A view about singapore and its market...

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Transcript of A view about singapore and its market...

  • 1. SINGAPORE CALLINGSINGAPORE CALLING

2. MAP OF SINGAPORE 3. SINGAPORE Seceded from Malaysia in1965. Entire country is 270 sq.miles. Population is 4.5 million;77% Chinese, 14% Malay& 8% Indian. 42% Buddhist. Highest standard of livingin Asia with a per capitaGDP of $28,100, 11thhighest in world. 4. Singapore HistoryAn island once known as Temasek held a legend that was to changeits name forever. According to a Malaylegend, there was once a Sumatran prince that visited this little fishingisland. During this visit, heencountered a strange and amazing animal. He later found out thatthe beast was called a lion. He wasencouraged by an omen that stated he would find a city upon sightingthe beast. Thus the name Singapura orLion City was found. "Singa" meaning Lion and "Pura" meaning city. 5. In late l818, Lord Hastings, Governor-General of India, gave tacit approval to SirStamford Raffles, Lieutenant-Governor ofBencoolen, to establish a trading station atthe southern tip of the Malay Peninsula. On29 January 1819, Raffles landed on theisland of Singapore after having surveyedother nearby islands. The next day, heconcluded a preliminary treaty withTemenggong Abdur Rahman to set up atrading post here. On 6 February 1819, aformal treaty was concluded with SultanHussein of Johor and the Temenggong, thede jure and defacto rulers of Singaporerespectively. 6. In 1824 the British purchased SingaporeIsland and by 1825 the city of Singaporehad become a major port with tradeexceeding that of Malayas Malacca andPenang combined. In 1826 SingaporePenang and Malacca were combined asthe Straits Settlements to form an outlyingresidency of the British East IndiaCompany; in 1867 the Straits Settlementswere made a British Crown Colony anarrangement that continued until 1946. 7. SIR STAMFORD RAFFLES WITH BRITISH EASTINDIA OTHER MEMBERS 8. The opening of the Suez Canal in 1869and the advent of steamships launched anera of prosperity forSingapore as transit trade expandedthroughout Southeast Asia. In the 20thcentury the automobile industrysdemand for rubber from Southeast Asiaand the packaging industrys need for tinhelped make Singapore oneof the worlds major ports. 9. In 1946 the Straits Settlements wasdissolved; Penang and Malacca becamepart of the Malayan Union andSingapore became a separate BritishCrown Colony. In 1959 Singapore becameselfgoverning and in 1963 itjoined the newly independent Federation ofMalaya Sabah and Sarawak (the latter twoformer British Borneoterritories) to form Malaysia.After a period of friction betweenSingapore and the central government inKuala Lumpur Singaporeseparated from Malaysia on August 9 1965and became an independent republic. 10. SINGAPORE RANKINGS 2nd most competitive globally, after the UnitedStates 2nd most globalised nation in the world Best business environment in Asia-Pacific 2nd most profitable place for investors 2nd in personal safety among worlds top 50 cities Least corrupt country in Asia Best quality of life in Asia 2nd most network ready country 5th best offshore location globally 11. VIBRANT LIFESTYLE Oneof Asias safest city, Singapore offers residents and visitors a growing palette of entertainment, cultur al and lifestyle options. 12. LEADING FINANCIAL CENTRE Singapore has been a keyregional financial centre withmore than 500 local and foreignfinancial institutions offering awide range of financial productsand services. Funding and liquidity needs areeasily met by the local equityand debt capital markets andthe Asian dollar marketrequired by the business. 13. IMMIGRATION IN SINGAPOREENTERPRENEUR PASS - ENTREPASS Singapore welcomes entrepreneurs with theintroduction of the Entre Pass scheme, focusing ongood business plans over traditional criteria such aseducational qualifications and salary. The scheme is designed to allow global value-creating entrepreneurs and innovators to come toSingapore to start their business ventures, theimplementation of the scheme is significant andtimely as Singapore establishes its position as aregional business hub. 14. S PASS S Pass is a new category of work pass. It isintended to meet industries need for middlelevel skilled manpower (especially workers &technicians), which is a gap in the current framework. 15. DOING INTERNATIONAL BUSINESS FROMSINGAPORESingapore-India Trade Bilateral trade in the first 9 months of the year 2004 is 8.4 billionwhich is about 2% of Singapores foreign trade and is expected to be10 billion. The actual statistics are yet to be released.Singapore-India Investment Singapore has become the third largest investor after U.S andMauritius in IndiaSingapore-India Tourism Indian tourists are 7th most significant source of visitors to Singapore. 16. Overseas Companies established in Singapore2002 2004Indian Companies 1184 1441China Companies 1028 1160TATA Consultancy regional head quarters isat Singapore and it covers far east countriesincluding Australia, Japan, China and etc.TATA group which has set up Globalheadquarters in Singapore has acquired USbased TYCO global network for US $130Million, the leading sub-marine cablesystems through (VSNL)During June 2004 VSNL has set up itsInternational head quarters in Singapore tomanage the global business. 17. Scandent Group, whichprovides It services andbusiness processoutsourcing, run by Mr.Ramesh Vangal (CEO) wasawarded IHQ status by EDB.Scandent made Singapore itsstrategic base for globaloperation. 18. ADVANTAGES OF FTAS IN SINGAPORE FREE TRADE AGGREMENT 19. Signed AgreementsUSA, Japan, Australia, NewZealand, European Free Trade Associationand Hashemite Kingdom Of Jordan On going talksASEAN & People Republic ofChina, Bahrain, Canada, Egypt, India(CECA), Korea, Mexico, PacificThree, Panama, Peru and etc 20. ADVANTAGES OF INCORPORATING A COMPANY INSINGAPORE Exemptions from audit Small Exempt PrivateCompanies 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 privatecompanies to raise capital through private andexempted offerings without the need to convert to publiccompanies, so long as they fulfill the disclosurerequirements. 21. One Director / Shareholder Companies All companies can be incorporated with only one director and oneshareholder. 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 andDirector and the company secretary cannot be the same person, ifit is a one director company.Full tax Exemption Scheme for New CompaniesFull tax exemption on normal Cl (excluding Singapore franked dividends)up to $100,000, for any of companys first 3 consecutive Y/As which fallwithin Y/A 2005 to Y/A 2009.Online filingSingapore offers the facility to file all the corporate documents andreturns online with Accounting & Company Regulatory Authority (formerlyknown as Registry of Companies and Businesses) 22. SETTING UP OF LIMITED LIABILITYPARTNERSHIP (LLP) IN SINGAPORE An LLP is a business structure that offers all its memberssome form of limited liability while retaining the flexibility ofoperating the LLP as a traditional partnership. The LLP is a separate legal entity from its members; that is, itcan own property in its name and remain in effect despitechanges in its partners. An LLP partner does not assume personal liability for thedebts or obligations incurred by the partnership or otherpartners. If the LLP becomes insolvent, his liability is capped to theamount, which he has agreed to contribute to the LLP.However, the partner will assume unlimited personal liabilitywhen he knowingly causes the LLP to commit a tortious act. 23. Individual corporation can becomepartners. Each partner is an agent Conversion from firm to LLP ispossible, conversion from company to LLPis also possible. Name, nature of business, registeredoffice, compliance officer, manager arerequired to register an LLP. 24. TAXATION IN SINGAPORE Tax for Companies at 20% from financial year 2004, assessment year2005 Full tax Exemption Scheme for New Companies YA 2005-2009 for firstthree 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, companys profit up to the first 100,000 are taxedas follows:First 10,000 profit 75% is exemptedSecond 90,000 profit 50% is exempted International & Regional Head Quarters scheme are administered by EDBand these companies can enjoy concessionary income tax rates between5 to 10% DTASingapore has signed DTAs with 50 countries and limited DTAs with7 countries and agreements to be ratified with 3 countries.DTA was signed with India in January 1994 25. TRUST & FINANCIAL PLANNING IN SINGAPORE ICICI Bank partnership with RUSSELL Indias largest private sector bank with nearly 500 branchesis making Singapore its HUB for offering wealth management services to the 20 million Indiandiasporas 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 majorplayers in field. Indian professional expatriates who have headed some major financial institutions at Singaporehave started their own asset management companies in Singapore. 26. 2011 MARKETING TRENDS REPORT SINGAPORERespondentsA total of 1,613 marketers in Singaporetook part in the survey to share theirindustry knowledge, providing an accuratepicture of trends to come from marketersand their behaviours, as well as the mostpreferred agencies in various market