Analysis by GuideMeSingapore.com shows that a number of indicators are pointing towards an increased company formation activity in Singapore by Indian firms and the Indian business community's confidence in using Singapore as a launchpad for business expansion in Asia Pacific is rising.
The governments of the two countries are actively promoting this increased cooperation. Singapore's Senior Minister Goh Chok Tong recently visited India and proposed to Indian Prime Minister Manmohan Singh that Indian businesses should use Singapore as the platform for corporate expansion and networking with major Asian leaders and businessmen. An increasing number of small and large Indian businesses are paying attention to these messages; as Indian businesses look beyond their borders and undertake acquisition of foreign assets, Singapore is emerging as the preferred venue for their expansion.
Indian health-care giant, Fortis Health Care recently acquired a 23% stake in Parkway Holdings Ltd., a Singapore-based premium health-care service provider in Asia. The deal has helped Fortis expand in Southeast Asia and establish a wider Asian footprint. Another case in point is Tata Steel's acquisition of Singapore's largest steel company – Natsteel - in the last few years. Similarly, a sizable number of Indian educational institutions and IT companies have been investing in Singapore in the last two years, and Indian companies in other sectors have been setting up regional headquarters in Singapore.
GuideMeSingapore.com's analysis shows that there are approximately 4,000 established Singapore companies with Indian parentage - the second largest foreign corporate contingent in the Singapore. According to the Singapore Department of Statistics' 2008 foreign direct investment, India accounts for the second-highest Foreign Direct Investment in Singapore amongst fourteen Asian economies. The Singapore-India trade figures reveal that India was Singapore's 10th largest trading partner in 2008.
These are strong indicators of robust Singapore-India ties. According to Ms. Jacqueline Low, the Director of Corporate Services at Janus Corporate Solutions - the company that runs the GuideMeSingapore.com site, "Strong bilateral ties between India and Singapore are likely to result in more Indian companies establishing a business presence in Singapore. In fact, in recent months we have witnessed a significant jump in the number of inquiries for services from Indian firms."
Singapore is a natural gateway for Indian companies who are eager to expand globally and tap into the Southeast Asian market. Singapore's compelling advantages include pro-business climate, stable political environment, effective legal system, low taxes, a cost-effective and readily available talent pool, strategic location, excellent infrastructure, and a large tax treaty network. "Given the strong socio-cultural relations between India and Singapore, Indian companies find it easier to establish a business presence here. The ease of company formation and the lack of red-tape are other factors that our Indian clients find attractive about Singapore," added Low.
Source: BusinessWireIndia
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written by Angus, August 21, 2010
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Dear Sir,
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Best Regards
Ms. Nehaa Kapoor