Singapore offers extensive services in the field of finance. The abolition of exchange controls has given the country a wider field for participation in international transactions. It has a booming Asian dollar market, growing financial sophistication and a government which aims to foster as many of the trappings of an international financing centre as possible.
The steps taken by Singapore Government to develop Singapore as a financial centre, both in depth and sophistication, include the following:
- removal of exchange controls to permit international financial transactions.
- provision of numerous taxation incentives.
- development of a variety of money market instruments with exemption from stamp duty.
- adoption of a selective and fair policy for entry of foreign banks and financial institutions into Singapore scene.
- relaxation of immigration laws to permit the entry of financial expertise and skilled labour.
- develop financial training facilities.
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