Singapore sits off the southernmost tip of Peninsular Malaysia about 137 kilometers north of the equator. The Republic is made up of the island of Singapore, which is 42 kilometers long and 23 kilometers wide, together with about 60 smaller islands. The population is approximately 4.6 million.
History and Government
Singapore has a history as a thriving port even prior to the arrival of Sir Stamford Raffles in 1819. From 1819 to 1823, Singapore was under British rule. In 1824, the East India Company gained sovereignty and in 1826 Singapore, together with Penang and Malacca, formed the Straits Settlements. After four years of military occupation and administration Singapore became a Civil administration and a British Crown Colony in 1946. Self government came in 1959 and in 1963 Singapore joined in forming the Federation of Malaysia. In 1965 Singapore became an independent and sovereign republic and a member of the United Nations.
Legal System
Singapore has a written constitution that provides for an elected Parliament of one house and a President. Parliament has a maximum term of five years. The President is the Head of State and is elected by the citizens for a term of six years. The Parliament passes Bills that become law once approved by the President. The Supreme Court has unlimited original jurisdiction in civil and criminal cases and consists of the High Court and the Court of Appeal. The Court of Appeal is the final appellate court of Singapore.
International Financial Services Centre
Singapore is an Asian and international banking hub; an investment and wealth management centre; the world's fourth largest foreign exchange centre; a centre for derivatives; a regional base for multinational companies and 700 financial institutions and an emerging Islamic finance centre. With its common law heritage, its territorial and remittance based tax system, its range of double tax treaties (over 50 in 2005) and its international credibility and reputation as a compliant jurisdiction, it is ideally suited to serve as a regional headquarters base, an administration centre for holding companies, trusts and other vehicles for business entities and high net worth individuals and as a banking centre.
The Operational Headquarter Companies (OHC) scheme offers fiscal benefits for qualifying companies. Singapore Foreign Trusts receive special tax benefits. Certain income of Singapore foreign trusts (or eligible holding company established for the purposes of such foreign trusts) may be eligible for exemption from Singapore income tax.
