Singapore is the New Sexy, Setting Stage for Global Business Giants and Investment

In 2023, Singapore once again showcased its allure as an international business hub. According to the latest data from the Accounting and Corporate Regulatory Authority (ACRA) of Singapore, the total number of newly incorporated companies in Singapore last year was 70,402, representing a 9% increase compared to 64,305 in 2022, marking the highest record since 2014.

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The Trend of Globally Renowned Companies Landing in Singapore in 2024: FedEx Asia Pacific Headquarters Settles in Singapore

Global logistics giant FedEx has announced the establishment of its Asia Pacific, Middle East, and Africa headquarters in Singapore. This strategic move aims to enhance its service efficiency in the rapidly growing international markets. Singapore serves as the location for FedEx’s South Pacific hub and life sciences center, as well as headquarters for its Data Analytics Excellence Center and Asia Pacific Security Operations Center.

This headquarters relocation not only recognizes Singapore’s achievements in technology, life sciences, and security but also signifies the company’s intention to integrate resources here to enhance global operational efficiency and security.

FedEx employs approximately 35,000 employees in the Asia Pacific, Middle East, and Africa regions, with a service network covering 100 countries and territories. Singapore’s geographical advantage makes it an ideal gateway, providing excellent conditions for companies to seize market opportunities ahead of the curve.

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Grand Opening of Porsche Studio in Singapore

The new Porsche Studio at Guoco Midtown in Singapore not only showcases new car models and luxury experiences but also provides convenient car purchasing services. The opening of this studio not only enriches the car-buying experience for local customers but also creates a multifunctional space integrating brand culture, technological experiences, and social activities.

By establishing the studio in Singapore, Porsche aims not only to provide an ultimate car-buying experience to local customers but also to create a multifunctional space that combines brand culture, technological experiences, and social activities.

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Expansion of Citibank Wealth Management Centers

Citibank has chosen to expand its presence at One Holland Village and Parkway Parade, both located in prime commercial areas of Singapore and prestigious communities. This decision aligns with the trend of financial services penetrating elite clientele and provides Citibank with broader market coverage.

The expansion of Citibank’s Wealth Management Centers not only involves scaling up in size but also emphasizes upgrades in services and facilities. The new centers feature private consultation rooms, each equipped with state-of-the-art video conferencing facilities, allowing clients to engage with professional wealth advisors conveniently and confidentially. This personalized service will assist clients in better understanding and planning their financial futures, offering them tailored financial support. Clients will also experience a unique level of luxury financial services, enhancing their ability to achieve their wealth appreciation goals.

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The Wall Street Journal’s Asia Headquarters Relocates to Singapore

On May 2nd, The Wall Street Journal (WSJ) announced a significant change to its staff: relocating its Asia headquarters from Hong Kong, China, to Singapore and drastically reducing the number of reporters and editors stationed in Hong Kong.

The number of reporters and editors in Hong Kong will be reduced to single digits, with some being relocated to Singapore or other parts of Asia and others facing layoffs. This decision to downsize will result in more than half of the current Hong Kong staff being terminated.

Simultaneously, The Wall Street Journal will establish a new team responsible for covering business news including the Chinese stock market, real estate market, electric vehicles, and Hong Kong stocks. The publication is actively seeking a new editor to lead this team, with the editor position being based in Singapore.

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Apple Announces Investment of Over $250 Million in Singapore

Apple Inc. has announced on its official website that it will invest over $250 million in Singapore to expand its facilities in Ang Mo Kio and create new job opportunities. Apple CEO Tim Cook stated that the construction of the new facility expansion will begin this year, and he is eagerly looking forward to the innovative work outcomes in the coming decades.

“Singapore is truly a one-of-a-kind place, and we are proud of the connection we’ve built with this dynamic community of creators, learners, and dreamers,” Cook added.

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Biopharmaceutical Giant Invests S$300 Million in Singapore

According to a statement released by AbbVie, the entire expansion project is expected to be completed and operational by 2026, with a total investment exceeding $223 million (approximately S$300 million), and will create over 100 job opportunities.

As AbbVie’s sole manufacturing base in Asia, the company will employ over 500 personnel responsible for drug manufacturing, quality assurance, supply chain, engineering, and management. AbbVie’s move is seen by observers as a demonstration of confidence in Singapore’s biopharmaceutical sector.

In 2024, Singapore has provided ample opportunities for businesses in logistics, automotive manufacturing, financial services, biopharmaceuticals, and other fields. For entrepreneurs looking to expand into international markets, Singapore is undoubtedly an ideal destination full of business opportunities, waiting to be explored and capitalized on.

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There are several reasons why many multinational companies choose to establish their headquarters in Singapore. Here are four specific reasons:

1) Tax incentives: Singapore offers multiple tax incentives and low tax rates for companies operating within its jurisdiction. Singapore has signed 21 bilateral free trade or economic cooperation agreements, 76 double taxation avoidance agreements, and 41 investment protection agreements, providing competitive tax advantages for multinational companies conducting business in Singapore. For example, newly established companies that are less than 3 years old can enjoy tax incentives on local corporate income tax. Singapore taxes only on net profits, which means that, for instance, a net profit of 1 million RMB may have an effective tax rate of around 5% after tax incentives.

2) Business-friendly environment: Singapore’s development environment is conducive to business growth. The government has implemented various economic support policies to create an environment suitable for the development of corporate headquarters, leading to the establishment of regional headquarters by various multinational companies.

3) Financial center: Singapore is recognized as a global financial center, ranking first in Asia and third in the world in the Global Financial Centers Index 2022. The Singapore dollar has demonstrated strong performance against other currencies in recent years, with exchange rates remaining stable or even strengthening.

4) Strategic location for international expansion: With the trend of more and more companies expanding internationally, Singapore’s strategic location and efficient international connectivity have become increasingly advantageous. Many Chinese companies, such as Alibaba, Tencent, and ByteDance, have chosen Singapore as their international headquarters due to its superior strategic position, government policies, and efficient international connectivity. Singapore has become the first choice for many companies and investors, attracting attention from both domestic and international enterprises and investors alike.

To assess whether your company is suitable for international expansion, you can self-test based on the following three aspects:

1) If your company’s primary market is in China, but you encounters economic conditions that require transformation or the need to rapidly develop a second growth track and penetrate international markets, then considering overseas markets could be beneficial.

2) If your company aims to explore more development opportunities, expanding to Singapore could be a viable option. For example, industries such as Web 3.0, blockchain technology, financial technology, gaming, and education technology are increasingly looking towards international markets for brand expansion and globalization.

3)If your company is considering issues related to succession planning and wealth management, and if the family’s assets need to be shielded from risks or if alternative locations for financial management need to be explored, then expanding internationally may be a strategic consideration.