AGN Country Portals
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Doing Business in Singapore

Published March 2020

The World Bank has ranked Singapore the easiest place to do business in the world.

Singapore is now a global commerce, finance and transport hub with a population of over five million and a GDP of in excess of $300bn.  Its currency is the Singapore Dollar and its primary languages are English (for business), Mandarin, Malay and Tamil. 

Singapore has an ultra-high-speed, pervasive and trusted information and communications technology (ICT) infrastructure and has dedicated itself to becoming the world's first Smart Nation. 

Singapore is a major center for transportation and communication in Southeast Asia. With more than 90 airlines serving over 200 cities, Singapore's Changi Airport has established itself as a major aviation hub in the Asia Pacific region. The World Bank's Logistics Performance Index ranked Singapore as Asia's top performer when it comes to global freight forwarding and express carriers. Its well-developed logistics and infrastructure network has attracted major international logistics companies, such as FedEx, UPS, and DHL, to locate major hubs in Singapore.

Singapore has one of the most developed ICT infrastructures in the world, with a nationwide ultra-high-speed fiber optic broadband network.

A sovereign city-state in Southeast Asia, the Republic of Singapore lies one degree north of the equator, at the southern tip of the Malay Peninsula, with Indonesia's Riau Islands to the south. Singapore's territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increased its total size by 23%.

Stamford Raffles founded a European colony in Singapore in 1819 as a trading post of the East India Company. The islands were ceded to Britain in 1826,  gained independence from the UK in 1963 by federating with other former British territories to form Malaysia, but separated two years later became a sovereign nation in 1965.

 

Relationships with international businesses continue. In order to avoid the 'redundancy' risk of the use of static data about various countries, this portal incorporates various live data feeds from:

The Organisation for Economic Cooperation and Development (OECD)
The World Bank
The Observatory of Economic Complexity


The intention of this communication is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.

 

 

Use the navigations buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

World Bank Development Indicators

The window below is a feed from the World Bank website and shows the primary World Bank collection of development indicators, compiled from officially-recognized international sources.
It presents the most current and accurate Singaporean and global development data available, and includes national, regional and global estimates. Amongst others it covers critical areas of Agriculture & Rural Development, Climate Change, Economy & Growth, Education, Energy & Mining, Environment, External Debt, Health, Infrastructure and Labor & Social Protection

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from Singapore.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into Singapore.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from Singapore.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities in Asia Pacific:

OPPORTUNITIES TO SELL TO CHINA! DESPITE COVID, MASSIVE SHANGHAI EXPO SHOWS LUCRATIVE MARKETS ARE OPEN TO FOREIGN COMPANIES 
     (October 2020)

Potential for lucrative Chinese markets still very much present for businesses who may be otherwise suffering during the pandemic.

The upcoming Chinese International Import Expo (CIIE) in Shanghai illustrates how the Chinese are intent to move on from the impact of Covid 19.
 

GDP is up and the Chinese economy has effectively bounced back. Robust pandemic safety measures mean the import expo comprised of 1,400 foreign exhibitors will open its doors to buyers hungry for Western goods and services on 5 November. CIIE is likely to be one of the very few major commercial exhibitions not to have been cancelled in 2020.  

Foreign direct investment (FDI) into the Chinese mainland, in actual use, grew 18.7 percent year on year to 84.13 billion yuan in August. This marked the fifth consecutive month for the country to witness positive growth in FDI.


If you want to know what to export into China and for further information and take action, please contact us.

Find the AGN Firm best prepared to serve you


AUSSIE TECH – BIG OPPORTUNITIES FOR DIRECT INVESTMENT     (Jan 2018)

There are huge opportunities for AGN technology clients in Australia. Between 2014 and 2020, the contribution of digital technologies to Australia's economy is forecast to grow 75% to A$139 billion.

Almost all of this growth (97%) is predicted to take place in a range of traditional sectors such as financial services, agribusiness, life sciences, resources and energy. The Australian government warmly welcomes foreign investment in the some critical areas.

find the firm best prepared to serve you

Vietnam features at No3 in the top 5 best countries to invest in     (August 2016)

Recently free trade agreements have been signed with the European Union and 11 members of the Trans Pacific Partnership (TPP). Most economic indicators show resilience and point towards a continued and pro-longed period of growth. 
As a rising middle class country Vietnam offers many interesting business opportunities. Vietnamese population is a young one with the average age of the Vietnamese people being around 29. Due to the Confucian way of thinking education is highly valued and these young people have a reputation for being very eager to learn and are hard workers. English is the most commonly used language for educational studies and so the language barrier is not often an issue. Economic growth is stable and the country enjoys a stable political environment.

find the firm best prepared to serve you

Top 5 Foreign Direct Investment     (June 2016)

Foreign Direct Investment (FDI) accounts for approximately 11% of global GDP and more than 80 million jobs worldwide. There are four critical motivators that drive companies to pursue direct investment in foreign countries: 
Natural resource seeking, which speaks for itself. Market-seeking e.g. to gain access to new customers. Efficiency-seeking to reduce production costs by gaining access to new technologies or competitively priced inputs, and finally strategic-asset seeking such as valuable brands, new technologies, or distribution channels.

THE TOP 5 BEST COUNTRIES TO INVEST ARE: 
NO 5 - IRELAND - Many viewed Ireland's tax environment as one of the best in the world, scoring just behind Luxembourg and Panama. Business starts ups get 3 years tax free and then move to a 12.5% rate, which is practically half the global average.  
NO 4 - INDONESIA - Due to oil and massive reserves of other natural resources Indonesia has one of the biggest economies in the world. The Indonesian government are pursuing a radical agenda of reforms to assist FDI.
NO 3 - VIETNAM - Recently free trade agreements have been signed with the European Union and 11 members of the Trans Pacific Partnership (TPP).
Most economic indicators show resilience and point towards a good period of growth. 
NO 2 - SINGAPORE - Educated citizens and intellectual property protection law, along with large ex-pat communities make Singapore an attractive launch pad into the broader Asia region.
NO 1 - INDIA - Recently outperforming china as the top recipient of FDI in 2015, the governments campaigns to create favorable investment conditions in 25 key sectors, and the hugely successful Make in India campaign, have both contributed to India taking the number 1 slot.  

find the firm best prepared to serve you

Big boost for business Start Ups in India...?     (March 2016)

If you are looking for ways to develop your business in India, or you are seeking a supportive environment in which to innovate, this might be an option.  
The Start-up India Action Plan is a set of structural and regulatory reforms designed to protect start ups in the face of aggressive anti competitive strategies from large established corporates.  

A ‘startup’ is judged to be an entity that is headquartered in India and was started less than five years ago. It needs to have an annual turnover less than US$3.7 million. It can be foreign owned, or initiated by entrepreneurs from outside of India.   

find the firm best prepared to serve you

Tax Publications:

TRANSFER PRICING 2021

Countries Comparison


A collection of transfer pricing summaries of countries in the Asia Pacific Region

Read full publication
 
 
For further consultation on related items or previous years, get in touch with us 
 
TAX CARDS 2021

Countries Comparison


General guide to Asia Pacific countries tax facts

Read full publication
 
 
For further consultation on related items or previous years, get in touch with us 
 
ASIA PACIFIC TAXPRESSO

A quarterly Tax Publication

2021
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2020
Quarter 4

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2019
Quarter 4
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2018
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AGN News:

August 2021

Press Release: Professionals take to a multidisciplinary approach - written by R Venkatakrishnan, Partner at RVKS and Associates Chartered Accountants in Chennai, India


R Venkatakrishnan, Partner at AGN member firm RVKS and Associates Chartered Accountants in Chennai, India, has written an article published by the leading business daily in India on Monday 2nd August 2021.

In his article, titled 'Professionals take to a multidisciplinary approach', R Venkatakrishnan highlights a major change initiated by the Institute of Chartered Accountants of India. He shares his views on how domain experts need to form a holistic view of performance statements from multiple parameters. What will the future look like for professional accounting firms?

Read the press release
June 2021

Press Release: The AGN Woman of Impact Awards


The AGN Women of Impact Awards ceremony took place in front of a global virtual audience in May as a tribute to International Woman's Day 2021.

The award centre-staged women that showed commitment, energy, tenacity, professionalism and courage in the face of the pandemic with an aim to inspire other females. Find out who the six finalists are and who was crowned the overall winner.


Read the Press Release

AGN Firms in the country


Singapore
Audit Alliance LLP
No 20 Maxwell Raod,
#11-09, Maxwell House
Singapore Singapore 069113
Time Zone: GMT +8
Phone: (+65) 9692 7388
EMail: bernard.lee@allianceaudit.com
BSL Corporate Services Pte Ltd
220 Orchard Road #05-01
Midpoint Orchard
Singapore 238852
Time Zone: GMT +1
Phone: (+65) 6235 3388
EMail: main@bslcs.com.sg
BSL Management Services Pte Ltd
220 Orchard Road #05-01
Midpoint Orchard
Singapore 238852
Time Zone: GMT +8
Phone: (+65) 6235 3388
EMail: accounts@bsl.sg
BSL Public Accounting Corporation
220 Orchard Road #05-02
Midpoint Orchard
Singapore 238852
Time Zone: GMT +1
Phone: (+65) 6235 3388
EMail: audit@bsl.sg
BSL Tax Services Pte Ltd
220 Orchard Road # 05-02
Midpoint Orchard
Singapore 238852
Time Zone: GMT +8
Phone: (+65) 6235 3388
EMail: tax@bsl.sg