2024-02-05
On January 30, 2024, The Republic attracted $12.7 billion in fixed asset investments in 2023 amid a challenging global environment that impacted business and investor sentiment, the Economic Development Board (EDB) said on Jan 30. In 2023, the chemicals sector took the lead in fixed asset investment commitments, accounting for about 35 per cent of the total, followed by electronics at 24.2 per cent, and research and development at 16.6 per cent. In all, the projects secured in 2023 are expected to create 20,045 new jobs when they are fully implemented in the next few years. Of the jobs to […]
2024-02-01
Around 3,000 of these companies are expected to generate $16.4 billion in revenue annually, and create 21,500 skilled jobs within the next three to five years, EnterpriseSG said in its annual review report on Jan 25, 2024. The other 15,000 companies partnered with EnterpriseSG on basic capability building, such as adopting digital solutions like inventory or human resource management systems. They also pursued initiatives to explore fresh market opportunities, such as participation in overseas trade fairs. About $10.2 billion of the $16.4 billion in projected revenue is expected to come from enhanced cost competitiveness through automation, process redesign and offshoring projects. FOZL Group […]
2024-01-29
Singapore and China will kick off their mutual 30-day visa-free arrangement on Feb 9, in time for the Chinese New Year holidays. The agreement, signed on Jan 25 by officials from both sides, will allow ordinary passport holders from Singapore and China to enter each other’s country without the need for a visa, and for a stay of up to 30 days. The exemption was announced in December 2023 when Deputy Prime Minister Lawrence Wong was in China for an annual top-level meeting between the two governments on cooperation and joint projects. FOZL Group provides one-stop corporate services to local and overseas […]
2024-01-24
Definition of Related Parties in Transfer Pricing Under Singapore’s corporate tax laws, the definition of “related parties” is provided under Section 2(1) 【1*】of the Singapore Income Tax Act (SITA) as follows: “A related party, in relation to a person【2*】, means any other person who, directly or indirectly, controls that person, or is controlled, directly or indirectly, by that person, or where he and that other person, directly or indirectly, are under the control of a common person” Below is the example of direct control, indirect control, and common control: The SITA does not specify any control or ownership thresholds for […]
2024-01-24
The Singapore Management University (SMU) on Jan 17 launched a new Urban Institute that will carry out research on Asian cities, to address challenges such as climate change and ageing infrastructure. The institute will bring together experts from different backgrounds to conduct research on urban cities in Singapore and South-east Asia. SMU chairman Piyush Gupta noted that cities are facing unprecedented challenges, from demographic shifts due to migration to the rising demand for access to education and jobs. The new institute will create a hub for urban planners, designers, economists, social scientists, and policymakers to work together to explore solutions, […]
2024-01-22
On January 16, 2024, Singapore has proposed a new governance framework for generative artificial intelligence, and is seeking international feedback on it. The new Model AI Governance Framework for Generative AI builds on an existing framework from 2019 that covers only traditional AI, and comes at a time when the generative AI scene is still developing. The framework, developed by the AI Verify Foundation and Infocomm Media Development Authority (IMDA), is part of Singapore’s contribution to the global conversation in this space, Minister for Communications and Information Josephine Teo said on Jan 16 (Tuesday). AI Verify is a toolkit meant […]
2024-01-16
On January 10, 2024, Amid rising demand for air travel in the Asia-Pacific region, an aviation innovation centre has been set up in Singapore to address airspace and manpower constraints through the use of technology. The centre was incorporated in August 2023 by CAAS as a company limited by guarantee. It will focus on the Asia-Pacific region, as air travel demand here is expected to grow robustly over the next few decades, the authority said. The centre will undertake research and development projects in four key areas: next-generation air navigation services, automated and smart airports, unmanned aviation systems and sustainable […]
2024-01-10
On January 8, 2024, Some 19,600 Build-To-Order (BTO) flats will be launched in 2024, including 2,800 flats with shorter waits of below three years. These will be launched across three sales exercises in February, June and October, down from four launches a year, National Development Minister Desmond Lee said in an interview with The Straits Times and Chinese daily Lianhe Zaobao on Dec 28. The new classification of flats into Prime, Plus or Standard categories will take effect from the October launch, which will also be the largest in 2024, he added. FOZL Group provides one-stop corporate services to local and overseas companies, […]
2024-01-08
On January 5, 2024, Retail sales rose 2.5 per cent in November 2023, compared to a 0.1 per cent decline in October, with the highest growth rates seen for food and alcohol, and motor vehicles, as well as watches and jewellery. On a month-on-month seasonally adjusted basis, retail sales grew 0.5 per cent, against the previous month’s 0.9 per cent fall, according to figures released by the Singapore Department of Statistics (SingStat). Excluding motor vehicles, seasonally adjusted retail sales remained at a similar level as October 2023. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies […]
2024-01-03
SINGAPORE – To grow Singapore’s pool of chartered accountants quicker, the industry body for accountancy in Singapore has set aside $15 million over three years to support those studying for professional qualification in the field. The Institute of Singapore Chartered Accountants (Isca) plans to do so through several changes to the Singapore Chartered Accountant Qualification (SCAQ) programme, the only qualification pathway here for chartered accountants. Among the changes to help more aspirants join the programme and learn better are tie-ups with local universities to sponsor tuition for SCAQ candidates, a new dedicated study and learning space at 60 Cecil Street dubbed SCAQ […]
2024-01-01
On December 26, 2023, Singapore’s port has reached an all-time high in arriving ship traffic, recording 3 billion annual gross tons in vessel arrivals so far in 2023. Annual vessel arrival tonnage – or the internal volume of all ships that arrive in a year, including their engine room and non-cargo spaces – is a common maritime industry measure of vessel traffic calling at a port. Singapore’s port reached 1 billion gross tons in 2004 and 2 billion gross tons in 2011. Between January and November, Singapore’s port handled 35.6 million TEUs of containers, according to the MPA website. It […]
2023-12-28
On December 26, 2023, Total manufacturing production rose 1 per cent year on year, slowing sharply from October’s revised 7.6 per cent growth and missing the 2.2 per cent increase expected by analysts in a Bloomberg poll. While most sectors decelerated from the previous month, chemicals was a bright spot. It improved to finish the month up 2.7 per cent year on year. This was aided by two of its segments – speciality and other chemicals. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, […]
2023-12-26
On December 21, 2023, Foodtech start-up Life3 Biotech aims to open an eco-friendly production facility in Paya Lebar by the second quarter of 2024. The 25,000 sq ft plant will utilise the company’s proprietary technology to produce up to six tonnes of vegetables and 1,400 tonnes of edible plant protein a year. The technology underpins what the firm calls the Hydroponics Integrating MicroAlgae and Solar Energy System (Himass), a process that incorporates artificial intelligence, solar panels and water upcycling technologies to produce its food items within a self-sustaining ecosystem. Life3 Biotech employs 10 people, but this will grow to about […]