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Singapore: Country and Foreign Investment

Business Environment

Singapore has excellent telecommunications. It is estimated that, with landline and mobile phones combined, there are approximately 175 phones per 100 people. In 2009, there were 3.37 million Internet users.

There are eight airports in Singapore, the main one being Changi International Airport. There is a good road network, with a causeway linking Singapore with Malaysia. There is also a train service linking Singapore, Malaysia and Thailand, with trains running to Kuala Lumpur, Penang and Bangkok.

The Port of Singapore is the world’s busiest in terms of total shipping tonnage, transhipment and containers, handling some 140,000 vessels each year. The port is also the world’s third largest petrochemical refiner, and operates South-East Asia’s most technically advanced and efficient shipbuilding and ship-repair facilities. The Singapore Registry of Ships has over 3,000 registered vessels totalling more than 29 million gross tonnes, and offers tax advantages and financial incentives to Singapore-registered vessels under the Approved International Shipping Enterprise scheme, the Approved Shipping Logistics scheme, the Maritime Finance Incentive scheme, and the Maritime Cluster Fund.

There are six Singapore-incorporated banks which are owned by three banking groups: DBS Bank Limited, Far Eastern Bank Ltd, Oversea-Chinese Banking Corp. Ltd, Singapore Island Bank Ltd, The Islamic Bank of Asia, and United Overseas Bank Ltd. Over 100 foreign commercial banks are registered in Singapore, including some 40 or so offshore banks.

 

 

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