29 March 2012
There is increasing interest in Singapore as a funds domicile, particularly for unit trusts, and especially in connection with private equity and family office structures, as well as classic hedge funds.
The doors of the business-friendly Monetary Authority of Singapore (MAS) are open to new business opportunities within the financial services sector. With a strong judicial system, Singapore offers a modern financial and banking infrastructure which facilitates seamless cross-border transactions. Singapore also has a sophisticated communications and transport infrastructure, as well as the range of ancillary expertise that financial services providers would typically expect from a global financial centre.
Singapore offers a range of favourable double-tax treaties with a large number of countries, and is relatively low-cost compared to other European and US financial centres. It also has access to a skilled and cost-efficient workforce. Singapore, too, offers lifestyle advantages over its major competitors, especially for families. For example, Singapore does not suffer from the pollution problems found in some other parts of Asia.
Singapore’s proximity to China and to other emerging Asian markets means that its professional service providers are typically multilingual in the various languages of Asia. That is certainly the case with Moore Stephens, which has had an established presence in Singapore for approximately 23 years. Moore Stephens LLP Singapore and its associates have 15 partners and directors and 200 staff, providing extensive coverage in the Asia Pacific region. The firm’s dedicated financial services team is currently one of its fastest growing departments.