At the end of February, Singapore and the United Kingdom announced the renewal of their bilateral Economic and Business Partnership (EBP). The two countries want to improve economic cooperation, as well as to come with new investment possibilities for both UK and Singapore companies in the other state. Our Singapore company formation agents can offer more information on the economic relations and agreements signed with the United Kingdom.
Once under the same flag, Singapore and the United Kingdom are very much alike in terms of legislation. Moreover, company formation in Singapore is quite similar to the company registration process in the UK which has enabled the two countries have a strong economic cooperation since the beginning of ‘80ies when Singapore started developing.
The new EBP, which was signed at the end of February, paved the road to a better economic cooperation, as well as new investment opportunities, especially in the financial industry, for both Singapore and the UK. The partnership also aims to increase trading relations between the two countries, considering the imminent approach of Brexit.
The new agreement is based on the initial convention which was signed in 2011, however it also contains new areas of cooperation, among which a new trading policy and the creation of a working group which must find ways to create more investment links.
Foreign investors interested in company registration in Singapore, can receive assistance from our local agents.
Singapore and the UK have good trading relations, considering the UK is the city-state’s fourth largest partner in Europe in terms of imports and exports. The total trade value between the two countries reached 11.4 billion SGD in 2016. Also, Singapore is the main gate of UK companies exporting goods to ASEAN countries, so it is easy to say that the new partnership brings many benefits for all countries in the ASEAN region. Our company formation experts in Singapore can also offer information on the double tax treaty with the UK which is very important considering the reduced taxes to be paid by companies in both countries.
If you are interested in opening a company in Singapore and need assistance, please feel free to contact us. Our company formation representatives in Singapore can also offer information on the most appealing investment industries in the country.