The Republic of Singapore , also known as Lion City or the Little Red Dot, is an island city-state of Asia, made up of a main island and other sixty-two islets, and founding member of the ASEAN. It is located to the south of the State of Johor in the peninsula of Malaysia and to the north of the islands Riau of Indonesia, separated of these by Strait of Singapore. Its population is about 5.5 million, of which about 75 percent are Chinese, and the rest are Malay, Indian or Eurasian minorities. This multiculturalism diversity is reflected in the four official languages of the country, English, Chinese, Malay and Tamil. Its official currency is the Singapore Dollar (SGD), which is also accepted as customary tender in Brunei. Alike, the Brunei Dollar (BND) is customarily accepted in Singapore.
Singapore is one of the main global cities and one of the hubs of world trade, with the third largest financial center and one of the largest freight port worldwide. Singapore is the third country with the highest per capita income worldwide, in terms of purchasing power parity, as well as being among the first countries on the international lists of education, with one of the highest skilled workforce worldwide, health, political transparency and economic competitiveness.
Its globalized and diversified economy depends especially on international trade, refining imported raw goods to reexport, and an export-oriented manufacturing sector, mainly chemistry, oil refining, being one of the top three export refining centers in the world, mechanical engineering, biotechnology and biomedical sciences. Singapore has one of the seaports that handles the largest annual cargo volume worldwide, both in tonnage and in the number of containers.
The country is also an important international financial hub, leading world’s private banking sector, offering top-notch corporate banking facilities and a broad-range of banking services, investment funds and insurance services, among others. It also has the fourth largest currency exchange and capital market worldwide, behind New York, London and Tokyo.
All supported by an investor and entrepreneurship friendly tax policy. With a territorial tax system, a low tax burden and the availability of several tax breaks and incentives for startups and technological innovation.
In addition, the economy of Singapore is considered as one of the most open economies, which welcomes thousands of foreign investors, expats entrepreneurs and multinational companies employees. Singapore’s immigration policy is geared towards attracting foreign talent, with several visa schemes to attract high-skilled foreign employees, entrepreneurs and investors.
Flag Theory is a strategic internationalization process aimed at finding strategic locations worldwide to build your life internationally and diversify your personal finances and business to increase your freedom, privacy and wealth. Below, you can find further information on the benefits of doing business and establishing a company in Singapore, investment opportunities, why and how to open a bank account and its banking options, and how to get residency visa and eventually citizenship in the Lion City.
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