During a conference last week, representatives of ACRA (the public authority in charge of company registering) announced that Singapore would spare no effort to avoid being listed as a tax haven.
This means the compliance requirements to service providers will become more rigorous, and the implementation of a Beneficiary Register (which is soon to be implemented in Singapore) is not the only anticipated innovation. In this respect, ACRA recommends to charge the increasing compliance expenses to clients – Singapore company owners.
Singapore is the world’s fourth financial centre with about 200 officially registered banks; however, some of them have been wound up lately. This is mainly attributed to the rising rental rates and labour costs.