Singapore (PRWEB) September 05, 2012
Bilateral trade between Singapore and China has grown exponentially after both countries forged diplomatic ties in 1990. On the back of Prime Minister Lee Hsien Loong’s six-day official visit to Chengdu this week, Singapore company setup consultancy Asiabiz Services is optimistic that a win-win situation will arise for both economies and in turn bolster Singapore’s relationship with China.
Communicating to the Chinese media, PM Lee has reiterated that the consonant Singapore-China trade is set to change as China progresses towards technology-intensive and high-skilled manufacturing activities, which has been Singapore's fortes. This in turn will push Singapore to develop new capabilities that will find their fit in China.
To that end, Singapore firms will channel more investments in western China via flagship projects including the Singapore-Sichuan High-tech Innovation Park, Suzhou Industrial Park, Tianjin Eco-city and Raffles City malls. In addition and per the latest banking services clause in the China-Singapore Free Trade Agreement (CSFTA), Singapore will soon become an offshore Yuan trading hub, aside Hong Kong.
Analysis by Asiabiz shows that bilateral trade between China and Singapore has grown by 11.2% between 1990 and 2011, so much so that Singapore is now China’s fourth largest foreign investor, with investments worth US$6.33 billion in 2011.
In turn, China’s investments in Singapore registered US$1.07 billion in 2011, representing a 52% growth, as Chinese enterprises flock to the republic to each register a Singapore company and tap Singapore’s many advantages which make it a formidable business ecosystem, including its unique geographical location, business friendly policies, transparent governance and attractive tax structure.
“When you delve deeper, Singapore offers many programs such as the iSPRINT, Global Investor Program and Productivity and Innovation Credit (PIC) scheme, which in turn facilitate the startup process, especially during the nascent stages. All these compel Chinese as well as other international investors and entrepreneurs to opt for Singapore company formation or apply for the Singapore EntrePass as a way of putting their personal brand on the map,” said Mr. James Nuben, Head of Tax Division at Asiabiz Services.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614