SingaporeAccording to the Economist Intelligence Unit (EIU), Singapore has become the most expensive city in the world for living bypassing Tokyo, London and New York. This is another Singapore achievement. Life is becoming more expensive in Singapore. Even a year ago, queuing in one of the local supermarket for payment used to take up to 20-30 minutes. These days it takes 10-15 minutes. Shopping baskets are half empty as well. Singapore is working hard to retain its position as one a global leading financial center. At this moment, Singapore is 4th financial center after London, New York and Tokyo. Singapore is also a favorite jurisdiction for registration of offshore companies due to low corporate tax of 17% and a territorial taxation principle which exempts non-Singapore source income from Singapore corporate tax. Singapore has well run and highly established banking system Singapore banks are opening bank accounts not only for Singaporean companies. Offshore companies from Hong Kong, Cyprus, Belize and tax havens are also welcome.