Up-to-date insights about Singapore, China and India
— Press release —
Singapore – perfect trading environment
Despite its small total area, Singapore is one of the most economically developed countries worldwide. According to the "Easy of Doing Business" - Ranking 2019 and 2020, Singapore ranks second after New Zealand, but leaves behind Hong Kong and South Korea. Thank‘s to its various tax benefits Singapore appeals to huge corporations from all over the world searching an ideal place for their subsidiaries, as well as investors. To take advantage of many tax benefits, certain requirements have to be met, availability of certificate of residence, for instance. There are different kinds of tax benefits: payroll credit program, tax incentives for start-ups, partial tax incentives, investment incentives, etc. Within free trade agreements Singapore also provides the access to larger Asian markets. That’s why the country is so popular with German companies as an international destination. According to Asia Bridge magazine, there are currently 1500 German companies operating there. (Source: Asia Bridge)
India - possible alternative to China
Since 1991 the Indian government has been trying to implement various government programs in order to attract foreign investors. In 2014 the project „Make in India” was launched to make India a world center for manufacturing and global design. During the Corona-time transforming India into an export hub has become a challenge. Thus, they initiated another program "Invest India". The goal of the project is to encourage foreign companies not only to consider opening a branch in the country, but also to make India a global supplier. (Source: Asia Bridge)
China is opening despite the crisis
Despite problems in German-Chinese trade relationships during the Corona-time, China remains a promising country for German companies. The current situation even makes a significant contribution to German-Chinese economic relations. According to „German Business in China“ survey, 2/3 of the companies are currently talking about direct or indirect restrictions. Therefore, the Chinese government has announced a reform to support foreign investments and foreign-owned companies. According to «Asia Bridge» magazine, the so-called blacklist of industries closed for foreign investments should be shortened. At the same time, more sectors in real need of foreign participation should be named. Andreas Feege (partner of the auditing company KPMG) emphasizes that China is not only a huge domestic market, promising a great potential for German companies, but also an engine for further innovations. (Source: Asia Bridge)
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