Singapore is one of the most developed countries in the world when it comes to new technology being implemented in day-to-day activities and services used by the population. However, the business community also benefits from the most recently launched IT developments which enable Singapore companies to use modern financial technology when supplying their services. Crowdfunding, blockchain and cryptocurrency are often mentioned in the city-state as making companies’ access to clients easier. This why the Monetary Authority of Singapore (MAS) is now planning to regulate the use of digital tokens. Our Singapore lawyers can offer information on the current legislation related the fintech industry.
The latest Cost of Living survey which was released at the beginning of June finds Singapore on the 24th position in terms of the most expensive location for expats at global level. The city-state fell from the 18th position it occupied in last year’s report. Even so, this is not bad news considering Singapore became more accessible for foreign investors, professionals and skilled workers. If you want to relocate and want to apply for an investor visa, you can rely on our law firm in Singapore.
A while back, the Monetary Authority of Singapore (MAS) which is also the city-state’s National Bank, had announced an easier process related to the registration of fund managers under the Securities and Futures Law. Now, these registration procedures will include digital advertisers who will be allowed to set up robo-advisors in order to offer their services. Our lawyers in Singapore can offer more information on the Securities and Futures Act in its new form.
Singapore is one of the Southeast Asian countries supporting companies through various funding measures. Singapore is also among the countries in the region which have enabled various schemes through which businesses can apply for loans with special interest rates, one of these programs being developed in collaboration with the Asian Development Bank (ADB). Our lawyers in Singapore can offer information on the funding schemes the government has enabled for companies.
Prior to the launch of the budget, the Ministry for Trade and Industry had announced that Singapore small and medium-sized enterprises (SMEs) would be at the center of the programs comprised in this year’s budget. The officials have kept their promise and put a great emphasis on how SMEs would benefit from support this year. There are two main areas the government will focus on: the digitization and the internationalization of these companies. Our lawyers in Singapore can assist foreign entrepreneurs interested in starting businesses in the city-state.
The 2017 Budget which was released at the end of February contains several tax changes which come in line with international taxation standards imposed by the Organization for Economic Co-operation and Development (OECD). Apart from sustaining Singapore companies, the government also thought about foreign companies operating in the city-state which must comply with various international tax arrangements. Our lawyers in Singapore can offer information about the agreements signed by the city-state.
At the beginning of this year, the Intellectual Property Office of Singapore (IPOS) made an announcement that the fees for patent search, examination reports and trademark applications will be cut down starting with the 1st of April 2017.
In February of this year, the Monetary Authority of Singapore (MAS) announced how it would strengthen the financing channels for Asian companies, by supporting the Committee of Future Economy’s (CFE) recommendations which were previously made public.
The economy of Singapore increased by 2% in 2016, mainly due to a strong fourth quarter in which the manufacturing production grew stronger. The year-on- year GDP increased with 2.9% between October and December, surpassing the previous estimations of the Government, which predicted a growth of 1.8%.
Opening a company in Singapore can prove to be a profitable enterprise. Besides from being strategically located, the city-state has a business-friendly setting and a simple tax system which can benefit even small businesses.
According to the World Bank, Singapore was ranked as the top country for business for 10 years in a row in 2016. Numerous foreign investors choose to open a business in the small Asian island which is predicted to also overtake the UK as an offshore financial hub by 2020 according to the Boston Consulting Group.
The deadline for filing the annual tax returns for Singapore companies in approaching quickly, according to the new scheme enabled by the Inland Revenue Authority of the city-state (IRAS). Below you will find all you need to know about the documents to be submitted this year for tax purposes. You can also rely on our lawyers in Singapore if you want to open a company in the city-state.
Singapore offers more and more facilities to foreign citizens purchasing real estate here, according to the latest surveys. This is also beneficial for construction companies and real estate agencies which have registered higher returns during the last few years. If you are interested in opening a construction company or simply invest in real estate in the city-state, you can rely on our Singapore lawyers for assistance.
Singapore has signed and enforced numerous double taxation agreements over the years and in order to enhance their effect, the Government has also enabled a scheme which provides for further tax deductions related to the expansion of Singapore companies on foreign markets. This is how the Double Tax Deduction (DTD) Scheme appeared. Our lawyers in Singapore can assist foreign investors interested in opening companies in the city-state.
The manufacturing industry remains one of the pillars of the Singapore economy, according to the latest data. Compared to July, August brought a slight increase for manufacturing companies in Singapore based on the last Purchasing Managers’ Index (PMI). If you want to open a manufacturing company and need information about the legal requirements related to the incorporation, you can rely on our attorneys in Singapore.
The Singapore government is considering amending the intellectual property legislation as the research and development industry where these laws apply frequently is quickly evolving. In order to do this, the Ministry of Law and the Singapore Intellectual Property Office (IPOS) have already proposed several changes to the Copyright Act which have been submitted for public consultation. Our Singapore lawyers can offer more information on the actual laws on the protection of intellectual property.
As the financial technology industry is quickly developing, the authorities must keep up with the latest payment solutions implemented by companies and banks in Singapore. This also the reason why the Singapore Monetary Authority (MAS), which is the city-state’s central bank, has decided to update the payments regulations. Our Singapore lawyers can offer information on the actual payments legislation.
Singapore is currently trying to offer companies with difficult financial situations the means to pay their debts, which is why the Government has decided to improve the legislation on debt restructuring. The central authorities have come up with 17 proposals which would be transformed into reforms and added to the current law on insolvency. Our Singapore lawyers can offer information on the legislation on insolvency.
Small and medium-sized enterprises (SMEs) in Singapore have improved the payment periods of their debts during the last year, according to the city-state’s Commercial Credit Bureau. Companies now spend an average 29 days to settle a debt, compared to past years when the average revolved somewhere around 43 days. Our lawyers in Singapore can offer information about debt recovery procedures.
The last financial year has brought foreign investments worth a total of 5.2 billion SGD to Singapore’s Gross Domestic Product (GDP). The amount was added to the city-state official foreign reserves (OFR) for the financial year 2015/2016. Our lawyers in Singapore can offer detailed information about the legislation on foreign investments available in the city-state.
The Singapore real estate sector is one of the most prosperous industries in the city-state according to a new survey showing the number of those purchasing their first home is rising. Among the factors leading to an explosion in the residential market are the governmental grants the competitive prices. If you want to buy a property in the city-state, our Singapore lawyers can offer information on the procedure.
Trading relations between Singapore and Mexico doubled over the last 10 years, according to the city-state’s Minister for Trade and Industry and companies operating here can now find new investment opportunities in Mexico. These new possibilities will be emphasized by the recently Trans-Pacific Partnership (TPP) signed by the two countries. Our lawyers in Singapore can offer detailed information on the TPP.
Singapore’s trading activities have picked up in May, according to the latest report posted by International Enterprise. Exports were the ones that have rose the most after the slight decrease registered in April. Our lawyers in Singapore can offer information about import and export procedures in the city-state.
The Singapore Manpower Ministry is currently working a draft legislation which will bring several changes to the fixed-term employment contracts. The guidelines established so far aim to provide for a clearer picture on the benefits for temporary employees. Our law firm in Singapore can offer full information about the provisions of the Employment Law in the city-state.
At the beginning of the year, the Singapore International Arbitration Centre (SIAC) proposed several changes related to arbitration proceedings related to investment issues. The draft legislation was finalized in May and is now pending approval after the public consultations are over. Our Singapore attorneys can offer more information on arbitration procedures in the city-state.