Singapore’s reputation as a trading hub and the easiest place to do business for the sixth consecutive year are not accidental. Singapore has earned this standing by continually eliminating road blocks to non-discriminatory trade across borders.
Singapore (PRWEB) December 19, 2011
According to the latest data by International Enterprise Singapore - the government agency driving Singapore's external economy - Singapore’s total trade has increased by 5% year-on-year in October 2011. http://www.GuideMeSingapore.com, a leading Singapore-focused business information portal, has released a guide on setting up a trading company in Singapore in anticipation of the growth in trade business in the months to come.
The guide contains critical compliance and regulatory information that entrepreneurs need to know before getting their trading businesses up and running. These include the necessary licenses for importing and exporting various types of goods, the taxes and duties involved, the trade financing precautions to observe and the customs procedures relating to running a Singapore trading company.
Ms. Jacqueline Low, Director of Singapore company registration services firm Janus Corporate Solutions, the parent of GuideMeSingapore.com said, “Singapore’s reputation as a trading hub and its ranking as the easiest place to do business for the sixth consecutive year are not accidental. Singapore has earned this standing by continually eliminating road blocks to open and non-discriminatory trade across borders. This guide will help entrepreneurs discover the benefits of setting up a trading company in Singapore.”
Singapore is intimately-connected to many economies worldwide. It is a member of associations that seek to promote economic growth such as the World Trade Organization (WTO), Asia-Europe Meeting (ASEM), Association of Southeast Asian Nations (ASEAN) and Asia-Pacific Economic Cooperation (APEC). This network of relationships, coupled with low Singapore corporate tax rates, make the city-state a very attractive venue for starting a trading firm.
According to data from IE Singapore, Singapore has inked a total of 20 Free Trade Agreements (FTAs) with over 27 trading partners. Eight more - including those with Mexico, Canada and Ukraine - are in the pipeline and are being negotiated. These agreements are not static and many, such as the China-Singapore FTA and Singapore-Australia FTA, have undergone reviews to meet the changing needs of Singapore’s business community. On top of that, the latest data from the Ministry of Finance shows that Singapore has 67 comprehensive and seven limited Avoidance of Double Taxation Agreements(DTAs) in force. These DTAs grant Singapore trading companies the right to exemption from double taxation as well as to tax reductions when engaging in cross-border activities with partnering countries.
Within this context, every global trading firm that have setup a Singapore company stands to reap the benefits of Singapore’s close trade partnerships and FTAs with various countries and economic zones worldwide. Tariff concessions for eligible exports, improved access into partnering markets, better access to bid for government procurement projects as well as strong investment and intellectual property protection are some of the salient reasons to set up a trading company in Singapore.
Mike Taylor is one such business executive who saw the benefits of relocating his firm’s headquarters to Singapore. Mike co-founded Asia Resource Partners Pte Ltd, a fuel trading and logistics company. Describing the reasons for his move, Mike said, “We initially started the business in Japan in early 2006. In December 2009, we relocated the corporate headquarters to Singapore to focus on the growing opportunities in commodities trading and logistics within South East Asia. Singapore also has a friendly business environment and very favorable tax regime.”
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte Ltd, a Singapore-based firm that provides cost-effective and professional services to local and foreign entities for Singapore company registration, branch office setup, owner/staff relocation, taxation and ongoing statutory compliance needs.