ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore

 
ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
ACCESSING ASIA
          THROUGH SINGAPORE

    The Essential Guide to Setting Up Your Business
                     In Singapore
                                  2014 Edition

Published By Singapore Business Federation   Strategic Partners
ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014

    Contents
5       FOREWORD                                        72        LEGAL
                                                                  - Singapore’s Legal Framework
6       SINGAPORE@A GLANCE                                        - Competition Act
                                                                  - Arbitration
                                                                  - Merger & Acquisitions
9       WORK IN SINGAPORE
        - The Singapore Econmy                                    - Intellectual Property (IP) in Singapore
        - Industries In Singapore
        - Emerging Industries                           82        MANPOWER
        - Key Industries                                          - Employment Standards & Regulations
        - Trade Performance                                       - Singapore Labour Legislation
        - Investment Activities                                   - Statutory Board Contributions
        - 2012 Business Formations                                - Types of Employment Passes
        - Funding Opportunities                                   - Foreign Worker Levy
        - Common Operating Models
                                                        91        REAL ESTATE
27      LIVE IN SINGAPORE                                         - Office Space
        - Education                                               - Serviced Office Solutions
        - Transportation                                          - Virtual Office Solutions
        - Housing                                                 - Industrial Space
                                                                  - Choosing The RIght Industrial Real Estate
                                                                    Solutions For Your Business
38      PLAY IN SINGAPORE                                         - JTC’s Next Generation Industrial Infrastructure
        - Tourism & Recreation                                      Solutions

41      CORPORATE ADVISORY                              111       RELOCATION
        - Setting Up A Company                                    - Relocate To Singapore Easily
        - Types of Business Organisations
        - Upgrading of Representive Office
        - Process & Compliance                          113       REACHING OUT TO ASEAN
        - Taxation                                                - Singapore’s Connectivity With ASEAN
        - Tax Incentives                                          - Expanding Into Bintan, Batam & Karimun (BBK)
        - International Agreements                                - Expanding Into Iskandar

60      FINANCE                                         126       About ACCESSASIA@SINGAPORE
        - Singapore As A Financial Hub
        - Key Trends                                    127       Contributors
        - Asian Dollar Market (ADM)
        - Monetary Authority of Singapore (MAS)
        - Registration & Licensing of Fund Management
          Companies
        - Banking Regulations & Legislations                  TERMS OF USE:
        - Treasury Centralisation in Singapore
                                                              This Guide is for informational purpose only. All information
        - Singapore as an Offshore Yuan Clearing Hub
                                                              gathered was compiled from sources believed to be reliable. No
        - Debt Capital Markets in Singapore                   liability for any error or omission is accepted by Singapore Business
        - Listing                                             Federation, its strategic partners, affiliates or any of its directors
                                                              of employees. Readers are encouraged to exercise their own
                                                              judgement and seek out the latest information where necessary.
                                                              The services of a competent professional should be engaged if
                                                              any professional advice or expert assistance is required.

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014

 Foreword
                                     Access Asia Through Singapore

                                     The Singapore Business Federation (SBF) partners the Singapore
                                     Economic Development Board (EDB) to promote Singapore as a
                                     Global-Asia Hub for global enterprises seeking to establish their
                                     presence in Singapore and expansion into Asia. SBF is pleased
                                     to present The Essential Guide to Setting Up Your Business
                                     In Singapore 2014 Edition, which provides an overview of the
                                     Singapore business environment and useful information on setting
                                     up business operations in Singapore.

                                     Asia has a market of more than three billion people and a combined
                                     GDP of more than USD $17 trillion. This represents a significant
                                     trade and business potential for global enterprises eyeing Asia’s

                                                                                                             S
                                     rising manufacturing and consumer-based opportunities. Singapore
                                     is a strategic starting point for global enterprises seeking business
                                     opportunities in Asia.

                                                                                                                 INGAPORE AT A GLANCE
For the seventh year running, Singapore has been ranked the easiest place in the world to do business,
according to the World Bank Report 2012. Its pro-business environment, excellent connectivity and
distinction as Asia’s most liveable city, continue to be attractive for global companies choosing
Singapore for their business. In 2012, there were a total of 56,681 new business formations, of
which, 24% were entirely foreign-owned. This is a testament to the strong business confidence that
foreign investors have in Singapore.

SBF launched ACCESSASIA@SINGAPORE, a one stop business concierge service to facilitate
global companies’ speedy start-up in Singapore and their expansion into Asia. The initiative brings
18 leading Singapore-based professional service companies together to provide a suite of services
for global companies looking to set up their business operations here.

We hope this guide will enhance your understanding of Singapore as a preferred business location
as you take your first explorative step towards setting up your business here.

Ho Meng Kit
Chief Executive Officer
Singapore Business Federation

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Economy with the LEAST
Singapore Business Federation 2014

SINGAPORE

                                                                                                      SINGAPORE TRIVIA
        AT A GLANCE                                                                                                      CORRUPTION in ASIA
                                                                                                                         IMD World Competitiveness Yearbook, 2011
                                                                                                                                                                                Asia’s leading
Singapore, located in South East Asia, is one of the smallest countries in the world. Despite
its size, Singapore houses more than 7,000 MNCs and is the launching pad for enterprises to
                                                                                                                          Economy                                     CITY OF OPPORTUNITIES                           Pricewaterhouse Coopers, 2012
internationalise. Much of Singapore’s rapid growth is attributed to the stable and competent ruling
                                                                                                                          most open to trade
government of Singapore that is pro-business and has the political capacity to implement policies.

Singapore is a multi-cultural society comprising four major races: Chinese, Malay, Indian, and
                                                                                                                           The Global Enabling Trade Report, 2010                                14.4 Million
                                                                                                                                       THE MERLION
                                                                                                                                                                                                                   Tourism Arrivals in 2012
Eurasian. Singapore is a bilingual society with English as the main language of instruction, and a
mother tongue for each major ethnicity.
                                                                                                                          Singapore’s national icon was created in 1964 for the Singapore Tourism Board
          Land Area (Sq. km)
          Total Population (‘000)
                                  715.8
                                  5,312
          GDP (2012)			S$345.6 Billion
                                                                                                                           GARDEN CITY SINGAPORE CHANGI
          				S$65,048 (per capita)
          				US$51,162 (per capita)
                                                                                                                                        More than 2 million trees in
                                                                                                                                             urban Singapore
                                                                                                                                                                                                                            AIRPORT
          Total Trade (2012)		    S$984.9 Billion                                                                                                                                                                   world’s best airport
          Major Trading Partners  Malaysia, EU, China, Indonesia, U.S., Hong Kong, Korea,
          				Japan, Taiwan, Thailand                                                                                     82% of the population live in bilingual
                                                                                                                          public housing                                                                                      Euromoney Magazine, 2011

                                                                                                                     Best place in Asia to LIVE,
                                                                                                                                                                                          SAFEST country
                                                                                                                               WORK, & PLAY                                         in Asia to do business
                                                                                                                         Quality of Living Worldwide City Rankings, Mercer Survey, 2012

                                                                                                                              BEST PLACE in ASIA to be BORN                                                           Economist Intelligence Unit, 2013

                                                                                                                              Best business environment in Asia
                                                                                                                     2nd MOST                                                & Worldwide
                                                                                                                     COMPETITIVE                                                      BEST IP PROTECTION
                                                                                                                     country in the world                                          in Asia & 2nd in the world
                                                                                                                     The Global Competitiveness Report 2012-2013, World Economic Forum

  Synonymous with integrity, quality, reliability, and
  productivity, Singapore aims to provide foreign companies                                                               most ‘NETWORK READY’ in Asia                         Global Information Technology Report, 2013, World Economic Forum
  with a conducive environment to establish their base here and
  expand into the region.                                                                                                  City with the BEST INVESTMENT
                                                                                                                                                POTENTIAL
                                                                                                                               BERIBRS Report 2013

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014

                   WORK
                          IN SINGAPORE
                   The Singapore Economy                                         Singapore has a highly developed free market
                                                                                 economy with a heavy reliance on exports and trade.
                                                                                 Despite its small domestic market and dependence
                                                                                 on trade, Singapore has enjoyed robust economic
                                                                                 growth with an average growth rate of 6.1% since
                           SINGAPORE’S
                                                                                 2000 and a GDP per capita of S$65,048 (US$52,051)
                             2012 GDP:                                           in 2012, one of the highest in the world. This strong
                                                                                 economic performance is driven by 4 key sectors,
                   TOTAL VALUE S$345.6B                                          namely Manufacturing, Wholesale & Retail Trade,
                                                                                 Business Services and Finance & Insurance. These 4
                                                                                 key sectors collectively contributed to more than 64%
                                                                                 of Singapore’s GDP in 2012.

                                                                                 Singapore’s GDP Composition by Sector (2012)
                                 SECTOR	
  COMPONENTS	
  
                                     MANUFACTURING	
  
                     Biomedical	
  Manufacturing	
  	
               25.5%	
  
                     Electronics	
                                   25.0%	
  

W
                     Transport	
  Engineering	
                      15.7%	
  
                     Precision	
  Engineering	
                      14.6%	
  
                     General	
  Manufacturing	
                      11.3%	
  

ORK IN SINGAPORE
                     Chemicals	
                                      7.9%	
  
                            WHOLESALE	
  &	
  RETAIL	
  TRADE	
  
                     Wholesale	
  Trade	
                            87.8%	
  
                     Retail	
  Trade	
                               12.2%	
  
                                    BUSINESS	
  SERVICES	
  
                     Real	
  Estate	
                                39.1%	
  
                     Architecture	
  and	
  Engineering	
            12.8%	
  
                     Other	
  Administrative	
  &	
  Support	
       10.1%	
  
                     Services	
                                                                        (Source: Ministry of Trade and Industry)
                     Other	
  Professional,	
  Scientific	
  &	
      9.1%	
  
                     Technical	
  Activities	
                                   The Singapore economy grew by 1.3 per cent in 2012,
                     Business	
  &	
  Management	
                    6.2%	
     with the construction sector reporting the highest
                     Consultancy	
  
                                                                                 year-on-year GDP growth rate of 8.2 per cent. The
                     Rental	
  &	
  Leasing	
                         5.8%	
  
                                                                                 manufacturing and wholesale & retail trade sectors
                     Legal	
                                          3.9%	
  
                     Accounting	
                                     2.6%	
  
                                                                                 reported a marginal growth and contraction of 0.1 per
                     Head	
  Offices	
  &	
  Business	
              10.4%	
     cent and 0.7 per cent respectively.
                     Representatives	
  Offices	
  
                              FINANCE	
  AND	
  INSURANCE	
                      Year-on-Year GDP Sector Growth Rates 2012
                     Banking	
                                       48.3%	
  
                     Others	
                                        26.5%	
  
                     Insurance	
                                     11.2%	
  
                     Fund	
  Management	
                            10.0%	
  
                     Security	
  Dealing	
                            3.9%	
  

                                                                                                       (Source: Ministry of Trade and Industry)

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014                                                                                                                                                            Singapore Business Federation 2014

Focus Industries in Singapore                                                                                                                    Singapore offers Asia’s best healthcare system, and its standard of medical
                                                                                                                      Healthcare                  practice ranks among the best in the world. Singapore offers strategic
At present, the Economic Development Board (EDB) is targetting to develop the following 19                                                         partnership opportunities for healthcare service providers to test-bed
industries that play a vital role in sustaining the Singapore economy. Singapore has invested heavily                                               and develop innovative healthcare solutions and systems.
in developing these industries to stay abreast of the ever-changing economic landscape.
                                                                                                                                                 Singapore’s strengths as a financial centre, logistics and information hub
                                                                                                                      International               put us in good stead to serve as an IO humanitarian response hub for
                                                                                                                      Non-Profit Organisations     the region. Singapore is home to more than 130 international non-profit
                                                                                                                                                    organisations.

                                                                                                                                                 Singapore ranks as the second most network-ready country in the
                                      Singapore is the most comprehensive Maintenance, Repair, and Overhaul                                      world and the first in Asia. Infocomm services companies are drawn to
Aerospace Engineering                                                                                                 Infocomm Services
                                       (MRO) hub in Asia.                                                                                         Singapore because of its robust intellectual property protection regime,
                                                                                                                                                  good physical and trade connectivity and easy access to global talent.

                                     Singapore’s clean energy push centres on solar energy, given its strategic                                   Singapore is an attractive location for infocomm products companies to
                                      location in the tropical Sunbelt. Besides solar, resources are also being                                   orchestrate their global operations, and also develop and commercialise
Alternative Energy                     channelled towards wind energy, electric mobility, smart grids, biomass,
                                                                                                                      Infocomm Products
                                                                                                                                                   new infocomm products.
                                        fuel cells, energy efficiency, and carbon services.

                                                                                                                                                  With an expansive base of leading global logistics players, world-class
                                      Singapore is one of the world’s leading energy and chemical hubs and is
                                                                                                                      Logistics & Supply Chain    infrastructure and excellent global connectivity, Singapore is the preferred
Chemicals                              constantly working to stay at the forefront of the industry’s advancement.
                                                                                                                                                   logistics and supply chain management hub for leading manufacturers
                                                                                                                      Management                    across industries.

                                     With a central location within Asia, strong scientific and brand management
                                                                                                                      Marine & Offshore            Singapore owns a world market share of 70% for jack-up rigs, a global
                                     capabilities, as well as a conducive business environment, Singapore is
Consumer Business                                                                                                                                  market share of 70% of the conversion of Floating Production Storage
                                      the ideal location for Consumer Packaged Goods (CPG) companies to               Engineering                   Offloading units as well as a world market share of 20% for ship repair.
                                       innovate and drive regional growth strategies.

                                                                                                                                                   Singapore is the broadcast hub of Asia. Singapore’s media industry
                                      Singapore’s strong fundamentals in electronics make it a choice location        Media & Digital              consists of several industries, including TV broadcast and production;
Electronics                           for companies to create and manage new markets, products and                                                  publishing and printing; film; music; as well as interactive and digital
                                       processes, technologies and applications for the region and beyond.
                                                                                                                      Entertainment
                                                                                                                                                     media.

                                                                                                                                                   As Asia’s leading location for medical technology, Singapore is home to
                                     Singapore is the region’s premier hub for oil & gas. It is also Asia’s oil and
Energy                                                                                                                Medical Technology           over 30 medical technnology companies which have set up commercial-
                                     oil product pricing centre and the leading bulk liquids logistics hub that
                                                                                                                                                    scale plants to produce medical devices for the regional and global
                                      ranks amongst the top three in the world.
                                                                                                                                                     markets.

                                      Singapore is the leading one-stop hub for engineering solutions and aims
                                      to develop a vibrant landscape of both local and foreign companies              Pharmaceuticals &            Singapore is reputed for its clinical research and clinical trials management
Engineering Services                                                                                                  Biotechnology                 activities in Asia.
                                       with integrated turnkey capabilities and the knowledge base to create
                                        innovative solutions.

                                     Singapore is recognised as the ‘Global Hydrohub’ with more than
                                                                                                                                                   Singapore is the global centre of precision engineering excellence and
                                     70 companies in a vibrant water industry ecosystem. Beyond water,                Precision Engineering
Environment & Water                   Singapore is also nurturing the environmental industry which includes
                                                                                                                                                   leading hub for complex manufacturing.
                                      waste management and pollution control.

                                                                                                                                                   A strong base of MNCs from a wide range of industries and geographies
                                                                                                                      Professional Services        has established regional or global headquarter functions in Singapore,
                                                                                                                                                    aggregating sophisticated demand for Professional Services.

                                                                                                                                                                         (Source: Singapore Economic Development Board 2013)

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014                                                                                                                                                                                  Singapore Business Federation 2014

Emerging Industries
                                                                                                                                                                            Services
Emphasis has been placed on 7 emerging industries to keep pace and scale for growth.                                                                             GDP Share: 68.5%, S$222.3b
                                                                                                                         Wholesale & Retail Trade (S$55.2b)        Business Services (S$47.3b)              Finance & Insurance (S$38.5b)

                                                                                                                         • The Wholesale Trade sector has • More than 20% of the revenue                  • Singapore is the world’s fourth
                                                                                                                         a crucial position in the production contributed by services export              leading global financial centre
                                                                                                                         value chain and serves as
                                                                                                                         intermediaries for producers         • Singapore is a hub for professional       • Singapore provides services in
                                                                                                                                                              services                                    international banking, trade finance,
                                                                                                                         • The bulk of wholesale trade is                                                 maritime finance, insurance as well
                                                                                                                         attributed to the foreign wholesale • Singapore offers a diverse range           as asset & wealth management
                                                                                                                         trade and includes activities such of competencies for regional
                                                                                                                         as exports, re-exports and offshore markets to a growing community               • Singapore has one of the most
                                                                                                                         trading                              of multi-national headquarters and          active exchange markets in the
                                                                                                                                                              enterprises in Singapore                    world

                                                                                                                                                                                                          • Singapore is the only Asian
                                                                                                                                                                                                          country to be awarded an “AAA”
                                                                                                                                                                                                          sovereign credit rating from
                                                                                                                                                                                                          Standard & Poors, Moody’s and
                                                                                                                                                                                                          Fitch

                                                                                                                                     “
                                                                   (Source: Singapore Economic Development Board 2013)

                                                                                                                                                                                     The outlook of the Singapore economy for

                                                                                                                         2.5% - 3.5%
                                                                                                                                                                                     2013 is cautiously positive. While global
                                                                                                                                                                                     macroeconomic conditions have stabilized
Key Sectors                                                                                                                                                                          recently, global economic growth is expected
                                                                                                                                                                                     to remain subdued. Given the uncertainties
Both the Manufacturing and Services sectors play a vital role in Singapore’s economy, accounting
                                                                                                                         Singapore’s Economic Growth Forecast                        present in the world economy, the Ministry
for almost 90 per cent of the country’s GDP.
                                                                                                                                         2013                                        of Trade and Industry forecasts Singapore’s

                                                                                                                                                                                                                                               ”
                                                                                                                                                                                     growth to be 2.5 to 3.5 per cent in 2013.
                                                                                                                                                                                     Ministry of Trade & Industry
                                                   Manufacturing
                                            GDP Share: 20.7%, S$67.2b
       Biomedical Industry (S$15.4b)         Electronics Industry (S$15.1b)       Transport & Offshore Engineering                                                   Other Key Sectors
                                                                                              (S$9.5b)
    • 9.9% growth in 2012                  • Home to the world’s top:                                                       Chemicals & Petrochemicals                    Healthcare                                     Tourism
                                                                                 • Singapore is the largest player in
    • Singapore is home to more than       - 3 hard disk drive manufacturers     the global market for oil and gas       • Top 10 petrochem hub in the • Singapore is the medical hub of • The tourism sector is one of the most
    30 of the world’s leading biomedical   - 4 of the world’s top 5 Electronics drilling units and offshore support      world                                 Asia                                 important components of Singapore’s
    sciences companies                     Manufacturing Services providers                                                                                                                         service industry
                                           - 15 of the world’s top 25 fabless • Singapore is the largest                 • Major oil refining centre in Asia   • Healthcare system best in Asia
    • 87% of the total value-added was     semiconductor companies               manufacturer of jack-up rigs                                                                                       • Recent developments and events
    contributed by the Pharmaceuticals     - 11 of the world’s top 20 integrated                                         • World’s top 3 oil trading locations •    Popular    destination      for such as the Marina Bay Sands and
    sector                                 device manufacturers                                                                                                international medical travellers     Resorts World Sentosa Integrated
                                                                                                                         • Singapore’s Jurong Island houses                                         Resorts, The Singapore Flyer and
                                           • Accounted for almost 38.8% of the                                           more than 90 companies in the                                              The F1 Night Race are initiatives to
                                           S$16 billion fixed asset investments                                          petrochemical sector which have                                            triple tourism receipts to S$30 billion
                                           in Singapore in 2012.                                                         collectively invested S$31 billion in                                      by 2015, and identify Singapore as a
                                                                                                                         fixed assets on this site                                                  “must-visit” tourist destination.

                                                                                                                                                                                          (Source: Singapore Economic Development Board 2013)

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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
Singapore Business Federation 2014                                                                                                                                                                        Singapore Business Federation 2014

 Trade Performance                                                                                              Key Trading Partners

                                                                                                                Malaysia, The E.U, China, Indonesia
                                                                                                                and The US continue to be Singapore’s
World’s most open & freest economy                                                                              key trading partners. Collectively,
                                                                                                                they accounted for close to 50% of
                                                                                                                Singapore’s total trade for 2012.
 Singapore’s trade rose from S$516 billion in 2003 to S$985 billion in 2012, achieving a Compounded
 Average Growth Rate of 7.4%. Singapore’s total trade value in 2012 was 2.85 times its GDP for that
 same year, making it the highest trade to GDP ratio in the world. This reflects the importance of
                                                                                                                                                                                                (Source: Singapore Department of Statistics)
 trade to Singapore’s economy.
                                                                                                                Top 5 Import & Exports from Key Trading Partners
                                                                                                                          Top 5 Imports                          Top 5 Exports                Malaysia
                                        99% of imports are duty free                                            Electrical, Electronic Equip-
                                                                                                                ment (S$15.3b)
                                                                                                                                                    Mineral fuels, oils, distillation prod-
                                                                                                                                                    ucts, etc (S$23.0b)                       Malaysia is Singapore’s largest
                                                                                                                Mineral fuels, oils, distillation   Electrical, Electronic Equipment          trading partner. Imports and exports
 1st in openness to trade                                                                                       products, etc (S$14.8b)             (S$15.8b)                                 for year 2012 amounted to S$50.5
                                                                                                                Machinery, nuclear reactors,        Machinery, nuclear reactors, boilers,     billion and S$62.9 billion respectively.
                                                                                                                boilers, etc (S$5.6b)               etc (S$7.0b)                              The value of exports to Malaysia has
 Highest trade to GDP ratio in the world                                                                        Pearls, precious stones, met-
                                                                                                                als, coins, etc (S$1.5b)
                                                                                                                                                    Plastics and articles thereof
                                                                                                                                                    (S$2.3b)
                                                                                                                                                                                              consistently been higher than the
                                                                                                                                                                                              value of imports.
                                                                                                                Plastics and articles thereof       Optical, photo, technical, medical,
                                                                                                                (S$1.0b)                            etc apparatus (S$1.4b)
                                                                                                                          Top 5 Imports                          Top 5 Exports                The European Union
                                                                                                                Machinery, nuclear reactors,        Organic Chemicals (S$10.7b)
 Trading Trends                                                                                                 boilers, etc (S$11.8b)                                                        The EU is Singapore’s second main
                                                                                                                Mineral fuels, oils, distillation   Electrical, Electronic Equipment          trading partner. Trade between
 The increase in trade in petroleum oils led to the three-fold increase in merchandise trade share              products, etc (S$9.5b)              (S$10.3b)
                                                                                                                                                                                              the two partners comprised a total
 of Mineral Fuels, Lubricants & Related Materials over the past decade. Trade value within this                 Electrical, Electronic Equip-       Machinery, nuclear reactors, boilers,     import value of S$59.6 billion and a
 category has more than quadrupled from S$61 billion in 2003 to S$274 billion in 2012.                          ment (S$8.9b)                       etc (S$6.6b)
                                                                                                                                                                                              total export value of S$45.7 billion.
                                                                                                                Commodities not elsewhere           Commodities not elsewhere speci-
                                                                                                                specified (S$4.1b)                  fied (S$6.5b)
                   Product Mix of Singapore’s Merchandise Trade (2003 – 2012)                                   Vehicles other than railway,        Pharmaceutical products (S$3.3b)
                                                                                                                tramway (S$2.7b)
                                                                                                                          Top 5 Imports                          Top 5 Exports                People’s Republic of China
                                                                                                                Electrical, Electronic              Electrical, Electronic Equipment
                                                                                                                Equipment (S$18.0b)                 (S$23.2b)                                 China is Singapore’s third largest
                                                                                                                Machinery, nuclear reactors,        Mineral fuels, oils, distillation         trading partner. Imports from China
                                                                                                                boilers, etc (S$12.3b)              products, etc (S$8.5b)
                                                                                                                                                                                              in 2012 amounted to S$49.0 billion
                                                                                                                Mineral fuels, oils, distillation   Machinery, nuclear reactors, boilers,     whilst exports to China amounted
                                                                                                                products, etc (S$3.2b)              etc (S$6.2b)
                                                                                                                                                                                              to S$54.9 billion. Electrical and
                                                                                                                Iron and Steel (S$1.7b)             Plastics and articles thereof
                                                                                                                                                    (S$4.9b)
                                                                                                                                                                                              electronic equipment form a
                                                                                                                                                                                              significant proportion of the trade
                                                                                                                Articles of iron or steel           Organic chemicals (S$3.3b)
                                                                                                                (S$1.4b)                                                                      between the two countries.
                                                                                                                          Top 5 Imports                          Top 5 Exports                Indonesia
                                                                                                                Mineral fuels, oils, distillation   Mineral fuels, oils, distillation
                                                                                                                products, etc (S$9.6b)              products, etc (S$18.1b)                   With a total import value of S$25.2
                                                                                                                Electrical, Electronic Equip-       Machinery, nuclear reactors, boilers,     billion and a total export value of
                                                                                                                ment (S$3.3b)                       etc (S$10.1b)                             S$54.1 billion, Indonesia remains as
                                                                                                                Machinery, nuclear reactors,        Electrical, Electronic Equipment          Singapore’s fourth largest trading
                                                                                                                boilers, etc (S$2.6b)               (S$8.1b)
                                                                                                                                                                                              partner in 2012.
                                                                                                                Pearls, precious stones,            Plastics and articles thereof
                                                                                                                metals, coins, etc (S$2.0b)         (S$2.1b)
                                                                 (Source: International Enterprise Singapore)                                                                                    (Source: Singapore Department of Statistics,
                                                                                                                Tin and articles thereof            Vehicles other than railway, tramway         Trade Map)
                                                                                                                (S$1.0b)                            (S$2.0b)
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ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
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Singapore’s Import and Export Trade                                                                                           Singapore: The Global Maritime Centre

Singapore’s trade is Asia and ASEAN focused. Import and export trade with Asia and ASEAN was                                  Strategically located at the southern tip of Peninsular Asia and at the Straits of Malacca, the Port
more than 60% of the total trading value in 2012. This signifies strong trade connectivity between                            of Singapore prides itself as one of the world’s major container shipping ports. With connections to
Singapore and the region. Being in the heart of Asia, Singapore is an ideal launch pad to emerging                            more than 600 ports in 120 countries and being the port of call to 130 of the world’s top shipping
markets such as China, India and ASEAN.                                                                                       groups, the Port of Singapore bridges seaborne trade between Asia and the world.

                                                                                                                              90% of the world’s traded goods are transported by sea and of which, one-seventh of the world’s
        Singapore’s Imports by Region (2012)                   Singapore’s Exports by Region (2012)                           total container transhipment and 5% of global container throughputs are handled by Singapore’s
                                                                                                                              ports. The Port of Singapore offers unrivalled connectivity to the world and into Asia, with multiple
                                                                                                                              daily sailings to major ports in the 5 continents including ports in China, Hong Kong, Taiwan,
                                                                                                                              Japan, Australia and Africa.

                                                                                                                              Since Singapore’s founding in 1819, seaborne trade has always played a vital role in the economy
                                                                                                                              and will continue to do so in the future. As a leading international maritime centre and home to
                                                                                                                              over 5,000 shipping companies and maritime ancillary service providers, Singapore offers support
                                                                                                                              and incentives for companies interested in setting up a maritime business in Singapore and/or
                                                                                                                              expanding maritime business operations in Singapore. Maritime businesses interested in expanding
                                                                                                                              into Singapore can access the Maritime and Port Authority of Singapore (MPA) at www.mpa.gov.sg
                                                                                                                              for more information on support and incentives.

                                           (Source: International Enterprise Singapore, Singapore Department of Statistics)
                                                                                                                                                                                        THE	
  PORT	
  OF	
  SINGAPORE	
  
                                                                                                                                              Best	
  Seaport	
  in	
  Asia	
                              Best	
  Seaport	
  in	
  Asia	
  	
                     World’s	
  Top	
  
                                                                                                                                      2013,	
  Asian	
  Freight	
  and	
  Supply	
  Chain	
  Awards	
  
   Singapore’s Top 5 Imports and Exports Items (% of Total Import and Export) for 2012                                                                        (AFSCA)	
  
                                                                                                                                                                                                          For	
  25	
  Out	
  of	
  27	
  Times	
                 Bunkering	
  Port	
  
                                                                                                                                                                     	
                                                   AFSCA	
                                         2012	
  
                                                                                                                                                                                                                             	
                                             	
  
  Rank             Products (Imports)          2012 Share                Products (Exports)                  2012 Share                              World’s	
  Second	
  Busiest	
  	
                                              31.6	
  Million	
  TEU	
  
    1      Electronic Components & Parts          15.7%        Electronic Components & Parts                    20.3%
           (S$74.5b)                                           (S$103.5b)
                                                                                                                                                        Container	
  Port	
                                                   Container	
  and	
  Cargo	
  Throughput	
  
                                                                                                                                                                             2012	
                                                                    2012	
  
    2      Crude Petroleum (S$48.8b)              10.5%        Petroleum Products (S$93.9b)                     18.4%                                                          	
  
    3      Aircraft & Vessels (S$14.0b)            3.0%        Medicinal Products (S$11.4b)                      2.2%                                Drop-­‐In	
  Centre	
  of	
  the	
  Year	
                                                  2.25	
  Billion	
  Gross	
  Tons	
  
    4      Electric Generators (S$10.7b)           2.2%        Industrial Machines (S$10.2b)                     2.0%                         International	
  Drop-­‐In	
  Centre	
  for	
  Seafarers	
                                         Vessel	
  Arrival	
  Tonnage	
  
    5      Industrial Machines (S$10.0b)           2.1%        Power Generating Machines (S$7.4b)                1.4%                             2012,	
  International	
  Committee	
  on	
  Seafarer’s	
  Welfare	
  (ICSW)	
                            2012	
  
                                                                                                                                                                                    	
                                                                         	
  
                                                                              (Source: Singapore Department of Statistics)                                                                                          (Source: Maritime and Port Authority of Singapore, PSA Singapore)

                                                          17                                                                                                                                                        18
Singapore Business Federation 2014                                                                                                                                                                                                                                        Singapore Business Federation 2014

Free Trade Agreements (FTA)

FTAs are superhighways that connect Singapore to major economies and new markets. With these
trade agreements, Singapore-based exporters and investors stand to enjoy a myriad of benefits like                       FDI	
  in	
  Financial	
  &	
  Insurance	
  Services	
  Sector	
  (Stock	
  as	
  at	
  Year	
  End	
  2011)	
  
tariff concessions, preferential access to certain sectors, faster entry into markets, investment and                    	
                                                                             2010	
  (S$	
  billion)	
           2011	
  (S$	
  billion)	
                 %	
  of	
  2011	
  
Intellectual Property protection. In particular, the FTAs present business opportunities for SMEs to                     Financial	
  &	
  Insurance	
  Services	
                                                 272.6	
                         289.7	
                                100.0	
  
                                                                                                                         Investment	
  Holding	
  	
                                                               228.1	
                         242.9	
                                 83.8	
  
enhance their market access while the tariff savings help improve cost-competitiveness of exports.                       Banks	
  	
                                                                                14.4	
                           14.7	
                                 5.1	
  
                                                                                                                         Insurance	
  Services	
                                                                    8.6	
                            9.4	
                                  3.3	
  
As an integral part of Singapore’s trade architecture, Singapore’s network of FTAs is designed                           FDI	
  in	
  Manufacturing	
  Sector	
  (Stock	
  as	
  at	
  Year	
  End	
  2011)	
  
to position Singapore as an integrated manufacturing centre in this region, promote research &                           	
                                                                             2010	
  (S$	
  billion)	
           2011	
  (S$	
  billion)	
                 %	
  of	
  2011	
  
development in our knowledge-based economy and drive the services hub.                                                   Manufacturing	
                                                                           133.7	
                         137.3	
                                100.0	
  
                                                                                                                         Pharmaceutical	
  Products	
                                                               42.4	
                           44.5	
                                32.4	
  
                                                                                                                         Computer,	
  Electronic	
  &	
  Optical	
  Products	
                                      40.8	
                           41.4	
                                30.1	
  
Singapore has multiple trade networks that local companies can leverage on to grow their businesses.                     Refined	
  Petroleum	
  Products	
                                                         20.6	
                           21.2	
                                15.4	
  
For instance, in addition to the 18 FTAs signed, the country possesses 71 comprehensive double                           Chemicals	
  and	
  Chemical	
  Products	
                                                 9.2	
                            9.3	
                                  6.8	
  
taxation agreements (DTAs). Furthermore, the network of countries that Singapore has signed FTAs                         Machinery	
  &	
  Equipment	
                                                              7.0	
                            7.1	
                                  5.2	
  
with makes up at least 60% of global GDP.                                                                                                                                                                                                            (Source: Singapore Department of Statistics)

                                                                                                                       FDI Distribution by Region

                                                                                                                       Europe and Asia remain the largest sources
                                                                                                                       of Singapore’s FDI inflows. Major investors
                                                                                                                       from Europe include the Netherlands and
                                                                                                                       the United Kingdom. Major Asian investors
                                                                                                                       include Japan, India, Hong Kong, Malaysia
                                                                                                                       and China.

                                                (Source: Ministry of Finance, Inland Revenue Authority of Singapore)                                                                                                                                    (Source: Singapore Department of Statistics)

Investment Activities                                                                                                  Singapore’s Direct Investments Abroad

Foreign Direct Investments in Singapore                                                                                Singapore’s direct investments abroad grew from S$426.3 billion in 2010 to $449.0 billion as at end
                                                                                                                       2011, an increment of 5.3 per cent.
Foreign direct investment (FDI) comprises direct equity investment and net lending from foreign
direct investors. FDI in Singapore continued to rise to S$672.0 billion at the end of 2011, an increase
of 6.7 per cent as compared to 2010’s S$618.6 billion.
                                                                                                                                 Top 15 Destinations for Singapore’s Direct Investment Abroad 2011 (S$ billion)
FDI Distribution by Industry sector               2011 Foreign Direct Investment: S$672 billion

FDI inflows were mainly directed to the
finance & insurance services sector,
manufacturing sector and wholesale and
retail trade sector in 2011.

                                                                                                                                                                                                                                                        (Source: Singapore Department of Statistics)

                                                  19                                                                                                                                                                            20
Singapore Business Federation 2014                                                                                                                                                   Singapore Business Federation 2014

Distribution of Direct Investment by Sector                                                                     2012 Business Formations
Investment in the Financial & Insurance Services sector accounted for nearly half of Singapore’s
                                                                                                                Singapore Business Formations by Entity Type
direct investments abroad. Other preferred sectors for investment include Manufacturing and Real
Estate Activities.                                                                                              The private limited company is the most                                   56,681
                                                                                                                preferred and common entity type in Singapore,                   New Business Formations
                                                                                                                accounting for 55% of total business formations                           2012
                                                                                                                in 2012.

                                                                 (Source: Singapore Department of Statistics)

Singapore: The Ideal Test-Bedding Environment                                                                                                                                (Source: Singapore Business Review 2013)

Singapore strives to be a test bed for products of the future, and initiatives have been spearheaded            Singapore Business Formations by Industry
by various statutory boards to encourage companies to test bed in Singapore.
                                                                                                                In 2012, the top three business sectors with the highest number of company registrations were
The Jurong Lake District was identified as a Growth Area under the Urban Redevelopment                          found to be wholesale trade (21%), financial services (15%), and head offices and management
Authority’s (URA) Master Plan 2008 to decentralise commercial activities out of the Central Business            consultancies (9%).
District. The Jurong Lake District aims to become a mixed-used urban area that is sustainable and
connected with smart technology. In 2013, The Infocomm Development Authority of Singapore                       From 2011 to 2012, significant increases in company registrations in the following industries
(IDA) invited ICT and non-ICT companies, end-user business enterprises and other businesses to                  were observed: head offices and management consultancy (28%), computer programming and
propose and test-bed innovative solutions and cutting-edge technology in the Jurong Lake District.              consultancy (22%), retail trade (15%), food and beverage (12%), and wholesale trade (10%).

The Ministry of Home Affairs (MHA) and Singapore Economic Development Board (EDB)
spearheaded the Safe City Test-bed to develop and grow a Safety and Security industry with
innovation capabilities. The test-bedding project aims to capitalize on technology to achieve optimal
utilization of information to assess and respond effectively to incidents and sudden situations.

Several test-bedding projects remain available to businesses seeking growth and opportunities.

Future.Singapore is an initiative launched by the EDB to develop industries such as waste and
energy, waste management, urban planning, wellness and health services and products for an
ageing population. Companies interested in Future.Singapore can look up for more information
with EDB.

The Public Utilities Board (PUB) provides test-bedding opportunities for companies interested in
the water industry. PUB aims to foster the growth of potentially revolutionary water innovations and
offers industrial test-bedding sites to interested parties from both the public and private sectors.
Partnerships with PUB for external funding and support are also available under schemes from
the Singapore Government. More information can be obtained from the SINGwater website at
pubwateresearch.com.sg.

                                                                       (Source: MHA, EDB, PUB, URA, IDA)                                                                      (Source: Singapore Business Review 2013)

                                                 21                                                                                                               22
Singapore Business Federation 2014                                                                                                                                                                                                                                       Singapore Business Federation 2014

                                                                                                                                                                                 Funding Opportunities
                                                                                                                                                                                 Starting up a business in Singapore requires risk taking and capital input. Funding and investment
                                                                                                                                                                                 opportunities from the government are available for corporations and SMEs to nurture and grow
  In 2012, Singapore proved to be                                                                                                                                                their businesses in Singapore. These schemes are administered by several government agencies
  a popular destination                                                                                                                                                          to assist companies in different stages of their businesses. The three key agencies under the
  for business incorporations                                                                                                                                                    Ministry of Trade and Industry are:
                                                                    Percentage of Registrations by Individual
  among foreign companies and                                               Shareholder by Country!
  entrepreneurs.                                  74.7%	
                                                                                                                        i.      Singapore Economic Development Board (EDB)
                                                                                                                                                                                 ii.     International Enterprise Singapore (IE Singapore)
                                                                                                                                                                                 iii.    SPRING Singapore

                                                                                                                                                                                 The schemes are broadly categorised into Loans, Grants, Tax Incentives, Equity Financing and
                                                                  3.9%	
         3.4%	
       2.8%	
   1.6%	
         1.6%	
       1.5%	
      1.4%	
   1.1%	
        0.5%	
     Non-Financial Assistance. There are more than 15 different categories of incentives and grants
                                                                                                                                                                                 available for businesses expanding into Singapore. These incentives and grants include the
  Singaporeans                                                                                                                                                                   Research Incentive Scheme for Companies (RISC), International/ Regional Headquarters Award,

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                                                                                                                                                                                 Mergers & Acquisitions Scheme and Land Productivity Grants. More information can be found at

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  business registrations by Individual

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                                                                                                                                                                                 their respective websites.

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  Shareholder Country in 2011.

                                                                                                                                                                                                 EDB                                IE Singapore                          SPRING Singapore

                                                                                                                                                                                  The lead government agency
                                                                                                                                                                                    in attracting investments,            The government agency that                The enterprise development
                                                                                                                                                                                    growing industry verticals            drives the overseas growth of             agency that helps Singapore
  More than 50% of Registrations by                                                                                                                                                and enhancing Singapore’s              Singapore-based companies                 Enterprises to grow and build
  Corporate Shareholder by Country is                                                                                                                                                 business environment.                and promotes international                trust in Singapore products
  non-Singaporean.                                                                                                                                                                                                                    trade.                                 and services.

                                                                                                                                                                                         www.edb.gov.sg                       www.iesingapore.gov.sg                       www.spring.gov.sg

                                                                  Percentage of Registrations by Corporate                                                                                                                      EDB Investments (EDBI)
                                                                          Shareholder by Country!
  Being an attractive destination for           46.8%	
                                                                                                                          EDBI is the corporate investment arm of Singapore’s Economic Development Board. As a strategic investment firm
                                                                                                                                                                                 with worldwide presence, EDBI aims to be a value-adding investor for companies looking for growth opportunities
  business setup and expansions,                                                                                                                                                 within the knowledge and innovation-intensive sectors of Biomedical Services, Clean Technologies, Internet & Digital
  Singapore has attracted                                                                                                                                                        Media and other strategic industrial clusters with commercial potential. Companies can leverage on EDBI’s resource
                                                                                                                                                                                 and experience to expand into Asia and the world through operations in Singapore. More information on EDBI can be
  entrepreneurs and                                                                                                                                                              found at www.edbi.com.
                                                                 8.9%	
  
  MNCs from Asia and Western                                                   4.7%	
        3.7%	
   3.5%	
        3.4%	
        3.3%	
       3.3%	
      2.7%	
     1.1%	
  
                                                                                                                                                                                                        SPRING Startup Enterprise Development Scheme (SPRING SEEDS)
  economies.
                                                                 	
  
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                                                                                                                                                                                 SPRING SEEDS provides an equity-based co-financing option for Singapore-based startups with strong growth
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                                                                                                                                                                                 potential across international markets through innovative products and/or processes with intellectual content. To qualify
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                                                                                                                                                                                 for investment consideration, start-ups must be incorporated as a Private Limited company for less than five years and
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                                                                                                                                                                                 with a paid-up capital of at least S$50,000 but not more than S$1 million. The company’s core activities should also be
                                                                                                                                                                                 carried out in Singapore. More information can be found on www.spring.gov.sg/entrepreneurship.

  Highest growth of company
  incorporation came from China
                                                                                                                                                                                                          Infocomm Business & Engineering Start-up Programme (iBEST)

  (264%) and Japan (51%).                                                                                                                                                        The Infocomm Development Authority of Singapore (IDA) is another statutory board promoting Singapore as a key
                                                                                                                                                                                 entrepreneurial and innovation hub for global venture capital (VC)-backed information and communications technology
                                                                                                                                                                                 (ICT) start-ups. IDA’s iBEST programme provides developmental support for such ICT enterprises to establish new
                                                                                                                                                                                 engineering centres in Singapore, and use Singapore as a launch pad to gain market traction in Asia. More information
                                                                                                                                                                                 can be found on www.infocomminvestments.com.
                                                                                                                                                                                                                (Source: Economic Development Board, SPRING Singapore, Infocomm Development Authority)

                                                     23                                                                                                                                                                                     24
Singapore Business Federation 2014                                                                                                                                                Singapore Business Federation 2014

Common Operating Models in Singapore                                                                    Common functions under a Supply Chain Headquarters in Singapore include:
                                                                                                        •   IP ownership
                                                                                                        •   Management of service contracts
A business-friendly environment in Singapore means global businesses continue to benefit from
                                                                                                        •   Finance and treasury functions
setting up Headquarters and operations here. Today, Singapore thrives as a global business hub
                                                                                                        •   Supply chain risk management
with approximately 38,000 international companies, many leveraging Singapore as a strategic
gateway to drive their growth in Asia. The following illustrates the common operating models in
                                                                                                        Research and Development and Intellectual Property Management Centre
Singapore:
                                                                                                        Research and Development (R&D) is a key strategy for Singapore and the government is setting
Holding Company
                                                                                                        aside S$16.1 billion in an announced Research, Innovation and Enterprise Plan (2011 – 2015). The
                                                                                                        intellectual property (IP) regime in Singapore is robust and enforced fairly and incorruptibly. The
One of the key drivers for Singapore as the choice location for a holding company is the taxation
                                                                                                        system in Singapore generally favours R&D and IP management centres in the following ways:
system. Under such a structure, a company can take advantage of the following:
                                                                                                        •     IP acquisition: 5-year write-down for economic and/or legal IP rights
•       No tax on inbound dividends
                                                                                                        •     R&D and IP creation: Tax deduction for R&D
•       No tax on outbound dividends
                                                                                                        •     IP exploitation: Reduced tax rate for qualifying projects, Singapore’s network of double
•       Foreign source income exemption for dividends, branch profits and service income
                                                                                                              tax agreements with 71 partners
•       Foreign tax credit pooling
                                                                                                        •     Minimal exit costs: No capital gains tax
•       No capital gains tax
•       Benefits of lowered withholding tax rates under Singapore’s DTA network with 71 jurisdictions
                                                                                                        Finance & Treasury Centre
Regional/International Headquarters
                                                                                                        Companies set up treasury centres in order to manage financial risk, generate monetary benefits
                                                                                                        and develop tax savings. Singapore’s value propositions as a choice location for such activities
This is a popular form of setup in Singapore for companies with businesses and operations in
                                                                                                        include the pool of experienced treasury managers, having the world’s fourth largest foreign
multiple overseas locations. Companies can leverage Singapore’s connectivity and stable operating
                                                                                                        exchange centre, transparent and pro-enterprise taxation regime, global collection of double
environment for a base to conduct management activities to oversee, manage and control their
                                                                                                        taxation agreements, secure IT infrastructure, and time-zone advantage bridging Asia, America
regional and global operations. The headquarters can be structured as a cost-centre or profit-
                                                                                                        and Europe. This typically complements a company’s global procurement unit. Common functions
centre, with the following activities often carried out in Singapore:
                                                                                                        under the finance & treasury centre in Singapore are:
•       Strategic Business Planning and Development
                                                                                                        •     Arranging credit facilities with funds obtained from financial institutions in Singapore or from
•       General Management and Administration
                                                                                                              surpluses of network companies
•       Marketing Control, Planning and Brand Management
                                                                                                        •     Providing corporate finance advisory services
•       Intellectual Property Management
                                                                                                        •     Providing guarantees, performance bonds, standby letters of credit and services relating to
•       Corporate Training and Personnel Management
                                                                                                              remittances to approved parties
•       Research, Development and Test Bedding of New Concepts
                                                                                                        •     Arranging derivatives with approved parties
•       Shared Services
                                                                                                        •     Managing funds of approved offices or associated companies outside Singapore for
•       Economic or Investment Research and Analysis
                                                                                                              designated investments
•       Technical Support Services
                                                                                                        •     Performing economic or investment research and analysis
•       Sourcing, Procurement and Distribution
                                                                                                        •     Providing credit administration and control
•       Corporate Finance Advisory Services
                                                                                                        •     Providing general management and administration
                                                                                                        •     Providing business planning and coordination
Supply Chain Headquarters

Singapore is strategically located in the heart of Southeast Asia and along major trading routes
                                                                                                                                                                             Contributed By: MAZARS LLP
at the confluence of the East and West. Leveraging her geographical advantage, Singapore has
established world-class infrastructure and a pro-business environment to facilitate trade and
supply chain activities. Companies have chosen to manage supply chains from Singapore to enjoy
minimal custom formalities, freight savings, shorter delivery times, closer proximity to customers                                                                        133 Cecil Street #15-02 Keck Seng Tower
and contract manufacturers, as well as the benefits and access as a resultant of Singapore’s                                                                                         Singapore 069535
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network of 19 free trade agreements.
                                                                                                                                                                              E-mail: contact@mazars.com.sg
                                                                                                                                                                                  Website: www.mazars.sg

                                                  25                                                                                                     26
Singapore Business Federation 2014

                   LIVE
                         IN SINGAPORE

                   Education
                   Education has always been vital to the growth and development of the Singapore society. With
                   the knowledge-based economy driving the global community, education is essential in shaping
                   Singapore’s future. There are currently more than 80,000 foreign students studying in government
                   and private institutions in Singapore.

                   Under the Singapore Education System, at the Primary and Secondary School level, a typical school
                   year starts in January and consists of 4 semesters of 10 weeks of classes, while the academic year
                   for local universities begins in August and consists of 2 semesters of approximately 13 weeks of
                   classes.

                   The different levels of the Singapore Education System are summarised as follows:
                      Education Level                     Institute                Duration                Age Group
                           Primary                     Primary School                6 years              7-12 years old

L
                          Secondary                    Secondary School             4-5 years            13-16 years old
                                                    Pre-Vocational Courses
                       Post-Secondary                    Junior College             2-3 years            17-19 years old
                                                          Polytechnic

IVE IN SINGAPORE
                                               Institute of Technical Education
                           Tertiary                         University              3-4 years            20-23 years old
                                                                                                  (Source: Ministry of Education)

                   Distinctive Record of High Standards in Teaching and Learning

                   Singapore was placed among the top 3 in the world in 4th and 8th grade mathematics and science
                   in 2011 (Third International Mathematics and Science Study).

                   Singapore students have excelled in competitions such as World Debating Championships (English)
                   and International Olympiads (Mathematics, Physics, Chemistry, Biology).

                   Bilingual Policy & Broad-based Curriculum

                   To meet the needs of individuals and nurture talent, the Singapore education has adopted a bilingual
                   policy (English with Malay/Mandarin/Tamil).

                   A broad-based curriculum that emphasizes on innovation and entrepreneurship allows individuals
                   to acquire relevant skills and abilities and adapt to the competitive environment.

                   Established locally grown universities

                   More than 10 world-class institutions with strong industry links have set up centres of excellence
                   in education and research in Singapore. This includes the renowned French university – INSEAD,
                   the leading Massachusetts Institute of Technology, and established US business schools such as
                   University of Chicago Graduate School of Business.

                                                                      28
Singapore Business Federation 2014                                                                                                                                                                                                                                                            Singapore Business Federation 2014

>350 public schools supported by 32,000 education officers                                                                                                                Transportation
                                                                                                                                                                          Singapore boasts one of Asia’s most efficient and developed integrated transport networks. It
                   4 local autonomous universities                                                                                                                        typically takes under an hour to travel into the city via Singapore’s world–class public transport
                                                                                                                                                                          system.
2 upcomming local universities        5 local polytechnics
                                                                                                                                                                          Overseas travelling is equally convenient. Located at the heart of Asia, Singapore hosts multiple
    3 art institutes    8 foreign universities with campuses                                                                                                              international and budget carriers that connect you to China and Japan at the North, India at the
                                                                                                                                                                          West and Australia at the South within seven hours.
  Private Education in Singapore
                                                                                                                                                                           Air Transportation
  There are a variety of private schools offering a broad range of programmes to add diversity to the
                                                                                                                                                                           Singapore’s Changi airport serves more than 100 international airlines flying to more than
  country’s education landscape. In Singapore, there are approximately 300 private commercial, IT,
                                                                                                                                                                           220 cities in 60 countries and territories worldwide. With a flight taking off and landing at
  fine arts and language schools offering courses with strong demand from local and international
                                                                                                                                                                           Changi Airport once every 100 seconds, the world’s best airport handled more than 51 million
  students.
                                                                                                                                                                           passengers in 2012 and is a major aviation hub of Asia. Changi Airport is currently the world’s
                                                                                                                                                                           seventh busiest international airport.
                  Private Education Institutes (PEI)                                                         Council for Private Education (CPE)                                                                                                                                                 (Source: Changi Airport Group)

                                                                                                      CPE ensures high quality standards and                               Land Transportation
        PEIs offer the opportunity to attain
        international certifications at the certificate,                                              sound business practices in the private
        diploma, bachelor and postgraduate level.                                                     education industry.                                                  All parts of Singapore are highly accessible via the developed land and road networks.
                                                                                                                                                                           Singapore is also connected to neighbouring Malaysia via two land bridges – The Causeway
        PEI partnerships with popular international                                                   CPE is a statutory board under the purview                           and Tuas Second Link. Singapore’s land public transportation system provides an affordable
        universities include countries such as the                                                    of the Ministry of Education. It regulates and                       alternative to private transportation in Singapore.
        US, UK, Australia, etc.                                                                       handles all issues pertaining to the private
                                                                                                      education sector in Singapore.                                                                                                         3.5	
  
                                                                                                                                                                                                                                                3	
  
        Each PEI conducts its own admission/                                                                                                                                                Average MRT/Bus fare                             2.5	
  
        enrolment exercises and interested students                                                   All PEIs need to be registered in order to                                           per trip per pax using PPP                           2	
  
        should make enquiries with the schools                                                        operate in Singapore. Registration takes into                                             conversion factor                            1.5	
                                                              MRT	
  
        concerned directly.                                                                           account the PEI’s corporate governance,                                                      (S$/pax-trip)                                1	
                                                             BUS	
  
                                                                                                      quality of provision and information                                                                                                   0.5	
  
                                                                                                      transparency.                                                                                    2012                                     0	
  

                                                                                                                                                                                                                                                                     g	
  

                                                                                                                                                                                                                                                                                             k	
  

                                                                                                                                                                                                                                                                                                       o	
  
  Note: In Singapore, there are no central authority that accords recognition to certificates/qualifications issued and course of study

                                                                                                                                                                                                                                                        re

                                                                                                                                                                                                                                                                              on

                                                                                                                                                                                                                                                                                           or
                                                                                                                                                                                                                                                                     on

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                                                                                                                                                                                                                                                        po

                                                                                                                                                                                                                                                                             nd

                                                                                                                                                                                                                                                                                        	
  Y

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  K
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                                                                                                                                                                                                                                                                                       w
  offered by private schools. Recognition and acceptance of certificates for employment/ further studies are entirely at the discretion

                                                                                                                                                                                                                                                                             Lo
                                                                                                                                                                                                                                                                ng

                                                                                                                                                                                                                                                                                     Ne
                                                                                                                                                                                                                                               Sin

                                                                                                                                                                                                                                                             Ho
  of the individual prospective employer/ academic institutions.                                                                                                                                                                                                                                (Source: Land Transport Authority)

       International Schools in Singapore (Non-Exhaustive)                                                                                                                 Mass Rapid Transit (MRT)
         School	
                                                        Country	
                    Level	
                                   Campus	
  Location	
  
         Australian	
  International	
  School	
  Singapore	
            Australia	
                  Preschool	
  –	
  Secondary	
             Serangoon	
                Singapore’s MRT system is the backbone of the local public transport system. This comprehensive
         Chinese	
  International	
  School	
  Singapore	
               China	
                      Preschool	
  –	
  Secondary	
             Bukit	
  Timah	
           rail network spanning across the entire city-state experiences an average daily ridership of 2.65
         Canadian	
  International	
  School	
  (Singapore)	
            Canada	
                     Preschool	
  –	
  Secondary	
             Tanjong	
  Katong	
        million passengers. The current MRT network has 102 stations and 149km of railway lines in
                                                                                                                                                Toh	
  Tuck	
  
                                                                                                                                                Jurong	
  West	
  
                                                                                                                                                                           operation. Future developments for additional railway lines and stations have been planned
         German	
  European	
  School	
  Singapore	
                     Germany	
                    Preschool	
  -­‐	
  Secondary	
           Bukit	
  Timah	
           and are in the construction phase.
         Integrated	
  International	
  School	
                         Australia	
                  Preschool	
  –	
  Grade	
  12	
  	
       Clementi	
  
         International	
  Community	
  School	
                          United	
  States	
           Preschool	
  –	
  Secondary	
             Clementi	
                 MRT trains are fully air-conditioned, and are the fastest and most cost-effective way to travel
         (Singapore)	
  
         International	
  School	
  Singapore	
                          Singapore	
                  Preschool	
  –	
  High	
  School	
        Orchard	
  Road	
          long distances from one end of Singapore to the other. General information on MRT rides can
                                                                                                                                                Alexandra	
  Road	
        be found in the table below. Do note that smoking, eating and drinking are forbidden in MRT
         Yuvabharathi	
  International	
  School	
                       India	
                      Preschool	
  –	
  Secondary	
             Hu	
  Ching	
  Road	
      trains and stations, and the rules are enforceable by law. Carrying pets and durians on board
         Overseas	
  Family	
  School	
                                  Singapore	
                  Preschool	
  –	
  Secondary	
             Orchard	
  
         Singapore	
  American	
  School	
                               United	
  States	
           Preschool	
  –	
  Grade	
  12	
           Woodlands	
  
                                                                                                                                                                           are also not allowed.
         Singapore	
  Japanese	
  School	
                               Japan	
                      Primary	
  –	
  Secondary	
  	
           Clementi	
                                         Frequency of MRT Trains         Single Trip Adult Fare                                MRT Operating Hours
                                                                                                                                                Changi	
  
                                                                                                                                                                                                         2-7 minutes                  S$0.73 - S$2.40                                     05:30hrs - 00:30hrs
                                                                                                                                                West	
  Coast	
  
         Singapore	
  Korean	
  International	
  School	
  	
            South	
  Korea	
             Kindergarten	
  –	
  High	
  School	
     Bukit	
  Timah	
                                                                               (Source: Land Transport Authority, , TransitLink Singapore)
         United	
  World	
  College	
  of	
  South	
  East	
  Asia	
     United	
  Kingdom	
          Kindergarten	
  –	
  Grade	
  12	
        Dover	
  
                                                                                                                                                Ang	
  Mo	
  Kio	
         Note: MRT, bus and transfer fares vary according to distance. It is cheaper to travel with an EZ-Link card which can also be
                                                                                                                                                Tampines	
                 used to pay for bus rides. Concessions are also available for students and senior citizens. MRTs in Singapore generally oper-
                                                                                                                                                                           ate from 05:30hrs to 00.30hrs. However, operating hours differ according to railway line, day of the week and festive seasons.
                                                       (Source: Ministry of Education Singapore, Council of Private Education, Singapore Tourism Board)
                                                                                                 29                                                                                                                                     30
Singapore Business Federation 2014                                                                                                                                                                                                                                                                                         Singapore Business Federation 2014

                      Bus                                                                                                                                                                                                                                      Residential Accomodation
                      Buses in Singapore complement the MRT system. Feeder services provide access to                                                                                                                                                          The residential market in Singapore is very diverse and offers a variety of lifestyle options ranging
                      neighbourhoods and surrounding areas not served by the MRT, whereas trunk services plying                                                                                                                                                from city living to suburban living; high-rise housing to landed homes; plenty of choices catering to
                      through different towns can be found throughout the island. There are currently more than 300                                                                                                                                            young working professionals as well as families.
                      scheduled bus service routes operated by SBS Transit and SMRT which experience an average
                      daily ridership of 3.48 million passengers. Bus journeys typically cost less than MRT rides, but                                                                                                                                         Most of the condominiums in Singapore are equipped with facilities such as gyms, swimming
                      bus frequencies are generally longer.                                                                                                                                                                                                    pools, barbecue pits, playgrounds and 24-hour security. Landed residential properties are also
                                                                                                                                                                                                                                                               available for lease. Expatriates staying in landed properties usually choose to join recreational
                                                                    Frequency of Buses                                          Single Trip Adult Fare                                       Bus Operating Hours                                               clubs to socialise and for the facilities which are not available in landed homes.
                                                                                  Varies                                             S$0.73 - S$2.20                                                     Varies

                                                                                                                                                                                                                                                               There are no restrictions to foreign ownership of condominiums. However, purchase of landed
                      Note: MRT, bus and transfer fares vary according to distance. It is cheaper to travel with an EZ-Link card which can also be                                                                                                             properties by a foreigner (individual or company) is subject to written permission from the Land
                      used to pay for MRT rides. Concessions are also available for students and senior citizens. Buses in Singapore have varying
                      operation hours according to service, day of the week and festive seasons.
                                                                                                                                                                                                                                                               Dealings Approval Unit.
                                                                                                                 (Source: Land Transport Authority)
                      Taxi                                                                                                                                                                                                                                     Prime residential districts of 9, 10 and 11 remain the top choices for foreign investors and expatriates
                                                                                                                                                                                                                                                               relocated to Singapore. Attraction in these districts include the prime shopping belt of Orchard
                      Taxis fares are generally low in Singapore as compared to those of cities in developed countries.                                                                                                                                        Road; famous international schools and local schools; Holland Village and Dempsey which are
                      According to regulations, all taxis are metered and fares must be charged according to the                                                                                                                                               the favourite F&B enclaves for both expatriate and locals alike. Over the years the Marina Bay,
                      taximeter, plus applicable surcharges. Different regulations apply for limousine taxi services.                                                                                                                                          Shenton and Tanjong Pagar areas, which are located within the Central Business Districts (CBD),
                                                                                                                                                                                                                                                               have grown in popularity largely due to government initiatives in enhancing the attractiveness of
                      Car                                                                                                                                                                                                                                      the CBD as a live, work and play area. The last few years also saw the completion of a number of
                                                                                                                                                                                                                                                               luxury condominiums and un-gated landed homes situated in Sentosa, an island approximately 20
                      All vehicles and cars in Singapore are on right-hand drive (drive on the left side of the road), as                                                                                                                                      minutes’ drive from the CBD.
                      in the United Kingdom. As Singapore is land-scarce, the government has imposed measures
                      to control car usage, making it expensive to own a car in Singapore. Buyers of new cars must                                                                                                                                             Renting a Home in Singapore
                      bid for a Certificate of Entitlement (CoE) in order to own a car, and the CoE is valid for 10 years.
                      (Visit www.lta.gov.sg for more information on CoE prices.)                                                                                                                                                                               Lease Period

                      Non-Singaporeans residing in Singapore for a period of more than 12 months, or have decided                                                                                                                                              The lease period for residential units in Singapore is usually two years with an option to renew.
                      to become permanent residents, must convert their foreign driving license into a Singapore                                                                                                                                               The rent for the initial lease term is usually fixed and will be renegotiated at prevailing market rates
                      driving license in order to drive in Singapore. Foreigners residing in Singapore for less than                                                                                                                                           when option to renew is exercised. Leases for the duration of one year period are occasionally
                      12 months must possess a valid foreign license and International Driving Permit. Drivers from                                                                                                                                            available.
                      ASEAN member countries only require a valid driving license issued by the relevant driving
                      license authority in their country of origin. 					                                                                                                                                                                                      A diplomatic (or break lease) clause is included in the lease and is exercisable after 12 months of a
                                                                                                                                                                                                                                                               2 year lease. For lease periods of 1 year, landlords prefer not to have a diplomatic clause although
                                                                                                                                                                                                                                                               in certain cases, it is possible to negotiate for a 6 month diplomatic clause. For pre-termination of
$64,938	
                                                                             3,411km	
                                                                                   956,704	
                                                                    the lease, the tenant is required to give two months’ notice or pay two months in lieu to the landlord.
Quota	
  premium	
  of	
  CoE	
  	
                             Total	
  length	
  of	
  roads	
  in	
  Singapore,	
                                                        Population	
  of	
  Vehicles	
  
ars	
  >	
  1600cc,	
  2011	
                               which	
  spans	
  only	
  48.2km	
  from	
  East	
  to	
  West	
                                                 in	
  Singapore,	
  2011	
                                                        Rental

                                                                                                                                                                  (Source: Land Transport Authority, Singapore Traffic Police)                                 The rental is usually quoted as gross rental which comprises the rent, maintenance fee and fixtures
                                   	
                                                                                                                                                                                                                          & fittings. The market standard for fixtures & fittings includes a fully fitted kitchen (hood, hob, fridge,
                                          COST	
  OF	
  LIVING	
  IN	
  SINGAPORE	
                                                                                                                                                                            washer, dryer and oven. Microwave and dishwasher are optional), lights, curtains, wardrobes and
                                                                                                                                                                                                                                                               water heater. The inclusion of soft furnishings is subject to negotiation. Rent is usually paid on a
                                                       S$0.73-­‐S$2.20	
                                                        S$0.73-­‐S$2.40	
                                                    S$3.00-­‐S$3.40	
                                         monthly basis and GST (7 per cent) is payable by the tenant if the landlord is GST registered.
                                                       Price	
  of	
  a	
  Single	
  Bus	
  Journey	
  	
                         Price	
  of	
  a	
  Single	
  MRT	
  Ride	
                         Basic	
  Taxi	
  Flag-­‐Down	
  Rate	
  
                                                                            (2013)	
                                                               	
  (2013)	
                                                    	
  (2013)	
  

                                                                                                                                                                                                                                                               Security Deposit
                                                             S$120,000	
                                                                                                          S$3500	
  
                                          Average	
  Price	
  of	
  a	
  Toyota	
  Corolla	
  Altis	
  1.6	
           Average	
  Monthly	
  Residential	
  Housing	
  Rental	
  [3-­‐Bedroom	
  Apartment	
  outside	
  city	
  centre]	
  
                                                                     (2012)	
                                                                                            (2012)	
                                                                              Gross rent of two months is payable by the tenant to the landlord upon endorsement of the Tenancy
                                                                                                                                                                                                                                                               Agreement. This is refundable (interest free) to the tenant upon termination of the lease and is
                                                         S$4.85	
                                                S$260	
                                       S$2.00-­‐S$6.00	
                                            S$9.50	
                           subject to due performance of the terms and conditions of the lease by the tenant. A banker’s
                                          Price	
  of	
  a	
  Big	
  Mac	
  in	
  Singapore	
  	
       Average	
  Hotel	
  Room	
  Rates	
           Average	
  Food	
  Prices	
  at	
  Hawker	
  Centres	
         Price	
  of	
  a	
  Movie	
  Ticket	
  
                                                                (2012)	
                                        (2012	
  Q4)	
                                             (2013)	
                                                 (2012)	
                   guarantee is not acceptable.

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