Begun in 1819 as a British trading colony, the Republic of Singapore was founded in 1965 under the direction of the present Prime Ministers' father, Mr. Lee Kuan Yew. Although it's only 1/5 the size of Rhode Island and three times the size of Washington D.C., it is perhaps the most strategically crucial international trading, finance, and service nexus in Asia.
This is why you need to think about investing in Singapore.
While Hong Kong and Shanghai will assert, Singapore is the busiest port in Asia situated alongside the vital trading channel, the Straits of Malacca.
Unlike South Korea and Taiwan, which are much determined by the cyclical electronics industry, Singapore has a well-diversified market. Seventy percent of its GDP is attributable to finance and solutions.
Singapore's accounting rules and regulations are amongst the most conservative in the world. By way of instance, its rules on stock accounting and stock options' expensing are more conservative than people in the United States.
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Despite the only 1.6percent of its territory being suitable for agricultural pursuits and needing to import almost everything such as water, Singapore succeeds in having a trade surplus.
Singapore has a balanced budget, a stable currency, and still manages to devote 5 percent of GDP for protection.
It represents a multi-ethnic society with 77% Chinese, 14% Malay, and 8 percent Indian.
Singapore has a parliamentary form of government, the English standard law judiciary program, and corruption and drug-free. Gradually but certainly, a freer political climate is developing with a Speakers Corner instituted in 2000 and the ability to express one's views openly anywhere except for race and religion's sensitive topics.
Singapore's educational performance is mythical. The fact that it has twice as many Internet users as television sets are notification.
Singapore's New Resorts
Singapore is also changing with the times. To generate more investment, tax revenue, and add a bit of sparkle, Singapore recently approved the development of two large casino hotels. It's a component of a strategy to decrease the country's dependence on production and to place itself as a livelier tourism destination. There'll be limitations. Singaporeans will have to pay a $60 entrance fee, and the gambling areas will be restricted to just 5 percent of the hotel. Based on projections, the resorts will lead to $4 billion in investments, $3.5 billion in annual earnings, 35,000 jobs, and $350 million per year in fees and taxes.
Singapore has also made great strides in patching up misunderstandings with its neighbor to the northwest, Malaysia, from whom it divided in 1965. Tax problems, water distribution agreements, and transport arrangements are all moving much more smoothly.
Singapore is adept at holding on to its manufacturing base, even as many large semiconductor manufacturers like National Semiconductor announced plans to transfer plants into China and Malaysia. For thirty years, Singapore has depended on electronics as the backbone of its manufacturing industry but is making the transition into a more R and service.