Located off the south of the Malay Peninsula, Singapore is an island measuring 710 sq km. Temasek (“Sea Town” in Javanese) was the name of an early settlement on the site of Singapore.
From the 14th century, the island is also known as Singapura (which is derived from Sanskrit, meaning “Lion City”). Founded as a British trading post in 1819 by Sir Stamford Raffles, Singapore became a major port of call for ships between Europe and East Asia. During WWII the Japanese occupied Singapore for three and a half years; later returning to British administration until it attained self governance in 1959. A merger with the Federation of Malaysia followed, before Singapore became independent in 1965.
Today, Singapore has state of the art communications, and world class infrastructure. Important financial institutions, banks and recognized law and accountancy firms have a presence in Singapore. It is one of the top global financial centers in Asia.
According to the Bank for international Settlements Survey, Singapore is the fourth largest FOREX centre in the world and the second largest centre in Asia after Tokyo. The 2008 Corruption Perception Index by Transparency International has ranked Singapore as the fourth least corrupt country in the world and the least corrupt country in Asia. To date, it has concluded Free Trade Agreements, Anti-Double Taxation Agreements and other trade agreements with almost 70 countries.
Despite her small size and lack of natural resources, Singapore ranks among the most competitive economies in the world. Singapore has succeeded because of political stability; an honest and competent government; a competitive economy; an educated workforce; a meritocratic society; a strong social fabric; and a strong defense capability which ensured the security and sovereignty of the country.
Singaporean companies must have a local, resident director and must comply annually with strict accounting submissions. This is a jurisdiction for those who are serious about business; who seek to keep clear and open information; and for those whose overall taxation and operational savings are grand enough to compensate the tight regulatory environment. It’s a pristine jurisdiction for the very demanding.
Aspen Global Incorporations Limited
assists in offshore company formation & international business structures; virtual offices, company management, and secretarial services. Formation and administration of trusts & foundations. We can assist in the development of efficient international tax planning. We make banking referrals; provide accounting & audit services, and more in Singapore.