In terms of economy China takes three steps forward and Europe takes two steps backwards

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china-83913_640The Global economy
Over the last 7 to 10 years much of the world has been watching their economies struggle to stay afloat or even sliding backwards whilst Asia and specifically China has seen their economies soar. Yes it’s true that in recent years Chinas economy has slowed its pace, however economies in other smaller regions of Asia such as Singapore have become an extremely popular destination in which to do business.
Poof of Chinas economy
In this year’s list of top 10 businesses created by Forbes, based on revenues, assets, profit and market value, 5 of the ten places have been taken by China, and the other 50% being taken by US companies. 2 European companies that were on last year’s list, HSBC and Shell, have both been pushed further down the list. The top ten companies in order are as follows: 1. Commercial Bank of China (ICBC) 2. Agricultural Bank of China 3. China Construction Bank 4. JP Morgan 5. Berkshire Hathaway 6. ExxonMobil 7. General Electric 8. Wells Fargo 9. Bank of China 10. PetroChina So if anyone wanted proof that Asia is a place to do business there it is. Interestingly Forbes 2000 which has been going for more than 10 years points out that nearly 25% of the companies on that list are financial institutions.
Benefits of Singapore
As well as being a beautiful jurisdiction with a solid economy Singapore is a gateway into Asia and therefor China, some key benefits of Singapore are it’s concept of Territorial Taxation, where foreign source trade profit is not subject to Singapore income tax if it is not repatriated in Singapore. Foreign dividends are not subject to Singapore Income Tax and Singapore has over 60 signed Double Tax Agreement (DTA).
Talk to the professionals
Eltoma Corporate Services is a direct service provider in Singapore with more than 10 years’ experience, with a highly experienced team of professionals ready to assist you in all your corporate needs. So if you’re interested in the Asian market or you simply have some questions, please take advantage of our free consultancy service by contacting one of our specialists by email at alternatively feel free to take a look at our website for more information.