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Singapore is a financial centre with an open economy. Due to its small population of about 5 million, one of its key strategies is the attraction of a large volume of non-resident business. There is almost no restriction on foreign entities engaging in economic activities in Singapore.
In such an environment, the use of offshore companies in Singapore is widespread and still growing. Offshore companies are used as holding companies and as vehicles for take-overs, joint ventures, listings, trusts, funds, security issues, securitisations and other special purposes.
More than 300 international companies from over 20 countries are listed on the Singapore Exchange, accounting for more than 40% of all equity listings.
The foreign companies include those incorporated in the Cayman Islands, Australia, Bermuda, British Virgin Islands, Hong Kong, Indonesia, South Korea, Thailand and the United Kingdom. There are about 16 Cayman companies listed on the SGX. In addition, there is also a large number of foreign security issuers offering debt securities which are listed and traded on the Singapore Exchange.
Companies incorporated in the Cayman Islands are ideally suited for use by Singapore-based businesses in their international arrangements. Click the link below to read more.
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Cayman and Singapore: Still an attractive combination