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Transcript of 1005: Using Singapore as a Springboard to Asia: Practical ... · PDF fileMs. Schwendinger is...
ACC’s 2013 Annual Meeting October 27-30, Los Angeles, CA
This material is protected by copyright. Copyright © 2013 various authors and the Association of Corporate Counsel (ACC). Materials may not be reproduced without the consent of ACC or the copyright holder.
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Wednesday, October 30 11:00 AM - 12:30 PM 1005: Using Singapore as a Springboard to Asia: Practical Considerations in Conducting Asian Operations From Singapore Kim Huat Chia Executive Committee Partner (Rajah & Tann LLP) Lex Mundi Jo Anne Schwendinger Regional General Counsel - Asia Pacific & Sub-Saharan Africa John Deere Asia Scott A. Trainor VP, Regional General Counsel, APJ SAP Asia Pte. Ltd. Charles Wilkinson Senior Corporate Counsel Ashland Inc
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Faculty Biographies Session 1005
Kim Huat Chia Executive Committee Partner (Rajah & Tann LLP) Lex Mundi Jo Anne Schwendinger Jo Anne Schwendinger is John Deere's regional general counsel for Asia-Pacific & Sub-Saharan Africa, a position she has held since 2010. She is located in Deere's Singapore office, and manages a regional law services team in China, India, Singapore and South Africa. As a member of Deere's regional business management team, she actively participates in strategic business decisions. She also provides legal guidance on business development, competition, distribution, supply, compliance and employee relations matters. Ms. Schwendinger joined Deere in 2000 as counsel to John Deere Financial, and moved to the parent company law department in 2008. Prior to joining John Deere she represented financial institutions in corporate lending and international trade finance transactions, and advised on OFAC and antiboycott compliance. She also worked as in-house counsel to a mining consortium operating in West Africa. Ms. Schwendinger is the president of the ACC's Singapore Chapter, and is an active volunteer in the ASEAN chapter of the International Association for Contract and Commercial Management. She holds a Licence (B.A. equivalent) from the University of Avignon, France, and a Maitrise (M.A. equivalent) from the University of Strasbourg, France. Her law degree is from the University of Pittsburgh School of Law, where she was Managing Editor of the Law Review. Scott A. Trainor VP, Regional General Counsel, APJ SAP Asia Pte. Ltd. Charles Wilkinson Charles F. Wilkinson is a senior corporate counsel for Ashland Inc, a Fortune 500 company providing products and services through Ashland Performance Materials, Ashland Consumer Markets, Valvoline International, Inc., Ashland Water Technologies, and Ashland Specialty Ingredients, GP. He has global responsibility for Ashland's international trade activities (EAR, ITAR, FCPA, OFAC, and AML compliance), international transactions, government relations (political action committees and lobbying), commercial and government contracts, acquisitions and divestitures, and corporate real estate.
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Prior to joining Ashland, Mr. Wilkinson held several law department positions with Lockheed Martin Corporation in Baltimore, Maryland and Marietta, Georgia, and with Hercules Incorporated, Wilmington, Delaware. In those positions his responsibilities included commercial and government contracts, international transactions, economic development, corporate real estate, and litigation. Before entering corporate practice, he was a US Air Force Judge Advocate with assignments in the US and overseas. Mr. Wilkinson has significant experience of dealing with distribution arrangements in China and the wider AP region. Mr. Wilkinson belongs to ACC's Corporate and Securities Law Committee, Information, Technology Law & e-Commerce Committee, International Legal Affairs Committee, Law Department Management Committee, and Real Estate Law Committee. Mr. Wilkinson received his BS from Loyola University of Chicago and a JD from Northern Illinois University.
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INVESTMENT AND FUNDINGENVIRONMENT IN SINGAPORE27 October 2013Presentation by Chia Kim HuatRajah & Tann LLP, Singapore
Outline
• Basic Principles Governing Investment
• Business and Investment Regulatory Bodies
• Foreign Presence in Singapore
• Policies to Attract Foreign Investment
• Financing Options
• Listing on SGX-ST
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Basic Principles Governing Investment
Basic Principles:-
• No differentiation between domestic and foreign companies
• No differentiation between State-owned and private companies
• Unified tax treatment
• Similar preferential treatment
Business and Investment Regulatory Bodies
1. Ministry of Trade and Industry (MTI)
• Promoting economic development at a macro level
• www.mti.gov.sg
2. Accounting & Corporate Regulatory Authority (ACRA)
• Registration and regulation of various business entities (eg. company, soleproprietorship, partnership and public accountant)
• www.acra.gov.sg
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Business and Investment Regulatory Bodies – cont’d
3. Economic Development Board (EDB)
• Responsible for attracting foreign investment
• www.edb.gov.sg
4. International Enterprise Singapore (ieSingapore)
• Promoting export of Singapore products and services
• www.iesingapore.gov.sg
Business and Investment Regulatory Bodies – cont’d
5. Jurong Town Corporation (JTC)
• Providing industrial properties for enterprises
• www.jtc.gov.sg
6. Singapore Business Federation
• Acting as a bridge between enterprises and the government
• www.sbf.org.sg
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Business and Investment Regulatory Bodies – cont’d
7. Enterprise One
• Business Model
• Procedures and Types of Establishment
• Funding Channels
• Market Information
• Laws and Regulations
→ www.business.gov.sg
Foreign Presence in Singapore
1. Establishing a Representative Office
2. Establishing a Branch Office
3. Incorporating a Singapore Company
4. Acquiring an Existing Company
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Foreign Presence in Singapore– cont’d
1. Establishing a Representative Office
• Scope of Business
� Market Research
� Feasibility Study
• Shall not carry out sales or other revenue generating businesses
• Subject to approval by ieSingapore
• Subject to approval by MAS for banking and insurance business
Foreign Presence in Singapore– cont’d
2. Establishing a Branch Office
• Not an independent legal person
• May carry out business of its parent company
• Need to be registered with ACRA
• Need to appoint 2 local representatives to carry out its business
• Need to obtain special licenses for engagement in particular business (eg.banking and insurance)
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Foreign Presence in Singapore– cont’d
3. Incorporating a Singapore Company
• May carry out same business as local companies
• Need to be registered with ACRA
• Subject to special approval for particular industries
• Procedures Simple:
� Reservation of Enterprise Name (15 minutes)
� On-line registration (15 minutes)
Foreign Presence in Singapore– cont’d
3. Incorporating a Singapore Company (cont’d)
• Basic Requirements:
� Shareholder 1
� Director 1 (Singapore resident)
� Capital S$1
� Auditor 1 (within 3 months)
� Company Secretary 1 (within 6 months)
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Foreign Presence in Singapore– cont’d
3. Incorporating a Singapore Company (cont’d)
• Annual Return
• Year-end Audit (except for certain exempt companies)
• Notice for change of basic particulars
Foreign Presence in Singapore– cont’d
4. Acquiring an Existing Company
a. Private Company
• Industry Restriction
• 1 Director being Singapore Resident
b. Listed Company
• Shareholding Disclosure Liability
• Mandatory Offer
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Policies to Attract Foreign Investment
1. International and Regional Headquarters Scheme
• Setting up international or regional operational headquarters in Singapore
• Lower income tax
• International headquarters may enjoy more preferential treatment
7 EDB
Policies to Attract Foreign Investment – cont’d
2. Global Trader Programme
• Setting up international or regional base in Singapore
• Applicable to international trade, re-export and other related industries
• Lower tax for offshore trading income
7 ieSingapore
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Policies to Attract Foreign Investment – cont’d
3. Incentives for Other industry or business
• Maritime
• Fund Management
• R&D and IP
• Pioneering Industries
Financing Options
1. Bilateral / Syndication Bank Loan (Sing Dollar or Foreign Currency)
2. Trade / LC Facility
3. Housing Loan
4. Bonds
5. Derivatives
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Listing on SGX-ST
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Rajah & Tann LLP, Singapore
9 Battery Road #25-01Straits Trading BuildingSingapore 049910
Tel: (65) 6535 360024 Hr : (65) 9690 2253Fax: (65) 6225 9630www.rajahtann.com
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Rajah & Tann (Laos) Co., Ltd
Phonexay Village, 23 Singha Road,House Number 046/2, Unit 4Saysettha District, Vientiane Capital,Lao PDR
Tel: (85) 6 21 454 239Fax: (85) 6 21 285 261la.rajahtann.com
R&T Vietnam LLC
65 Le Loi Boulevard,Unit 10-02 Saigon Centre,District 1, Ho Chi Minh City,Vietnam
Tel: (84) 8 3821 2673Fax: (84) 8 3821 2685vn.rajahtann.com
Rajah &Tann (Thailand) Limited
999/9 The Offices at CentralWorld10th Floor, Room LL1001Rama I Road, PathumwanBangkok 10330, Thailand
Tel: (66) 2264 5055Fax: (66) 2264 5057th.rajahtann.com
Rajah & Tann NK Legal Myanmar Co Ltd
Room 007, Inya Lake HotelNo. 37, Kaba Aye Pagoda Road,Mayangone TownshipYangon, Myanmar
Tel: (959) 73040763 / (951) 9662866 /(951) 9662857
Fax: (951) 657902 / (951) 9665537mm.rajahtann.com
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© Rajah & Tann LLP
Christopher & Lee Ong
Kuala Lumpur
D2-3-1, Solaris Dutamas,No. 1, Jalan Dutamas 1,50480 Kuala Lumpur, MalaysiaTel: (603) 6207 8282Fax: (60) 6207 9922 / 9900www.christopherleeong.com
Christopher & Lee Ong
Petaling Jaya
25-2, Block B,Jaya One Section 13,46200 Petaling Jaya, MalaysiaTel: (603) 7958 8310Fax: (603) 7958 8311
Christopher & Lee Ong
KL Sentral
Suite 3B-16-7, Level 16, Block 3B,Jalan Stesen Sentral 5, Kuala LumpurSentral, 50470 Kuala Lumpur, MalaysiaTel: (603) 2278 8311Fax: (603) 2273 8322
Cambodia
R&T Sok & Heng Law Office
No. 11, Street 41,Sangkat Tonle Basac,Khan Chamkarmorn 12300Phnom Penh, Cambodia
Tel: (855) 23 215 734 / 726 270Fax: (855) 23 726 417rtsok-heng.com
Jakarta, Indonesia
Assegaf Hamzah & Partners
Menara Rajawali 16th Floor Jl. MegaKuningan, Lot 5.1, Kawasan MegaKuningan, Jakarta 12950, Indonesia
Tel: (62) 21 2555 7800Fax: (62) 21 2555 7899www.ahp.co.id
Dubai, UAE (Affiliate Firm)
Al Tamimi & Co
Dubai - DIFC Head officeDubai International Financial Centre, 6th floor,Building 4 East, Sheikh Zayed Road,PO Box 9275, Dubai, UAETel: (971) 4 364 1641Fax: (971) 4 364 1777www.tamimi.com
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WHY SINGAPORE? Singapore is the “Centre of the Trading Universe”
“Singapore is right in the thick of the action, being strategically located in the middle of key trade flows from Asia, Australia, Europe, the Middle East & the US. Known for having the most open economy for trading & one of the most competitive economies in the world, Singapore is well-positioned to be your trading hub for Asia.” See http://www.iesingapore.gov.sg/Trade-From-Singapore/Overview
Free Trade Agreements (“FTA’s”) are a key tool for trade development What is an FTA?
Agreement between/among 2+ countries Regional or bilateral Promote trade & encourage economic growth
Reduce or eliminate trade barriers Facilitate cross border movement of goods, services, people Reduce/eliminate tariffs Provide market access Protect intellectual property (“IP”) Ease foreign investment rules Open government procurement opportunities
Singapore’s approach International Enterprise Singapore
Government agency that drives Singapore’s external economy Spearheads overseas growth of Singapore-based companies Promotes international trade Vision: a thriving business hub in Singapore with globally competitive companies & leading
international traders See http://www.iesingapore.gov.sg/About-Us/Overview
FTA’s are “Superhighways that connect Singapore to major economies & new markets” See http://www.fta.gov.sg/.
Singapore has 19 FTA’s, including with its top trade partners (2010) Exports: Hong Kong (13%), China (11%), Malaysia, through ASEAN (9%), US (6%) Imports: China (12%), Malaysia (12%), United States (11%), Japan (8%), Other Asia (6%)
Topics covered by FTA’s Trade in goods Rules of origin Customs procedures Services (financial, telecommunications, others) E-commerce Movement of people Investments Sanitary & phytosanitary measures Standards & technical regulations Intellectual property Competition Economic cooperation Dispute settlement
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Singapore’s first FTA with Association of Southeast Asian Nations (“ASEAN”) Formed 1967 Original member countries: Indonesia, Malaysia, Philippines, Singapore & Thailand Additional 4: Brunei Darussalam (1984), Cambodia (1999), Lao PDR (1997), Myanmar (1997) &
Viet Nam (1995) Three pillars of ASEAN
Political & security cooperation Economic cooperation
FTA’s fall under the ASEAN Economic Community Socio-cultural cooperation
Singapore’s FTA’s In force 1. 1993 ASEAN Free Trade Area
Updated 2003 - Agreement on Common Effective Preferential Tariff 2012 ASEAN Trade in Goods Agreement 1995 ASEAN Framework Agreement on Services 1998 Framework Agreement on the ASEAN Investment Area
2. 2008 ASEAN-Australia-New Zealand FTA Liberalize trade in goods & services Facilitate investment opportunities
3. ASEAN-China FTA 2002 Framework Agreement 2005 Agreement on Trade in Goods 2007 Trade in Services Agreement 2010 Investment Agreement
4. ASEAN-India FTA 2009 Trade in Goods
5. ASEAN-Japan FTA 2003 Framework Agreement for Comprehensive Economic Partnership 2008 ASEAN Japan Comprehensive Economic Partnership
6. ASEAN-Korea FTA 2007 Trade in Goods Chapter of the ASEAN Korea FTA
7. 2003 Singapore-Australia FTA Comprehensive agreement (goods, services, movement of business persons, government
procurement, IP, competition, e-commerce education cooperation) Greater certainty in Investments IP rights
8. 2009 China-Singapore FTA First comprehensive bilateral FTA between Singapore & another Asian country Goods, services, rules of origin, sanitary measures, trade barriers, customs procedures,
economic cooperation, dispute resolution 9. 2013 Singapore-Costa Rica FTA
Comprehensive agreement 10. 2005 Singapore-Jordan FTA
Singapore’s first FTA with a middle eastern country
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Jordan’s first with an Asian country Platform for increasing economic engagement
11. 2005 India-Singapore Comprehensive Economic Cooperation Agreement Comprehensive agreement India’s first comprehensive economic cooperation agreement Singapore’s first comprehensive bilateral FTA with a South Asian economy First time Singapore included tax discussions in FTA process
12. 2002 Japan-Singapore Economic Partnership Agreement Japan’s first FTA
13. 2006 Korea-Singapore FTA Korea’s first FTA with an Asian country
14. 2001 Agreement between New Zealand & Singapore on a Closer Economic Partnership Comprehensive FTA
15. 2006 Panama-Singapore FTA Singapore’s first bilateral FTA with a Latin American country Comprehensive FTA
16. 2009 Peru-Singapore FTA Comprehensive FTA
17. 2003 European Free Trade Association (Switzerland, Liechtenstein, Norway & Iceland)-Singapore FTA Singapore’s only FTA with Europe
18. 2006 Trans-Pacific Strategic Economic Partnership Agreement Brunei, New Zealand, Chile & Singapore Singapore’s first FTA with a South American country Builds on NZ FTA
19. 2004 US-Singapore FTA Concluded (not yet in force)
Cooperation Council for the Arab States of the Gulf (“GCC”, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia & the United Arab Emirates)
GCC-Singapore FTA signed 2008 Comprehensive FTA Covers recognition of Singapore’s Majlis Ugama Islam Singapore Halal certification
Ongoing negotiations ASEAN-India Services & Investment ASEAN-Japan Services & Investment Canada Mexico Pakistan Trans-Pacific Partnership Ukraine
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