Singapore is an international standard city to work and live in. The globally well connected, multicultural and cosmopolitan city state offers a conducive environment for creative and knowledge driven industries. The combination of strong banking secrecy rules, generous tax incentives and its International reputation for business excellence has attracted many high net worth individuals and Corporations to Singapore.
Why Singapore Attracts Foreign Investment
Singapore is strategically located at the main crossroads of the world. Along with its excellent reputation, good network and infrastructure, sophisticated banking system, strong legal framework and attractive tax system have given Singapore the competitive edge in comparison to other countries. Some of the positive factors which help Singapore in attracting foreign investment are:
- Trust-integrity, quality, reliability, productivity, a strong legal system
- Knowledge-knowledge-based manufacturing and services, a thought and information hub, commitment to education and skills
- Connected-physical connectivity as well as people and business networks
- Life-an excellent place to live, work and learn
International Companies have leveraged on several advantages that Singapore has to offer and have headquartered in Singapore. Strong trade and investment, makes Singapore one of the most competitive Asian country (Global Competitiveness Report 2008).The World Bank also ranks Singapore as one of the most investment friendly destination in the world.(Doing Business 2009 Report).
By setting up base in Singapore, Companies benefit from Singapore's network of over 50 comprehensive Double Taxation Avoidance Agreements. They can also take advantage of the many free trade agreements Singapore has entered into and the 35 Investment Guarantee Agreements. Through these FTAs, Singapore has been able to establish communication with a network of countries that contribute at least 60% of global GDP.
The strict enforcement of its Intellectual Property Laws in Singapore ensures that Companies have protection for their ideas and innovations.
Singapore is a frontrunner in providing services such as International Banking, Trade Finance, Maritime Finance, Insurance Treasury Operations and Asset and Wealth Management within the region. It is the fourth largest foreign exchange trading centre in the world.
International Companies setting up base in Singapore can make use of the diverse capital markets and state of the art financial services from more than 500 local and foreign institutions located in Singapore. In addition there are 4500 companies offering professional services, including audit, accounting and management consulting; market research, advertising and public relations; human capital services; and legal services.
Singapore is also gaining prominence as an optimal destination for the centralization of services or "shared services". Centralizing activities like IT, Finance and Logistics provides benefits like lower operating costs, consistent service levels and enhanced productivity.
