During 2017, private and public institutions have made various polls among business owners in Singapore and the last survey had indicated a 2.5% economic growth in November. The last report was issued in the last days of 2017 when the sentiment of investors has improved and determined to economists to say that the economy would end the year with a 3.3% increase. Foreign investors who want to start their business in the city-state are invited to discuss with our lawyers in Singapore about their options.
For a few years now, Singapore is one of the most renowned financial centers in the world and now that industry is successfully completed by the latest technological developments which have created the base of for fintech companies. The most recent survey carried out by a private bank in Singapore indicates the city-state is home to 2 in 5 financial technology companies in the ASEAN (Association of Southeast Asian Nations) community. If you need information on the legislation applicable in the financial sector, our lawyers in Singapore can explain it.
Fintech is currently one of the most developed industries in Singapore and may other countries look towards the achievements of the Monetary Authority of Singapore (MAS) when seeking to improve or create their own regulations, especially when it comes to virtual currency policies. This is how many countries, including Singapore, have signed fintech agreements which help them develop their ties with other states in relation to the financial technology industry. In November, Singapore and Poland signed such type of agreement. Our lawyers in Singapore can offer information on the regulations imposed by the MAS in the fintech sector.
At the moment the Singapore economy is represented by the financial sector which is also one of the most attractive investment industries for foreign enterprisers. The Singapore financial industry is not made up by banks and insurance companies, but also by IT companies which create software employed in the newly-emerged financial technology sector – better known as fintech. In order to take advantage of this new industry, the government has enabled the new Industry Transformation Map for the financial sector which includes fintech. Our lawyers in Singapore can offer information on the current laws applicable in the financial domain.
Singapore’s economy has surpassed the predictions announced at the beginning of the year, according to the city-state’s prime minister. Moreover, the economy is expected to grow more than these projections, as the end of the year approaches. New numbers indicate a growth at the end of the 2% to 3% range. Our Singapore lawyers can offer information on the best industries to open companies in this country at this moment.
Compared to other neighboring countries, Singapore has one of the most advanced high-technology industry, a fact that is confirmed by the last Thomson Reuters report which indicates most of the equity stock raised by companies up to this point of the year belongs to high-tech companies. Their share of the equity market reached 52.5%. If you want to open a company in high-tech sector, you can obtain guidance from our law firm in Singapore.
As the end of 2017 is approaching, the Singapore government started analyzing the results registered by the economy in the first three quarters and make the last projection for the last quarter of the year. Up to this point exports and re-exports of electronics seem to be the main driver behind the economy and even more, trade in this sector is expected to bring a rise of more than 3% to the Gross Domestic Product (GDP). Our law firm in Singapore can assist investors who want to start trading companies in the city-state.
Singapore and Thailand have good economic relations secured through bilateral agreements which is why the two countries have decided to enhance these relations by signing two more memoranda of understanding (MoUs). This time, cooperation will be improved in the technology field. Our lawyers in Singapore can offer information on the legislation allowing foreign investors to open companies in the city-state.
Singapore is currently working towards improving the city-state’s position as a fintech hub in Southeast Asia which is why the Monetary Authority of Singapore (MAS) is seeking to cooperate with other countries in this field. Singapore’s most recent Memorandum of Understanding (MoU) on the fintech industry implies a cooperation with Denmark through which companies in both countries can enter the other market. If you are interested in opening a fintech business in the city-state, our lawyers in Singapore can explain the legislation applicable in this industry.
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.