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Regulatory Environment in Singapore

Singapore’s Constitution lays down the fundamental principles and basic framework for the three organs of the state:

•    Executive – made up of the President and the Cabinet, with the latter responsible for all government policies and accountable to Parliament. In Singapore, the Cabinet is formed by the political party that gains a simple majority in each general election. The President appoints the Cabinet members including the Prime Minster (PM) from among the Members of Parliament (MPs), who are elected and sit for a maximum of five years (with the last election held in 2015).

•    Legislature – comprises the Parliament and is responsible for enacting legislation.

•    Judiciary – an independent body to administer justice, comprising the Supreme Courts (High Courts and Courts of Appeal) and the State Courts (District and Magistrates Courts and Small Claims Tribunal).

Singapore’s main legislative framework relevant for the consideration of Hong Kong companies is the Companies Act (last amended in 2017). Enforcement of the Companies Act is overseen by the Accounting and Corporate Regulatory Authority (ACRA) under the Ministry of Finance (MOF). ACRA is the national regulator of businesses and public accountants in Singapore.

 

A Practical Guide to Doing Business in Singapore

  1. Regulatory Environment
  2. Establishing a Presence
  3. Intellectual Property Protection
  4. Staff Recruitment
  5. Tax Considerations
  6. Import/Export Procedures
  7. Further information

 

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Content provided by Picture: HKTDC Research
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