SINGAPORE CALLING

SINGAPORE CALLING

MAP OF SINGAPORE

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 Malaylegend, there was once a Sumatran prince that visited this little fishing island. During this visit, heencountered a strange and amazing animal. He later found out that the beast was called a lion. He wasencouraged by an omen that stated he would find a city upon sighting the beast. Thus the name Singapura orLion City was found. "Singa" meaning Lion and "Pura" meaning city.

In late l818, Lord Hastings, Governor-General of India, gave tacit approval to Sir Stamford Raffles, Lieutenant-Governor of Bencoolen, to establish a trading station at the southern tip of the Malay Peninsula. On 29 January 1819, Raffles landed on the island of Singapore after having surveyed other nearby islands. The next day, he concluded a preliminary treaty with Temenggong Abdu'r Rahman to set up a trading post here. On 6 February 1819, a formal treaty was concluded with Sultan Hussein of Johor and the Temenggong, the de jure and defacto rulers of Singapore respectively.

In 1824 the British purchased Singapore Island and by 1825 the city of Singapore had become a major port with trade exceeding that of Malaya's Malacca and Penang combined. In 1826 Singapore Penang and Malacca were combined as the Straits Settlements to form an outlying residency of the British East IndiaCompany; in 1867 the Straits Settlements were made a British Crown Colony an arrangement that continued until 1946.

SIR STAMFORD RAFFLES WITH BRITISH EAST INDIA OTHER MEMBERS

The opening of the Suez Canal in 1869 and the advent of steamships launched an era of prosperity forSingapore as transit trade expanded throughout Southeast Asia. In the 20th century the automobile industry'sdemand for rubber from Southeast Asia and the packaging industry's need for tin helped make Singapore oneof the world's major ports.

In 1946 the Straits Settlements was dissolved; Penang and Malacca became part of the Malayan Union andSingapore became a separate British Crown Colony. In 1959 Singapore became self−governing and in 1963 itjoined the newly independent Federation of Malaya Sabah and Sarawak (the latter two former British Borneoterritories) to form Malaysia.

After a period of friction between Singapore and the central government in Kuala Lumpur Singaporeseparated from Malaysia on August 9 1965 and 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 world's 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 Asia's safest city, Singapore offers residents and visitors a growing palette of entertainment, cultural 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 SINGAPORE

ENTERPRENEUR 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 FROM SINGAPORE

Singapore-India Trade Bilateral trade in the first 9 months of the year 2004 is 8.4

billion which is about 2% of Singapore's 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 India

Singapore-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 IN SINGAPORE

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 Companies Full tax exemption on normal Cl (excluding Singapore franked

dividends) up to $100,000, for any of company’s first 3 consecutive Y/As which fall within Y/A 2005 to Y/A 2009.

Online filing Singapore offers the facility to file all the corporate

documents and returns online with Accounting & Company Regulatory Authority (formerly known as Registry of Companies and Businesses)

SETTING UP OF LIMITED LIABILITY PARTNERSHIP (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.

INDUSTRYClock-wise:-

Arts & Entertainment, 2% Business Products & Services, 13% Consumer Products, 11% Education & Training, 6% Engineering/Manufacturing, 6% Financial Services, 6% Government & Personal Services, 5% IT & Telecoms, 9% Media, 17% Medical & Healthcare, 3% Motor Vehicles, 2% Property & Construction, 3% Transportation, 4% Travel Tourism & Retail, 12% Others, 2%

COMPANY STAFF SIZE IN SINGAPORE

Less than 50 50-100 101-250 251-500 501-1,000 Over 1,000

37%

12% 15%

7%

12%

17%

Area of Responsibility

44% 56%Regional/ International markets Singapore market only

The majority of respondents (56%) had regional & international responsibilities in their profession, which is not surprising given that Singapore is a preferred headquarters for MNCs operating in the region. The remaining 44% of respondents had responsibilities within the local market only.

SUCCESS STORIES Massive vote of confidence in Singapore's

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 Merck's success formula

USEFUL LINKS

www.business.gov.sg www.acra.gov.sg www.iras.gov.sg www.mti.gov.sg www.mof.gov.sg www.moe.gov.sg www.mom.gov.sg www.edb.gov.sg www.mda.gov.sg www.psb.gov.sg www.ida.gov.sg