Background: Singapore is an equatorial island nation located at the extreme southern tip of peninsular Malaysia. With a population of 3.2 million, Singapore may appear to have a limited market compared to its regional neighbors. Singapore’s per-capita income, however, has grown to nearly US$16,000, second only to Japan in all of Asia. More importantly, Singapore is a major trading and distribution center for the remaining Association of Southeast Asian Nations (ASEAN) markets, which have a combined population of 550 million. Its strategic location along the Straits of Malacca is enhanced by its proximity to Southeast Asia's most important ports. Within a 900 mile radius lies primary seaports and airports at Bangkok, Jakarta and Kuala Lumpur. Approximately 30 percent of Singapore's total imports are destined for re-export. Singapore offers an excellent transportation infrastructure, including the world's second-busiest container port and one of the world's best airport facilities, in addition to efficient, inexpensive telephone and fax communications. English, the main language of business and government, is widely spoken.

Banking Information: The Bank Secrecy Act prevents banks in Singapore from revealing transactions and balances of depositor information without the consent of their customers.

Public Record & Financial Information: Five types of business organization are recognized:

(1) public company limited by shares, (2) private limited company, (3) limited exempt private company, (4) partnership and (5) sole proprietorship. Firms are listed under the Registry of Companies and Businesses. Registration numbers and name verification is available via the Internet (see Free Access Database Links on Owens OnLine). All companies must submit an annual return to the Registry to update any changes in shareholders, directors, address and the like. Public and limited private companies are required to submit annual financial reports to the Registry. This information is available to the public for a fee. Limited exempt private companies are not required to file financial statements unless losses were sustained. No financial information can be obtained for partnership and sole-proprietorship businesses. Late filing is not common.

Personal Information: Citizen records are kept with the National Registry Department. Persons requesting information about a particular permanent resident or citizen must present written documents. Local credit information providers are able to provide a person’s business associations based on a given name and identification number.

Trade Payment Histories: No trade payment history databases exists. Agencies normally rely on audited financial figures and market sources.

Standard Terms: Most companies grant credit terms of 30-60 days for local transactions. Importers generally pay by letter of credit, though open terms may be offered to established accounts.

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Source:       Owens OnLine, Inc.

Contact:      (800) 745-4656, (813) 877-2008 (9-5 EST) or email@owens.com

Website:      www.owens.com or www.owensonline.com

Written By:  Mark Owens for ©1997 Warren, Gorham and Lamont / RIA Group (NYC).