Why Singapore

Singapore, a former British Colony, gained its independence in 1965. Since then, the island republic has grown from strength to strength as a highly respected economic and political power in the world arena. Known for its business friendly environment and strict confidentiality laws, Singapore is watched over by a judiciary reputed to be the most efficient in the world. The legal system and laws is based on the English common law system, with the highest appellate court being the Court of Appeal. Laws to accommodate business, information technology, intellectual property rights, and financial services, have been introduced to provide a very competitive and stable economic environment in this modern metropolis. With a recent emphasis to attract foreigners to invest and work in Singapore, many attractive schemes are now offered for work, play and residence. In particular, with her beefed-up banking secrecy laws and strategic positioning, Singapore is fast gaining a reputation of being the Switzerland of the Far East, attracting much of the private wealth from Europe, USA and Asia.

Why GCSL Singapore

GCSL Singapore provides full fiduciary, trust, consultancy, company secretarial and administrative services.

Several features of its legislation make Singapore an attractive jurisdiction. These include:

		Singapore is very stable in both economic and political terms and is ranked every year as one of the freest markets in the world (Heritage Foundation).
		A Singapore company is not perceived as an “Offshore Company”. The first S$100,000 (approximately USD60,000) of local corporate profits earned in Singapore are tax free, while generally, international profits earned outside Singapore are not subject to local tax. If any profits are taxable, a competitive rate of 20% is levied. If the Singapore company’s turnover is below S$5 million (approximately US$3 million, NO annual audit is required. The entire incorporation and secretarial processes are done online. Given Singapore’s status, it is generally easier to setup bank accounts for Singapore companies.
		Singapore has very strong client confidentiality laws. Statutory based banking secrecy has been enhanced to provide for punishment in excess of those in Switzerland. Singapore is refusing to exchange client information with the Organization for Economic Cooperation and Development (OECD) member countries and the EU.
		Singapore has signed 58 Double Taxation Agreements with various countries, including the USA, Japan, China, Germany, France, UK and Canada.
		Singapore’s new trust laws provide opportunities for settlors to achieve tax free protection of assets in an “onshore” jurisdiction.
		Both local government and the regulatory authorities are keen on improving Singapore’s legislation and GCSL professionals work closely with these officials and members of the private sector to enhance the jurisdiction’s profile while providing a client-focused service.
		As a member of The GCSL Group of Companies, GCSL Singapore is ideally positioned to provide clients with a truly global network of services in a cost-effective, efficient and professional manner.

Click here for the Guide to Singapore Companies

For further information please contact our Singapore office at singapore@gcsl.info

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