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Foreign Investment Policy
Foreign capital plays a key role in the development of
Singapore’s industries and resources. In the Global Enabling Trade Report 2009
by the WEF, Singapore was ranked the most open economy in the world of
international trade and investment. With very few barriers to foreign investments
and a large number of investment incentives available, foreign investors, both
in partnership with local companies or on their own account, are strongly
encouraged to pursue opportunities in Singapore.
Those foreign investment restrictions that do exist in
Singapore are primarily in the broadcasting and domestic news media sectors,
legal and other professional services, multi-level marketing, property
ownership and retail banking industries.
Government
initiatives and incentives
General
In order to promote economic and industrial development in
Singapore, the government has introduced various tax concessions, incentives
and development schemes. However, certain conditions may need to be satisfied
for these incentives to be available.
Incentives
The available tax incentives are found mainly in the
following legislation:
- Economic Expansion Incentives (Relief from Income Tax) Act (Cap 86)
- Income Tax Act (Cap 134).
Broadly speaking, there are two types of tax incentives –
incentives to attract specific investments and incentives to promote overseas
investment. Most of the tax incentives are administred by the EDB, the MAS or the IES. These incentives extend to a wide range of business sectors.
Some of the financial and tax incentives available are as follows – this is not an exhaustive list; the incentives available may vary from time to time.
Some of the financial and tax incentives available are as follows – this is not an exhaustive list; the incentives available may vary from time to time.