Singapore Passes Bill To Attract More Global Businesses
Singapore is looking for a bigger slice of the pie when it comes to the global millions.
While no-one can dispute how seamless and easy Singapore makes it for global businesses, a new act passed last week in Parliament seeks to make it even easier for foreign businesses to enter Singapore.
While previously many asset management firms have offices in Singapore but are registered in offshore jurisdictions, the new act will allow funds to use both Singapore and International accounting standards.
The move comes after the Monetary Authority of Singapore made moves to position themselves as Asia's fund management center, beating off competition from Hong Kong and after the move last year it made to simplify the regulatory framework for venture-capital managers and digital-advisory services.
Speaking on the new bill, Yao Loong, an assistant managing director at the MAS said "The growth of fund-domiciliation activities will create opportunities for a wide range of service providers such as lawyers, accountants, fund administrators and fund custodians.”