtedly an advanced and bustling economy. It thrives on an excellent infrastructure, highly educated labour force, political stability and an efficient business environment. Singapore is an ideal holding company and headquarters location and a gateway for foreign investments in to the emerging economies of Asia, such as China, India, Vietnam, Indonesia and Thailand.
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- Population: Singapore has a population of approximately 3 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others. The different races live together with mutual respect and in racial harmony. The work force is well educated and hardworking and there is a high level of managerial and technical expertise available.
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- Political Structure: The People’s Action Party, its single dominant ruling party since its independence in 1965, rules Singapore. There is no strong opposition party in Singapore. The Singapore Government vigilantly plans, manages and administers the country’s socio-economic development. Singapore is one of the world’s most politically stable and corruption-free countries.
- Infrastructure And Economy: Singapore has an excellent infrastructure with state of the art communication facilities and road transport system. It operates busy and efficient air and seaports and is a free port with no customs and excise duties on most items.
Singapore is also one of the leading international financial centres. Offshore investors are well served by representatives of most major international banks, financial institutions, investment management companies and accounting and legal firms.
The Singapore Government actively woos foreign investments with generous tax and financial incentives. This has successfully attracted numerous regional holding companies, corporate headquarters, business and service centres, group finance and treasury centres as well as investments in high tech industries, media and communications, shipping and financial services.
- Language: The most commonly used official languages are English and to a lesser extent, Mandarin, Malay and Tamil which are also official languages.
- Currency: Singapore Dollar.
- Exchange Control: None.
- Type of Law: Common Law.
- Principal Corporate Legalisation: The Companies Act, The Singapore Income Tax Act, The Economics Expansion Incentive Act.
Background for Singapore Company Formation
Singapore’s requirement for organization of a company or operation of a business among the most simplified in the World and closely resembles the UK Company Law. The Government permits 100% foreign ownership of subsidiaries in many sectors.
Potential foreign investors who discuss a project in advance with the Economic Development Board or Department of Trade will learn that 100% foreign equity is much more readily and granted for ventures that promise to contribute high technology, managerial skills, access to new markets, investment capital and offshore banking income. The Government may also bargain for local equity for trading companies and companies producing solely for the domestic market.
More Information on Singapore Company Formation
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