Singapore is a democratic society with a multi-racial population of over 5 million. It is an attractive place to do business as there are people from various culture, ethnic background and socio-economic status. It has an enviable record of political stability and the government actively encourages investment by foreign business interests.
Singapore is fast becoming the business city of choice globally. Its economy has been defined by its position as a small country with limited natural resources and a relatively small population, located strategically in the heart of Asia Pacific. Singapore is also blessed with deep waters surrounding this small island, making it a strategic place for big shipping vessels to call on port, albeit its small physicality.
Singapore offers one of the most efficient corporate and personal tax regimes in the world. Singapore has stable political institutions, world-class infrastructure, well developed capital markets, highly educated work force, rich cultural traditions and economic ties with many countries around the world. The Singapore government is also very active in sourcing, procuring and enhancing its various Free-Trade Agreement (FTAs). Singapore has indeed become a truly vibrant, cosmopolitan, and internationally-acclaimed global business centre.
Singapore has established avoidance of Double Taxation Agreements (“DTA”) with other international jurisdiction. A DTA also makes clear the taxing rights between Singapore and her treaty partner on different types of income arising from cross-border activities. These agreements also provide for reduction or exemption of tax on certain types of income arising from cross-border activities.
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