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ICB Report

ICB Report

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Published by: Aditya Singh on Nov 09, 2010
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01/02/2013

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General Overview of Singapore

Total Land Area: 699.4 sq km Comprises one main island (617.1 sq km) and some 63 offshore islands. Among the offshore islands, the larger ones are Pulau Tekong (2365.5 hectares), Pulau Ubin (1023.9 hectares) and Sentosa (460 hectares). Location: Between latitudes 1º 09´N and 1º 29´N and longitudes 103º 36´E and 104º 25´E. Singapore is a major refining center for Southeast Asia, with refining capacity of nearly double its rate of petroleum products consumption. Singapore’s strategic location at the entrance to the Strait of Malacca, through which roughly one-third of global sea commerce passes each year, has helped it become one of the most important shipping centers in Asia. The Port of Singapore, one of the worlds busiest in terms of shipping tonnage, is a key component of Singapore’s prosperity and economic health. Singapore is also a leader in new biotechnologies, petroleum refining, and the manufacture of computer components.

The Economy of Singapore is a highly developed and successful capitalist mixed economy. While government intervention is kept at a minimum,

The government promotes high levels of savings and investment through a mandatory retirement savings scheme known as the Central Provident Fund. relatively corruption-free and transparent. Singapore also has a strategic port which makes it more competitive than many of its neighbors to carry out such entrepot activities. particularly in electronics and chemicals. such as in the wafer fabrication industry and oil refining. which is due to the success of the country's education policy in producing skilled workers. and services provide the main source of revenue for the economy. Business Organization Structures . is also fundamental in this aspect as they provide easier access to markets for both importing and exporting. which allows it to purchase natural resources and raw goods which it does not have. compared to spending in the United States of 4%. surpassing Hong Kong and Shanghai. The Port of Singapore is one of the busiest in the world. It has an open business environment. with the former having a current rate as of 21% in 2005. stable prices and one of the highest per capita gross domestic products (GDP) in the world. and large portions of its budget are expended in education and technology. Exports. and also provide the skill(s) needed to refine imports into exports. Singapore's port infrastructure and skilled workforce. In addition.government entities such as the sovereign wealth fund Temasek control corporations responsible for 60% of GDP. by purchasing raw goods and refining them for re-export. Singapore could thus be said to rely on an extended concept of entrepot trade.

trading. one needs to register the business under the Business Registration Act. Partnership: A partnership is defined under the Partnership Act as a relationship that subsists between persons carrying on business in common with a view of profit. .A person who wishes to do business in Singapore may choose to operate the business through any one of the following business organization structures:Sole Proprietorship: A sole proprietorship is an individual carrying on business on his own behalf. trade logistics and trade-related services sectors may establish a representative office in Singapore to undertake promotional and liaison activities on behalf of its head office or overseas branches. Representative Office: Foreign companies in the manufacturing. Company: A company incorporated under the Companies Act is a separate legal entity from its owners. In order to carry out business as a sole proprietor. Branch of Foreign Company: Instead of incorporating a local company to conduct business. some foreign companies may choose to register a Singapore branch under the Companies Act. Several consequences flow from this separate legal personality.

travel agents and private schools.Limited Partnership: A Limited Partnership is not a separate legal entity. Approvals. Infrastructure Strategically located at the crossroads of Asia. Limited Liability Partnership: A Limited Liability Partnership is a separate legal entity. Singapore aims to serve as a compelling business hub for interested investors from . insurance companies. Special approvals or licenses may have to be obtained before the relevant business activity can commence. Licenses and Permits: Apart from registration with the Registry of Companies and Businesses. general partners and limited partners. certain businesses are subject to further regulatory control by other government agencies in Singapore. Some of the businesses which require special approval or license include finance companies. A Limited Partnership has 2 types of partner’s viz. It has characteristics of a partnership and a company.

of . The strategic geographical position is further complimented by a world ‐ class infrastructure system that has been implemented to meet global business and industry needs.sophisticated commercial complexes. fashionable conservation areas.all over the world. It is possible to have fax. Singapore has top and rated infrastructure lands in a air. telecommunications industrial creating conducive environment for businesses to thrive in.the art technology. all thereafter. of the have world. Culture. telex and international telephone services rapidly connected with and. instantaneous telecommunications parts Facsimile transmission is widely used and readily available. There is a wide choice of business premises . It is the hub of the telecommunications centre of Southeast Asia with state . Singapore has a well ‐ developed infrastructure that meets all of the needs of business and industry. sea. and specially structured industrial sites. The software sector has expanded with an annual . Religion and People.

For the proprietors and employees of many small and medium Chinese businesses. Taoism. Singapore's skyline boasts the distinctive minarets of mosques. another manifestation of Singaporean multiethnicity is beautifully evident in the various vibrant Events and Festivals of Singapore. Malay is the national language. The main religions are Islam. Singapore's population of almost four million comprises 77% Chinese. This reflects itself amazingly well. Hinduism. Christianity. Tamil and English. spires of gothic cathedrals. adaptable and resilient population. Mandarin. Singapore is one of the biggest IT labor market in Asia after Japan. intricate figurines of Hindu temple gods and distinctive roof architecture of Chinese temples. Sikhism and Judaism. With its ethnic mix also comes its diverse set of religions. Although the dialect communities . much to the benefit of gourmand foreign tourists in the Food of Singapore! Not just this. Unity in diversity is the philosophy of this cosmopolitan city. 14% Malays. Buddhism. Lacking natural resources.growth rate of 15%. continued identification with dialect and sub ethnic communities provided many benefits and indeed was a precondition for engaging in many lines of trade. 8% Indians and 1% Eurasians and people of other descent. Singapore's strength is its hardworking. There are four official languages in Singapore: Malay.

The Economic Development Board (EDB) has been actively recruiting foreign schools to set up campuses in Singapore under the "Global Schoolhouse" programme which aims to attract 150000 foreign students by 2015. The educational system features non-compulsory kindergarten for three years. . Education English is the first language learned by half the children by the time they reach preschool age and is the primary medium of instruction in primary school. personal relations. In the final analysis.were not primarily occupational groups. Much of the business activity in the extensive Chinese "traditional" sector of the economy depended on credit. the social solidarities created within the communities were economically useful. individuals met their obligations because failure to do so would result in immediate loss of reputation and creditworthiness with their fellows in restricted sub ethnic communities. followed by six years of primary education concluding with the Primary School Leaving Examination. and the reputation of individuals for trustworthiness.

industry accounted for 35% of GDP. processed food and beverages.6 246.9% 283. but many such protective tariffs were .Indus tries and Techn ology Country Singapo 1. “The Jurong Town Corporation” was established under the Jurong Town Corporation Act of 1968 to develop and manage industrial estates and sites in Singapore.8%. Most of the first factories set up under the program were of an import-substitute nature requiring tariff protection. oil drilling equipment. rubber processing and rubber products. In 1998. petroleum refining. Of the components of the industrial sector. manufacturing contributes about 25% to GDP and construction about 6.1 % of GDP R&D and Expenditu Technolo re for gy Technolo (ranking) gy ) ) Rate) ) ) (ranking (ranking h billions billions ucture Training Growt (in (in Infrastr n& (Real s s Comp Educatio GDP Export Import Major industries are Electronics. ship repair. estimates were that industry contributing 33% of GDP and employed about 33% of the labor force.8% re 6th 14th 19th 7. biotechnology and Tourism. In 2001. and manufacturing for 22%. financial services.

. electronics have in recent years been dominant. Germany. and the biomedical sector. 17%. Hong Kong SAR. Australia. Thailand. but grew 11. Vietnam and India. According electronics to Singapore's accounts Economic for about Development 48% of Board. No. about 24%. Counter cyclically. construction declined 4. In 2002 electronics grew by 15%.subsequently withdrawn. engine ring. USA. Philippines. Japan. chemicals. Taiwan. The Standard average occupancy rate is almost 84% all round the year. Tourists are mainly from Indonesia.6% in 2003. with chemicals second. Malaysia. The emphasis was on upgrading facilities to attract high-technology and skill-intensive industries.445.9 million. UK. The Number of gazette hotels were 104. Within manufacturing. of visitors in 2005: 8. South Korea.3% in 2003 than led to the overall GDP contraction of 2%. PR China. Number of gazette hotel rooms were 30. about 9%.9%in the first quarter of 2003 primarily due increased public sector spending on infrastructural projects such as land reclamation and mass transit railways. the in sector investment manufacturing. account for about half manufactured output. and it was mainly the contraction in this sector by 5.

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