ACCESSING ASIA THROUGH SINGAPORE - The Essential Guide to Setting Up Your Business In Singapore
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ACCESSING ASIA
THROUGH SINGAPORE
The Essential Guide to Setting Up Your Business
In Singapore
2014 Edition
Published By Singapore Business Federation Strategic Partners
Singapore Business Federation 2014
Contents
5 FOREWORD 72 LEGAL
- Singapore’s Legal Framework
6 SINGAPORE@A GLANCE - Competition Act
- Arbitration
- Merger & Acquisitions
9 WORK IN SINGAPORE
- The Singapore Econmy - Intellectual Property (IP) in Singapore
- Industries In Singapore
- Emerging Industries 82 MANPOWER
- Key Industries - Employment Standards & Regulations
- Trade Performance - Singapore Labour Legislation
- Investment Activities - Statutory Board Contributions
- 2012 Business Formations - Types of Employment Passes
- Funding Opportunities - Foreign Worker Levy
- Common Operating Models
91 REAL ESTATE
27 LIVE IN SINGAPORE - Office Space
- Education - Serviced Office Solutions
- Transportation - Virtual Office Solutions
- Housing - Industrial Space
- Choosing The RIght Industrial Real Estate
Solutions For Your Business
38 PLAY IN SINGAPORE - JTC’s Next Generation Industrial Infrastructure
- Tourism & Recreation Solutions
41 CORPORATE ADVISORY 111 RELOCATION
- Setting Up A Company - Relocate To Singapore Easily
- Types of Business Organisations
- Upgrading of Representive Office
- Process & Compliance 113 REACHING OUT TO ASEAN
- Taxation - Singapore’s Connectivity With ASEAN
- Tax Incentives - Expanding Into Bintan, Batam & Karimun (BBK)
- International Agreements - Expanding Into Iskandar
60 FINANCE 126 About ACCESSASIA@SINGAPORE
- Singapore As A Financial Hub
- Key Trends 127 Contributors
- Asian Dollar Market (ADM)
- Monetary Authority of Singapore (MAS)
- Registration & Licensing of Fund Management
Companies
- Banking Regulations & Legislations TERMS OF USE:
- Treasury Centralisation in Singapore
This Guide is for informational purpose only. All information
- Singapore as an Offshore Yuan Clearing Hub
gathered was compiled from sources believed to be reliable. No
- Debt Capital Markets in Singapore liability for any error or omission is accepted by Singapore Business
- Listing Federation, its strategic partners, affiliates or any of its directors
of employees. Readers are encouraged to exercise their own
judgement and seek out the latest information where necessary.
The services of a competent professional should be engaged if
any professional advice or expert assistance is required.
3
Singapore Business Federation 2014
Foreword
Access Asia Through Singapore
The Singapore Business Federation (SBF) partners the Singapore
Economic Development Board (EDB) to promote Singapore as a
Global-Asia Hub for global enterprises seeking to establish their
presence in Singapore and expansion into Asia. SBF is pleased
to present The Essential Guide to Setting Up Your Business
In Singapore 2014 Edition, which provides an overview of the
Singapore business environment and useful information on setting
up business operations in Singapore.
Asia has a market of more than three billion people and a combined
GDP of more than USD $17 trillion. This represents a significant
trade and business potential for global enterprises eyeing Asia’s
S
rising manufacturing and consumer-based opportunities. Singapore
is a strategic starting point for global enterprises seeking business
opportunities in Asia.
INGAPORE AT A GLANCE
For the seventh year running, Singapore has been ranked the easiest place in the world to do business,
according to the World Bank Report 2012. Its pro-business environment, excellent connectivity and
distinction as Asia’s most liveable city, continue to be attractive for global companies choosing
Singapore for their business. In 2012, there were a total of 56,681 new business formations, of
which, 24% were entirely foreign-owned. This is a testament to the strong business confidence that
foreign investors have in Singapore.
SBF launched ACCESSASIA@SINGAPORE, a one stop business concierge service to facilitate
global companies’ speedy start-up in Singapore and their expansion into Asia. The initiative brings
18 leading Singapore-based professional service companies together to provide a suite of services
for global companies looking to set up their business operations here.
We hope this guide will enhance your understanding of Singapore as a preferred business location
as you take your first explorative step towards setting up your business here.
Ho Meng Kit
Chief Executive Officer
Singapore Business Federation
5
Economy with the LEAST
Singapore Business Federation 2014
SINGAPORE
SINGAPORE TRIVIA
AT A GLANCE CORRUPTION in ASIA
IMD World Competitiveness Yearbook, 2011
Asia’s leading
Singapore, located in South East Asia, is one of the smallest countries in the world. Despite
its size, Singapore houses more than 7,000 MNCs and is the launching pad for enterprises to
Economy CITY OF OPPORTUNITIES Pricewaterhouse Coopers, 2012
internationalise. Much of Singapore’s rapid growth is attributed to the stable and competent ruling
most open to trade
government of Singapore that is pro-business and has the political capacity to implement policies.
Singapore is a multi-cultural society comprising four major races: Chinese, Malay, Indian, and
The Global Enabling Trade Report, 2010 14.4 Million
THE MERLION
Tourism Arrivals in 2012
Eurasian. Singapore is a bilingual society with English as the main language of instruction, and a
mother tongue for each major ethnicity.
Singapore’s national icon was created in 1964 for the Singapore Tourism Board
Land Area (Sq. km)
Total Population (‘000)
715.8
5,312
GDP (2012) S$345.6 Billion
GARDEN CITY SINGAPORE CHANGI
S$65,048 (per capita)
US$51,162 (per capita)
More than 2 million trees in
urban Singapore
AIRPORT
Total Trade (2012) S$984.9 Billion world’s best airport
Major Trading Partners Malaysia, EU, China, Indonesia, U.S., Hong Kong, Korea,
Japan, Taiwan, Thailand 82% of the population live in bilingual
public housing Euromoney Magazine, 2011
Best place in Asia to LIVE,
SAFEST country
WORK, & PLAY in Asia to do business
Quality of Living Worldwide City Rankings, Mercer Survey, 2012
BEST PLACE in ASIA to be BORN Economist Intelligence Unit, 2013
Best business environment in Asia
2nd MOST & Worldwide
COMPETITIVE BEST IP PROTECTION
country in the world in Asia & 2nd in the world
The Global Competitiveness Report 2012-2013, World Economic Forum
Synonymous with integrity, quality, reliability, and
productivity, Singapore aims to provide foreign companies most ‘NETWORK READY’ in Asia Global Information Technology Report, 2013, World Economic Forum
with a conducive environment to establish their base here and
expand into the region. City with the BEST INVESTMENT
POTENTIAL
BERIBRS Report 2013
7
Singapore Business Federation 2014
WORK
IN SINGAPORE
The Singapore Economy Singapore has a highly developed free market
economy with a heavy reliance on exports and trade.
Despite its small domestic market and dependence
on trade, Singapore has enjoyed robust economic
growth with an average growth rate of 6.1% since
SINGAPORE’S
2000 and a GDP per capita of S$65,048 (US$52,051)
2012 GDP: in 2012, one of the highest in the world. This strong
economic performance is driven by 4 key sectors,
TOTAL VALUE S$345.6B namely Manufacturing, Wholesale & Retail Trade,
Business Services and Finance & Insurance. These 4
key sectors collectively contributed to more than 64%
of Singapore’s GDP in 2012.
Singapore’s GDP Composition by Sector (2012)
SECTOR
COMPONENTS
MANUFACTURING
Biomedical
Manufacturing
25.5%
Electronics
25.0%
W
Transport
Engineering
15.7%
Precision
Engineering
14.6%
General
Manufacturing
11.3%
ORK IN SINGAPORE
Chemicals
7.9%
WHOLESALE
&
RETAIL
TRADE
Wholesale
Trade
87.8%
Retail
Trade
12.2%
BUSINESS
SERVICES
Real
Estate
39.1%
Architecture
and
Engineering
12.8%
Other
Administrative
&
Support
10.1%
Services
(Source: Ministry of Trade and Industry)
Other
Professional,
Scientific
&
9.1%
Technical
Activities
The Singapore economy grew by 1.3 per cent in 2012,
Business
&
Management
6.2%
with the construction sector reporting the highest
Consultancy
year-on-year GDP growth rate of 8.2 per cent. The
Rental
&
Leasing
5.8%
manufacturing and wholesale & retail trade sectors
Legal
3.9%
Accounting
2.6%
reported a marginal growth and contraction of 0.1 per
Head
Offices
&
Business
10.4%
cent and 0.7 per cent respectively.
Representatives
Offices
FINANCE
AND
INSURANCE
Year-on-Year GDP Sector Growth Rates 2012
Banking
48.3%
Others
26.5%
Insurance
11.2%
Fund
Management
10.0%
Security
Dealing
3.9%
(Source: Ministry of Trade and Industry)
10
Singapore Business Federation 2014 Singapore Business Federation 2014
Focus Industries in Singapore Singapore offers Asia’s best healthcare system, and its standard of medical
Healthcare practice ranks among the best in the world. Singapore offers strategic
At present, the Economic Development Board (EDB) is targetting to develop the following 19 partnership opportunities for healthcare service providers to test-bed
industries that play a vital role in sustaining the Singapore economy. Singapore has invested heavily and develop innovative healthcare solutions and systems.
in developing these industries to stay abreast of the ever-changing economic landscape.
Singapore’s strengths as a financial centre, logistics and information hub
International put us in good stead to serve as an IO humanitarian response hub for
Non-Profit Organisations the region. Singapore is home to more than 130 international non-profit
organisations.
Singapore ranks as the second most network-ready country in the
Singapore is the most comprehensive Maintenance, Repair, and Overhaul world and the first in Asia. Infocomm services companies are drawn to
Aerospace Engineering Infocomm Services
(MRO) hub in Asia. Singapore because of its robust intellectual property protection regime,
good physical and trade connectivity and easy access to global talent.
Singapore’s clean energy push centres on solar energy, given its strategic Singapore is an attractive location for infocomm products companies to
location in the tropical Sunbelt. Besides solar, resources are also being orchestrate their global operations, and also develop and commercialise
Alternative Energy channelled towards wind energy, electric mobility, smart grids, biomass,
Infocomm Products
new infocomm products.
fuel cells, energy efficiency, and carbon services.
With an expansive base of leading global logistics players, world-class
Singapore is one of the world’s leading energy and chemical hubs and is
Logistics & Supply Chain infrastructure and excellent global connectivity, Singapore is the preferred
Chemicals constantly working to stay at the forefront of the industry’s advancement.
logistics and supply chain management hub for leading manufacturers
Management across industries.
With a central location within Asia, strong scientific and brand management
Marine & Offshore Singapore owns a world market share of 70% for jack-up rigs, a global
capabilities, as well as a conducive business environment, Singapore is
Consumer Business market share of 70% of the conversion of Floating Production Storage
the ideal location for Consumer Packaged Goods (CPG) companies to Engineering Offloading units as well as a world market share of 20% for ship repair.
innovate and drive regional growth strategies.
Singapore is the broadcast hub of Asia. Singapore’s media industry
Singapore’s strong fundamentals in electronics make it a choice location Media & Digital consists of several industries, including TV broadcast and production;
Electronics for companies to create and manage new markets, products and publishing and printing; film; music; as well as interactive and digital
processes, technologies and applications for the region and beyond.
Entertainment
media.
As Asia’s leading location for medical technology, Singapore is home to
Singapore is the region’s premier hub for oil & gas. It is also Asia’s oil and
Energy Medical Technology over 30 medical technnology companies which have set up commercial-
oil product pricing centre and the leading bulk liquids logistics hub that
scale plants to produce medical devices for the regional and global
ranks amongst the top three in the world.
markets.
Singapore is the leading one-stop hub for engineering solutions and aims
to develop a vibrant landscape of both local and foreign companies Pharmaceuticals & Singapore is reputed for its clinical research and clinical trials management
Engineering Services Biotechnology activities in Asia.
with integrated turnkey capabilities and the knowledge base to create
innovative solutions.
Singapore is recognised as the ‘Global Hydrohub’ with more than
Singapore is the global centre of precision engineering excellence and
70 companies in a vibrant water industry ecosystem. Beyond water, Precision Engineering
Environment & Water Singapore is also nurturing the environmental industry which includes
leading hub for complex manufacturing.
waste management and pollution control.
A strong base of MNCs from a wide range of industries and geographies
Professional Services has established regional or global headquarter functions in Singapore,
aggregating sophisticated demand for Professional Services.
(Source: Singapore Economic Development Board 2013)
11 12
Singapore Business Federation 2014 Singapore Business Federation 2014
Emerging Industries
Services
Emphasis has been placed on 7 emerging industries to keep pace and scale for growth. GDP Share: 68.5%, S$222.3b
Wholesale & Retail Trade (S$55.2b) Business Services (S$47.3b) Finance & Insurance (S$38.5b)
• The Wholesale Trade sector has • More than 20% of the revenue • Singapore is the world’s fourth
a crucial position in the production contributed by services export leading global financial centre
value chain and serves as
intermediaries for producers • Singapore is a hub for professional • Singapore provides services in
services international banking, trade finance,
• The bulk of wholesale trade is maritime finance, insurance as well
attributed to the foreign wholesale • Singapore offers a diverse range as asset & wealth management
trade and includes activities such of competencies for regional
as exports, re-exports and offshore markets to a growing community • Singapore has one of the most
trading of multi-national headquarters and active exchange markets in the
enterprises in Singapore world
• Singapore is the only Asian
country to be awarded an “AAA”
sovereign credit rating from
Standard & Poors, Moody’s and
Fitch
“
(Source: Singapore Economic Development Board 2013)
The outlook of the Singapore economy for
2.5% - 3.5%
2013 is cautiously positive. While global
macroeconomic conditions have stabilized
Key Sectors recently, global economic growth is expected
to remain subdued. Given the uncertainties
Both the Manufacturing and Services sectors play a vital role in Singapore’s economy, accounting
Singapore’s Economic Growth Forecast present in the world economy, the Ministry
for almost 90 per cent of the country’s GDP.
2013 of Trade and Industry forecasts Singapore’s
”
growth to be 2.5 to 3.5 per cent in 2013.
Ministry of Trade & Industry
Manufacturing
GDP Share: 20.7%, S$67.2b
Biomedical Industry (S$15.4b) Electronics Industry (S$15.1b) Transport & Offshore Engineering Other Key Sectors
(S$9.5b)
• 9.9% growth in 2012 • Home to the world’s top: Chemicals & Petrochemicals Healthcare Tourism
• Singapore is the largest player in
• Singapore is home to more than - 3 hard disk drive manufacturers the global market for oil and gas • Top 10 petrochem hub in the • Singapore is the medical hub of • The tourism sector is one of the most
30 of the world’s leading biomedical - 4 of the world’s top 5 Electronics drilling units and offshore support world Asia important components of Singapore’s
sciences companies Manufacturing Services providers service industry
- 15 of the world’s top 25 fabless • Singapore is the largest • Major oil refining centre in Asia • Healthcare system best in Asia
• 87% of the total value-added was semiconductor companies manufacturer of jack-up rigs • Recent developments and events
contributed by the Pharmaceuticals - 11 of the world’s top 20 integrated • World’s top 3 oil trading locations • Popular destination for such as the Marina Bay Sands and
sector device manufacturers international medical travellers Resorts World Sentosa Integrated
• Singapore’s Jurong Island houses Resorts, The Singapore Flyer and
• Accounted for almost 38.8% of the more than 90 companies in the The F1 Night Race are initiatives to
S$16 billion fixed asset investments petrochemical sector which have triple tourism receipts to S$30 billion
in Singapore in 2012. collectively invested S$31 billion in by 2015, and identify Singapore as a
fixed assets on this site “must-visit” tourist destination.
(Source: Singapore Economic Development Board 2013)
13 14
Singapore Business Federation 2014 Singapore Business Federation 2014
Trade Performance Key Trading Partners
Malaysia, The E.U, China, Indonesia
and The US continue to be Singapore’s
World’s most open & freest economy key trading partners. Collectively,
they accounted for close to 50% of
Singapore’s total trade for 2012.
Singapore’s trade rose from S$516 billion in 2003 to S$985 billion in 2012, achieving a Compounded
Average Growth Rate of 7.4%. Singapore’s total trade value in 2012 was 2.85 times its GDP for that
same year, making it the highest trade to GDP ratio in the world. This reflects the importance of
(Source: Singapore Department of Statistics)
trade to Singapore’s economy.
Top 5 Import & Exports from Key Trading Partners
Top 5 Imports Top 5 Exports Malaysia
99% of imports are duty free Electrical, Electronic Equip-
ment (S$15.3b)
Mineral fuels, oils, distillation prod-
ucts, etc (S$23.0b) Malaysia is Singapore’s largest
Mineral fuels, oils, distillation Electrical, Electronic Equipment trading partner. Imports and exports
1st in openness to trade products, etc (S$14.8b) (S$15.8b) for year 2012 amounted to S$50.5
Machinery, nuclear reactors, Machinery, nuclear reactors, boilers, billion and S$62.9 billion respectively.
boilers, etc (S$5.6b) etc (S$7.0b) The value of exports to Malaysia has
Highest trade to GDP ratio in the world Pearls, precious stones, met-
als, coins, etc (S$1.5b)
Plastics and articles thereof
(S$2.3b)
consistently been higher than the
value of imports.
Plastics and articles thereof Optical, photo, technical, medical,
(S$1.0b) etc apparatus (S$1.4b)
Top 5 Imports Top 5 Exports The European Union
Machinery, nuclear reactors, Organic Chemicals (S$10.7b)
Trading Trends boilers, etc (S$11.8b) The EU is Singapore’s second main
Mineral fuels, oils, distillation Electrical, Electronic Equipment trading partner. Trade between
The increase in trade in petroleum oils led to the three-fold increase in merchandise trade share products, etc (S$9.5b) (S$10.3b)
the two partners comprised a total
of Mineral Fuels, Lubricants & Related Materials over the past decade. Trade value within this Electrical, Electronic Equip- Machinery, nuclear reactors, boilers, import value of S$59.6 billion and a
category has more than quadrupled from S$61 billion in 2003 to S$274 billion in 2012. ment (S$8.9b) etc (S$6.6b)
total export value of S$45.7 billion.
Commodities not elsewhere Commodities not elsewhere speci-
specified (S$4.1b) fied (S$6.5b)
Product Mix of Singapore’s Merchandise Trade (2003 – 2012) Vehicles other than railway, Pharmaceutical products (S$3.3b)
tramway (S$2.7b)
Top 5 Imports Top 5 Exports People’s Republic of China
Electrical, Electronic Electrical, Electronic Equipment
Equipment (S$18.0b) (S$23.2b) China is Singapore’s third largest
Machinery, nuclear reactors, Mineral fuels, oils, distillation trading partner. Imports from China
boilers, etc (S$12.3b) products, etc (S$8.5b)
in 2012 amounted to S$49.0 billion
Mineral fuels, oils, distillation Machinery, nuclear reactors, boilers, whilst exports to China amounted
products, etc (S$3.2b) etc (S$6.2b)
to S$54.9 billion. Electrical and
Iron and Steel (S$1.7b) Plastics and articles thereof
(S$4.9b)
electronic equipment form a
significant proportion of the trade
Articles of iron or steel Organic chemicals (S$3.3b)
(S$1.4b) between the two countries.
Top 5 Imports Top 5 Exports Indonesia
Mineral fuels, oils, distillation Mineral fuels, oils, distillation
products, etc (S$9.6b) products, etc (S$18.1b) With a total import value of S$25.2
Electrical, Electronic Equip- Machinery, nuclear reactors, boilers, billion and a total export value of
ment (S$3.3b) etc (S$10.1b) S$54.1 billion, Indonesia remains as
Machinery, nuclear reactors, Electrical, Electronic Equipment Singapore’s fourth largest trading
boilers, etc (S$2.6b) (S$8.1b)
partner in 2012.
Pearls, precious stones, Plastics and articles thereof
metals, coins, etc (S$2.0b) (S$2.1b)
(Source: International Enterprise Singapore) (Source: Singapore Department of Statistics,
Tin and articles thereof Vehicles other than railway, tramway Trade Map)
(S$1.0b) (S$2.0b)
15 16
Singapore Business Federation 2014 Singapore Business Federation 2014
Singapore’s Import and Export Trade Singapore: The Global Maritime Centre
Singapore’s trade is Asia and ASEAN focused. Import and export trade with Asia and ASEAN was Strategically located at the southern tip of Peninsular Asia and at the Straits of Malacca, the Port
more than 60% of the total trading value in 2012. This signifies strong trade connectivity between of Singapore prides itself as one of the world’s major container shipping ports. With connections to
Singapore and the region. Being in the heart of Asia, Singapore is an ideal launch pad to emerging more than 600 ports in 120 countries and being the port of call to 130 of the world’s top shipping
markets such as China, India and ASEAN. groups, the Port of Singapore bridges seaborne trade between Asia and the world.
90% of the world’s traded goods are transported by sea and of which, one-seventh of the world’s
Singapore’s Imports by Region (2012) Singapore’s Exports by Region (2012) total container transhipment and 5% of global container throughputs are handled by Singapore’s
ports. The Port of Singapore offers unrivalled connectivity to the world and into Asia, with multiple
daily sailings to major ports in the 5 continents including ports in China, Hong Kong, Taiwan,
Japan, Australia and Africa.
Since Singapore’s founding in 1819, seaborne trade has always played a vital role in the economy
and will continue to do so in the future. As a leading international maritime centre and home to
over 5,000 shipping companies and maritime ancillary service providers, Singapore offers support
and incentives for companies interested in setting up a maritime business in Singapore and/or
expanding maritime business operations in Singapore. Maritime businesses interested in expanding
into Singapore can access the Maritime and Port Authority of Singapore (MPA) at www.mpa.gov.sg
for more information on support and incentives.
(Source: International Enterprise Singapore, Singapore Department of Statistics)
THE
PORT
OF
SINGAPORE
Best
Seaport
in
Asia
Best
Seaport
in
Asia
World’s
Top
2013,
Asian
Freight
and
Supply
Chain
Awards
Singapore’s Top 5 Imports and Exports Items (% of Total Import and Export) for 2012 (AFSCA)
For
25
Out
of
27
Times
Bunkering
Port
AFSCA
2012
Rank Products (Imports) 2012 Share Products (Exports) 2012 Share World’s
Second
Busiest
31.6
Million
TEU
1 Electronic Components & Parts 15.7% Electronic Components & Parts 20.3%
(S$74.5b) (S$103.5b)
Container
Port
Container
and
Cargo
Throughput
2012
2012
2 Crude Petroleum (S$48.8b) 10.5% Petroleum Products (S$93.9b) 18.4%
3 Aircraft & Vessels (S$14.0b) 3.0% Medicinal Products (S$11.4b) 2.2% Drop-‐In
Centre
of
the
Year
2.25
Billion
Gross
Tons
4 Electric Generators (S$10.7b) 2.2% Industrial Machines (S$10.2b) 2.0% International
Drop-‐In
Centre
for
Seafarers
Vessel
Arrival
Tonnage
5 Industrial Machines (S$10.0b) 2.1% Power Generating Machines (S$7.4b) 1.4% 2012,
International
Committee
on
Seafarer’s
Welfare
(ICSW)
2012
(Source: Singapore Department of Statistics) (Source: Maritime and Port Authority of Singapore, PSA Singapore)
17 18Singapore Business Federation 2014 Singapore Business Federation 2014
Free Trade Agreements (FTA)
FTAs are superhighways that connect Singapore to major economies and new markets. With these
trade agreements, Singapore-based exporters and investors stand to enjoy a myriad of benefits like FDI
in
Financial
&
Insurance
Services
Sector
(Stock
as
at
Year
End
2011)
tariff concessions, preferential access to certain sectors, faster entry into markets, investment and
2010
(S$
billion)
2011
(S$
billion)
%
of
2011
Intellectual Property protection. In particular, the FTAs present business opportunities for SMEs to Financial
&
Insurance
Services
272.6
289.7
100.0
Investment
Holding
228.1
242.9
83.8
enhance their market access while the tariff savings help improve cost-competitiveness of exports. Banks
14.4
14.7
5.1
Insurance
Services
8.6
9.4
3.3
As an integral part of Singapore’s trade architecture, Singapore’s network of FTAs is designed FDI
in
Manufacturing
Sector
(Stock
as
at
Year
End
2011)
to position Singapore as an integrated manufacturing centre in this region, promote research &
2010
(S$
billion)
2011
(S$
billion)
%
of
2011
development in our knowledge-based economy and drive the services hub. Manufacturing
133.7
137.3
100.0
Pharmaceutical
Products
42.4
44.5
32.4
Computer,
Electronic
&
Optical
Products
40.8
41.4
30.1
Singapore has multiple trade networks that local companies can leverage on to grow their businesses. Refined
Petroleum
Products
20.6
21.2
15.4
For instance, in addition to the 18 FTAs signed, the country possesses 71 comprehensive double Chemicals
and
Chemical
Products
9.2
9.3
6.8
taxation agreements (DTAs). Furthermore, the network of countries that Singapore has signed FTAs Machinery
&
Equipment
7.0
7.1
5.2
with makes up at least 60% of global GDP. (Source: Singapore Department of Statistics)
FDI Distribution by Region
Europe and Asia remain the largest sources
of Singapore’s FDI inflows. Major investors
from Europe include the Netherlands and
the United Kingdom. Major Asian investors
include Japan, India, Hong Kong, Malaysia
and China.
(Source: Ministry of Finance, Inland Revenue Authority of Singapore) (Source: Singapore Department of Statistics)
Investment Activities Singapore’s Direct Investments Abroad
Foreign Direct Investments in Singapore Singapore’s direct investments abroad grew from S$426.3 billion in 2010 to $449.0 billion as at end
2011, an increment of 5.3 per cent.
Foreign direct investment (FDI) comprises direct equity investment and net lending from foreign
direct investors. FDI in Singapore continued to rise to S$672.0 billion at the end of 2011, an increase
of 6.7 per cent as compared to 2010’s S$618.6 billion.
Top 15 Destinations for Singapore’s Direct Investment Abroad 2011 (S$ billion)
FDI Distribution by Industry sector 2011 Foreign Direct Investment: S$672 billion
FDI inflows were mainly directed to the
finance & insurance services sector,
manufacturing sector and wholesale and
retail trade sector in 2011.
(Source: Singapore Department of Statistics)
19 20Singapore Business Federation 2014 Singapore Business Federation 2014
Distribution of Direct Investment by Sector 2012 Business Formations
Investment in the Financial & Insurance Services sector accounted for nearly half of Singapore’s
Singapore Business Formations by Entity Type
direct investments abroad. Other preferred sectors for investment include Manufacturing and Real
Estate Activities. The private limited company is the most 56,681
preferred and common entity type in Singapore, New Business Formations
accounting for 55% of total business formations 2012
in 2012.
(Source: Singapore Department of Statistics)
Singapore: The Ideal Test-Bedding Environment (Source: Singapore Business Review 2013)
Singapore strives to be a test bed for products of the future, and initiatives have been spearheaded Singapore Business Formations by Industry
by various statutory boards to encourage companies to test bed in Singapore.
In 2012, the top three business sectors with the highest number of company registrations were
The Jurong Lake District was identified as a Growth Area under the Urban Redevelopment found to be wholesale trade (21%), financial services (15%), and head offices and management
Authority’s (URA) Master Plan 2008 to decentralise commercial activities out of the Central Business consultancies (9%).
District. The Jurong Lake District aims to become a mixed-used urban area that is sustainable and
connected with smart technology. In 2013, The Infocomm Development Authority of Singapore From 2011 to 2012, significant increases in company registrations in the following industries
(IDA) invited ICT and non-ICT companies, end-user business enterprises and other businesses to were observed: head offices and management consultancy (28%), computer programming and
propose and test-bed innovative solutions and cutting-edge technology in the Jurong Lake District. consultancy (22%), retail trade (15%), food and beverage (12%), and wholesale trade (10%).
The Ministry of Home Affairs (MHA) and Singapore Economic Development Board (EDB)
spearheaded the Safe City Test-bed to develop and grow a Safety and Security industry with
innovation capabilities. The test-bedding project aims to capitalize on technology to achieve optimal
utilization of information to assess and respond effectively to incidents and sudden situations.
Several test-bedding projects remain available to businesses seeking growth and opportunities.
Future.Singapore is an initiative launched by the EDB to develop industries such as waste and
energy, waste management, urban planning, wellness and health services and products for an
ageing population. Companies interested in Future.Singapore can look up for more information
with EDB.
The Public Utilities Board (PUB) provides test-bedding opportunities for companies interested in
the water industry. PUB aims to foster the growth of potentially revolutionary water innovations and
offers industrial test-bedding sites to interested parties from both the public and private sectors.
Partnerships with PUB for external funding and support are also available under schemes from
the Singapore Government. More information can be obtained from the SINGwater website at
pubwateresearch.com.sg.
(Source: MHA, EDB, PUB, URA, IDA) (Source: Singapore Business Review 2013)
21 22Singapore Business Federation 2014 Singapore Business Federation 2014
Funding Opportunities
Starting up a business in Singapore requires risk taking and capital input. Funding and investment
opportunities from the government are available for corporations and SMEs to nurture and grow
In 2012, Singapore proved to be their businesses in Singapore. These schemes are administered by several government agencies
a popular destination to assist companies in different stages of their businesses. The three key agencies under the
for business incorporations Ministry of Trade and Industry are:
Percentage of Registrations by Individual
among foreign companies and Shareholder by Country!
entrepreneurs. 74.7%
i. Singapore Economic Development Board (EDB)
ii. International Enterprise Singapore (IE Singapore)
iii. SPRING Singapore
The schemes are broadly categorised into Loans, Grants, Tax Incentives, Equity Financing and
3.9%
3.4%
2.8%
1.6%
1.6%
1.5%
1.4%
1.1%
0.5%
Non-Financial Assistance. There are more than 15 different categories of incentives and grants
available for businesses expanding into Singapore. These incentives and grants include the
Singaporeans Research Incentive Scheme for Companies (RISC), International/ Regional Headquarters Award,
a
a
ia
n
re
lia
ce
sia
m
es
in
di
pa
ys
are predominant in the composition of
do
po
at
an
ra
ne
Ch
In
Ja
ala
Mergers & Acquisitions Scheme and Land Productivity Grants. More information can be found at
St
st
ng
ga
Fr
do
Au
d
M
Sin
Ki
business registrations by Individual
In
ite
d
their respective websites.
Un
ite
Un
Shareholder Country in 2011.
EDB IE Singapore SPRING Singapore
The lead government agency
in attracting investments, The government agency that The enterprise development
growing industry verticals drives the overseas growth of agency that helps Singapore
More than 50% of Registrations by and enhancing Singapore’s Singapore-based companies Enterprises to grow and build
Corporate Shareholder by Country is business environment. and promotes international trust in Singapore products
non-Singaporean. trade. and services.
www.edb.gov.sg www.iesingapore.gov.sg www.spring.gov.sg
Percentage of Registrations by Corporate EDB Investments (EDBI)
Shareholder by Country!
Being an attractive destination for 46.8%
EDBI is the corporate investment arm of Singapore’s Economic Development Board. As a strategic investment firm
with worldwide presence, EDBI aims to be a value-adding investor for companies looking for growth opportunities
business setup and expansions, within the knowledge and innovation-intensive sectors of Biomedical Services, Clean Technologies, Internet & Digital
Singapore has attracted Media and other strategic industrial clusters with commercial potential. Companies can leverage on EDBI’s resource
and experience to expand into Asia and the world through operations in Singapore. More information on EDBI can be
entrepreneurs and found at www.edbi.com.
8.9%
MNCs from Asia and Western 4.7%
3.7%
3.5%
3.4%
3.3%
3.3%
2.7%
1.1%
SPRING Startup Enterprise Development Scheme (SPRING SEEDS)
economies.
ia
n
g
a
in
re
es
lia
om
ds
on
in
pa
d
irg
po
SPRING SEEDS provides an equity-based co-financing option for Singapore-based startups with strong growth
at
lan
ra
In
Ch
gd
K
Ja
St
st
V
ga
Is
ng
n
Au
d
sh
Sin
Ki
potential across international markets through innovative products and/or processes with intellectual content. To qualify
an
ite
Ho
i7
d
m
Br
Un
ite
y
for investment consideration, start-ups must be incorporated as a Private Limited company for less than five years and
Ca
Un
with a paid-up capital of at least S$50,000 but not more than S$1 million. The company’s core activities should also be
carried out in Singapore. More information can be found on www.spring.gov.sg/entrepreneurship.
Highest growth of company
incorporation came from China
Infocomm Business & Engineering Start-up Programme (iBEST)
(264%) and Japan (51%). The Infocomm Development Authority of Singapore (IDA) is another statutory board promoting Singapore as a key
entrepreneurial and innovation hub for global venture capital (VC)-backed information and communications technology
(ICT) start-ups. IDA’s iBEST programme provides developmental support for such ICT enterprises to establish new
engineering centres in Singapore, and use Singapore as a launch pad to gain market traction in Asia. More information
can be found on www.infocomminvestments.com.
(Source: Economic Development Board, SPRING Singapore, Infocomm Development Authority)
23 24Singapore Business Federation 2014 Singapore Business Federation 2014
Common Operating Models in Singapore Common functions under a Supply Chain Headquarters in Singapore include:
• IP ownership
• Management of service contracts
A business-friendly environment in Singapore means global businesses continue to benefit from
• Finance and treasury functions
setting up Headquarters and operations here. Today, Singapore thrives as a global business hub
• Supply chain risk management
with approximately 38,000 international companies, many leveraging Singapore as a strategic
gateway to drive their growth in Asia. The following illustrates the common operating models in
Research and Development and Intellectual Property Management Centre
Singapore:
Research and Development (R&D) is a key strategy for Singapore and the government is setting
Holding Company
aside S$16.1 billion in an announced Research, Innovation and Enterprise Plan (2011 – 2015). The
intellectual property (IP) regime in Singapore is robust and enforced fairly and incorruptibly. The
One of the key drivers for Singapore as the choice location for a holding company is the taxation
system in Singapore generally favours R&D and IP management centres in the following ways:
system. Under such a structure, a company can take advantage of the following:
• IP acquisition: 5-year write-down for economic and/or legal IP rights
• No tax on inbound dividends
• R&D and IP creation: Tax deduction for R&D
• No tax on outbound dividends
• IP exploitation: Reduced tax rate for qualifying projects, Singapore’s network of double
• Foreign source income exemption for dividends, branch profits and service income
tax agreements with 71 partners
• Foreign tax credit pooling
• Minimal exit costs: No capital gains tax
• No capital gains tax
• Benefits of lowered withholding tax rates under Singapore’s DTA network with 71 jurisdictions
Finance & Treasury Centre
Regional/International Headquarters
Companies set up treasury centres in order to manage financial risk, generate monetary benefits
and develop tax savings. Singapore’s value propositions as a choice location for such activities
This is a popular form of setup in Singapore for companies with businesses and operations in
include the pool of experienced treasury managers, having the world’s fourth largest foreign
multiple overseas locations. Companies can leverage Singapore’s connectivity and stable operating
exchange centre, transparent and pro-enterprise taxation regime, global collection of double
environment for a base to conduct management activities to oversee, manage and control their
taxation agreements, secure IT infrastructure, and time-zone advantage bridging Asia, America
regional and global operations. The headquarters can be structured as a cost-centre or profit-
and Europe. This typically complements a company’s global procurement unit. Common functions
centre, with the following activities often carried out in Singapore:
under the finance & treasury centre in Singapore are:
• Strategic Business Planning and Development
• Arranging credit facilities with funds obtained from financial institutions in Singapore or from
• General Management and Administration
surpluses of network companies
• Marketing Control, Planning and Brand Management
• Providing corporate finance advisory services
• Intellectual Property Management
• Providing guarantees, performance bonds, standby letters of credit and services relating to
• Corporate Training and Personnel Management
remittances to approved parties
• Research, Development and Test Bedding of New Concepts
• Arranging derivatives with approved parties
• Shared Services
• Managing funds of approved offices or associated companies outside Singapore for
• Economic or Investment Research and Analysis
designated investments
• Technical Support Services
• Performing economic or investment research and analysis
• Sourcing, Procurement and Distribution
• Providing credit administration and control
• Corporate Finance Advisory Services
• Providing general management and administration
• Providing business planning and coordination
Supply Chain Headquarters
Singapore is strategically located in the heart of Southeast Asia and along major trading routes
Contributed By: MAZARS LLP
at the confluence of the East and West. Leveraging her geographical advantage, Singapore has
established world-class infrastructure and a pro-business environment to facilitate trade and
supply chain activities. Companies have chosen to manage supply chains from Singapore to enjoy
minimal custom formalities, freight savings, shorter delivery times, closer proximity to customers 133 Cecil Street #15-02 Keck Seng Tower
and contract manufacturers, as well as the benefits and access as a resultant of Singapore’s Singapore 069535
T: (65) 6224 4022 F: (65) 6225 3974
network of 19 free trade agreements.
E-mail: contact@mazars.com.sg
Website: www.mazars.sg
25 26Singapore Business Federation 2014
LIVE
IN SINGAPORE
Education
Education has always been vital to the growth and development of the Singapore society. With
the knowledge-based economy driving the global community, education is essential in shaping
Singapore’s future. There are currently more than 80,000 foreign students studying in government
and private institutions in Singapore.
Under the Singapore Education System, at the Primary and Secondary School level, a typical school
year starts in January and consists of 4 semesters of 10 weeks of classes, while the academic year
for local universities begins in August and consists of 2 semesters of approximately 13 weeks of
classes.
The different levels of the Singapore Education System are summarised as follows:
Education Level Institute Duration Age Group
Primary Primary School 6 years 7-12 years old
L
Secondary Secondary School 4-5 years 13-16 years old
Pre-Vocational Courses
Post-Secondary Junior College 2-3 years 17-19 years old
Polytechnic
IVE IN SINGAPORE
Institute of Technical Education
Tertiary University 3-4 years 20-23 years old
(Source: Ministry of Education)
Distinctive Record of High Standards in Teaching and Learning
Singapore was placed among the top 3 in the world in 4th and 8th grade mathematics and science
in 2011 (Third International Mathematics and Science Study).
Singapore students have excelled in competitions such as World Debating Championships (English)
and International Olympiads (Mathematics, Physics, Chemistry, Biology).
Bilingual Policy & Broad-based Curriculum
To meet the needs of individuals and nurture talent, the Singapore education has adopted a bilingual
policy (English with Malay/Mandarin/Tamil).
A broad-based curriculum that emphasizes on innovation and entrepreneurship allows individuals
to acquire relevant skills and abilities and adapt to the competitive environment.
Established locally grown universities
More than 10 world-class institutions with strong industry links have set up centres of excellence
in education and research in Singapore. This includes the renowned French university – INSEAD,
the leading Massachusetts Institute of Technology, and established US business schools such as
University of Chicago Graduate School of Business.
28Singapore Business Federation 2014 Singapore Business Federation 2014
>350 public schools supported by 32,000 education officers Transportation
Singapore boasts one of Asia’s most efficient and developed integrated transport networks. It
4 local autonomous universities typically takes under an hour to travel into the city via Singapore’s world–class public transport
system.
2 upcomming local universities 5 local polytechnics
Overseas travelling is equally convenient. Located at the heart of Asia, Singapore hosts multiple
3 art institutes 8 foreign universities with campuses international and budget carriers that connect you to China and Japan at the North, India at the
West and Australia at the South within seven hours.
Private Education in Singapore
Air Transportation
There are a variety of private schools offering a broad range of programmes to add diversity to the
Singapore’s Changi airport serves more than 100 international airlines flying to more than
country’s education landscape. In Singapore, there are approximately 300 private commercial, IT,
220 cities in 60 countries and territories worldwide. With a flight taking off and landing at
fine arts and language schools offering courses with strong demand from local and international
Changi Airport once every 100 seconds, the world’s best airport handled more than 51 million
students.
passengers in 2012 and is a major aviation hub of Asia. Changi Airport is currently the world’s
seventh busiest international airport.
Private Education Institutes (PEI) Council for Private Education (CPE) (Source: Changi Airport Group)
CPE ensures high quality standards and Land Transportation
PEIs offer the opportunity to attain
international certifications at the certificate, sound business practices in the private
diploma, bachelor and postgraduate level. education industry. All parts of Singapore are highly accessible via the developed land and road networks.
Singapore is also connected to neighbouring Malaysia via two land bridges – The Causeway
PEI partnerships with popular international CPE is a statutory board under the purview and Tuas Second Link. Singapore’s land public transportation system provides an affordable
universities include countries such as the of the Ministry of Education. It regulates and alternative to private transportation in Singapore.
US, UK, Australia, etc. handles all issues pertaining to the private
education sector in Singapore. 3.5
3
Each PEI conducts its own admission/ Average MRT/Bus fare 2.5
enrolment exercises and interested students All PEIs need to be registered in order to per trip per pax using PPP 2
should make enquiries with the schools operate in Singapore. Registration takes into conversion factor 1.5
MRT
concerned directly. account the PEI’s corporate governance, (S$/pax-trip) 1
BUS
quality of provision and information 0.5
transparency. 2012 0
g
k
o
Note: In Singapore, there are no central authority that accords recognition to certificates/qualifications issued and course of study
re
on
or
on
ky
po
nd
Y
To
K
ga
w
offered by private schools. Recognition and acceptance of certificates for employment/ further studies are entirely at the discretion
Lo
ng
Ne
Sin
Ho
of the individual prospective employer/ academic institutions. (Source: Land Transport Authority)
International Schools in Singapore (Non-Exhaustive) Mass Rapid Transit (MRT)
School
Country
Level
Campus
Location
Australian
International
School
Singapore
Australia
Preschool
–
Secondary
Serangoon
Singapore’s MRT system is the backbone of the local public transport system. This comprehensive
Chinese
International
School
Singapore
China
Preschool
–
Secondary
Bukit
Timah
rail network spanning across the entire city-state experiences an average daily ridership of 2.65
Canadian
International
School
(Singapore)
Canada
Preschool
–
Secondary
Tanjong
Katong
million passengers. The current MRT network has 102 stations and 149km of railway lines in
Toh
Tuck
Jurong
West
operation. Future developments for additional railway lines and stations have been planned
German
European
School
Singapore
Germany
Preschool
-‐
Secondary
Bukit
Timah
and are in the construction phase.
Integrated
International
School
Australia
Preschool
–
Grade
12
Clementi
International
Community
School
United
States
Preschool
–
Secondary
Clementi
MRT trains are fully air-conditioned, and are the fastest and most cost-effective way to travel
(Singapore)
International
School
Singapore
Singapore
Preschool
–
High
School
Orchard
Road
long distances from one end of Singapore to the other. General information on MRT rides can
Alexandra
Road
be found in the table below. Do note that smoking, eating and drinking are forbidden in MRT
Yuvabharathi
International
School
India
Preschool
–
Secondary
Hu
Ching
Road
trains and stations, and the rules are enforceable by law. Carrying pets and durians on board
Overseas
Family
School
Singapore
Preschool
–
Secondary
Orchard
Singapore
American
School
United
States
Preschool
–
Grade
12
Woodlands
are also not allowed.
Singapore
Japanese
School
Japan
Primary
–
Secondary
Clementi
Frequency of MRT Trains Single Trip Adult Fare MRT Operating Hours
Changi
2-7 minutes S$0.73 - S$2.40 05:30hrs - 00:30hrs
West
Coast
Singapore
Korean
International
School
South
Korea
Kindergarten
–
High
School
Bukit
Timah
(Source: Land Transport Authority, , TransitLink Singapore)
United
World
College
of
South
East
Asia
United
Kingdom
Kindergarten
–
Grade
12
Dover
Ang
Mo
Kio
Note: MRT, bus and transfer fares vary according to distance. It is cheaper to travel with an EZ-Link card which can also be
Tampines
used to pay for bus rides. Concessions are also available for students and senior citizens. MRTs in Singapore generally oper-
ate from 05:30hrs to 00.30hrs. However, operating hours differ according to railway line, day of the week and festive seasons.
(Source: Ministry of Education Singapore, Council of Private Education, Singapore Tourism Board)
29 30Singapore Business Federation 2014 Singapore Business Federation 2014
Bus Residential Accomodation
Buses in Singapore complement the MRT system. Feeder services provide access to The residential market in Singapore is very diverse and offers a variety of lifestyle options ranging
neighbourhoods and surrounding areas not served by the MRT, whereas trunk services plying from city living to suburban living; high-rise housing to landed homes; plenty of choices catering to
through different towns can be found throughout the island. There are currently more than 300 young working professionals as well as families.
scheduled bus service routes operated by SBS Transit and SMRT which experience an average
daily ridership of 3.48 million passengers. Bus journeys typically cost less than MRT rides, but Most of the condominiums in Singapore are equipped with facilities such as gyms, swimming
bus frequencies are generally longer. pools, barbecue pits, playgrounds and 24-hour security. Landed residential properties are also
available for lease. Expatriates staying in landed properties usually choose to join recreational
Frequency of Buses Single Trip Adult Fare Bus Operating Hours clubs to socialise and for the facilities which are not available in landed homes.
Varies S$0.73 - S$2.20 Varies
There are no restrictions to foreign ownership of condominiums. However, purchase of landed
Note: MRT, bus and transfer fares vary according to distance. It is cheaper to travel with an EZ-Link card which can also be properties by a foreigner (individual or company) is subject to written permission from the Land
used to pay for MRT rides. Concessions are also available for students and senior citizens. Buses in Singapore have varying
operation hours according to service, day of the week and festive seasons.
Dealings Approval Unit.
(Source: Land Transport Authority)
Taxi Prime residential districts of 9, 10 and 11 remain the top choices for foreign investors and expatriates
relocated to Singapore. Attraction in these districts include the prime shopping belt of Orchard
Taxis fares are generally low in Singapore as compared to those of cities in developed countries. Road; famous international schools and local schools; Holland Village and Dempsey which are
According to regulations, all taxis are metered and fares must be charged according to the the favourite F&B enclaves for both expatriate and locals alike. Over the years the Marina Bay,
taximeter, plus applicable surcharges. Different regulations apply for limousine taxi services. Shenton and Tanjong Pagar areas, which are located within the Central Business Districts (CBD),
have grown in popularity largely due to government initiatives in enhancing the attractiveness of
Car the CBD as a live, work and play area. The last few years also saw the completion of a number of
luxury condominiums and un-gated landed homes situated in Sentosa, an island approximately 20
All vehicles and cars in Singapore are on right-hand drive (drive on the left side of the road), as minutes’ drive from the CBD.
in the United Kingdom. As Singapore is land-scarce, the government has imposed measures
to control car usage, making it expensive to own a car in Singapore. Buyers of new cars must Renting a Home in Singapore
bid for a Certificate of Entitlement (CoE) in order to own a car, and the CoE is valid for 10 years.
(Visit www.lta.gov.sg for more information on CoE prices.) Lease Period
Non-Singaporeans residing in Singapore for a period of more than 12 months, or have decided The lease period for residential units in Singapore is usually two years with an option to renew.
to become permanent residents, must convert their foreign driving license into a Singapore The rent for the initial lease term is usually fixed and will be renegotiated at prevailing market rates
driving license in order to drive in Singapore. Foreigners residing in Singapore for less than when option to renew is exercised. Leases for the duration of one year period are occasionally
12 months must possess a valid foreign license and International Driving Permit. Drivers from available.
ASEAN member countries only require a valid driving license issued by the relevant driving
license authority in their country of origin. A diplomatic (or break lease) clause is included in the lease and is exercisable after 12 months of a
2 year lease. For lease periods of 1 year, landlords prefer not to have a diplomatic clause although
in certain cases, it is possible to negotiate for a 6 month diplomatic clause. For pre-termination of
$64,938
3,411km
956,704
the lease, the tenant is required to give two months’ notice or pay two months in lieu to the landlord.
Quota
premium
of
CoE
Total
length
of
roads
in
Singapore,
Population
of
Vehicles
ars
>
1600cc,
2011
which
spans
only
48.2km
from
East
to
West
in
Singapore,
2011
Rental
(Source: Land Transport Authority, Singapore Traffic Police) The rental is usually quoted as gross rental which comprises the rent, maintenance fee and fixtures
& fittings. The market standard for fixtures & fittings includes a fully fitted kitchen (hood, hob, fridge,
COST
OF
LIVING
IN
SINGAPORE
washer, dryer and oven. Microwave and dishwasher are optional), lights, curtains, wardrobes and
water heater. The inclusion of soft furnishings is subject to negotiation. Rent is usually paid on a
S$0.73-‐S$2.20
S$0.73-‐S$2.40
S$3.00-‐S$3.40
monthly basis and GST (7 per cent) is payable by the tenant if the landlord is GST registered.
Price
of
a
Single
Bus
Journey
Price
of
a
Single
MRT
Ride
Basic
Taxi
Flag-‐Down
Rate
(2013)
(2013)
(2013)
Security Deposit
S$120,000
S$3500
Average
Price
of
a
Toyota
Corolla
Altis
1.6
Average
Monthly
Residential
Housing
Rental
[3-‐Bedroom
Apartment
outside
city
centre]
(2012)
(2012)
Gross rent of two months is payable by the tenant to the landlord upon endorsement of the Tenancy
Agreement. This is refundable (interest free) to the tenant upon termination of the lease and is
S$4.85
S$260
S$2.00-‐S$6.00
S$9.50
subject to due performance of the terms and conditions of the lease by the tenant. A banker’s
Price
of
a
Big
Mac
in
Singapore
Average
Hotel
Room
Rates
Average
Food
Prices
at
Hawker
Centres
Price
of
a
Movie
Ticket
(2012)
(2012
Q4)
(2013)
(2012)
guarantee is not acceptable.
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