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FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 7675
INFO RUCNASE/ASEAN MEMBER COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUCPCIM/CIMS NTDB WASHDC
RUCPDOC/USDOC WASHDC

UNCLAS SECTION 01 OF 14 SINGAPORE 000067 
 
STATE FOR EB/IFD/OIA 
STATE PASS USTR 
 
SENSITIVE 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EINV ETRD EFIN ELAB KTDB PGOV OPIC USTR SN
 
SUBJECT:  SINGAPORE - 2010 INVESTMENT CLIMATE STATEMENT 
 
REF:  09 STATE 124006 
 
¶1.  (U) In response to reftel instructions, this message is Post's 
draft chapter of the 2010 Investment Climate Statement for 
Singapore.  As requested, we have also provided via email a 
Microsoft Word version of the document to EB/IFD/OIA. 
 
¶2.  (SBU) Begin text of Statement: 
 
2010 Investment Climate Statement - Singapore 
 
Introduction 
 
Foreign investments, combined with investments through 
government-linked corporations (GLCs), underpin Singapore's open, 
heavily trade-dependent economy.  With the exception of restrictions 
in the financial services, professional services, and media sectors, 
Singapore maintains a predominantly open investment regime. The 
World Bank's "Doing Business 2010" report ranked Singapore as the 
easiest country in which to do business.  "The Global Enabling Trade 
Report 2009" by the World Economic Forum ranked Singapore first for 
having the most open economy for international trade and investment. 
 The U.S.-Singapore Free Trade Agreement (FTA), which came into 
force January 1, 2004, expanded U.S. market access in goods, 
services, investment, and government procurement, enhanced 
intellectual property protection, and provided for cooperation in 
promoting labor rights and the environment. 
 
The Government of Singapore (GOS) is strongly committed to 
maintaining a free market but also takes a leadership role in 
planning Singapore's economic development. The government actively 
uses the public sector as both an investor and catalyst for 
development. As of November 2008, the top six Singapore-listed GLCs 
accounted for nearly 24 percent of total capitalization of the 
Singapore Exchange (SGX). Some observers have criticized the 
dominant role of GLCs in the domestic economy, arguing that it has 
displaced or suppressed private sector entrepreneurship and 
investment. 
 
Singapore's aggressive pursuit of foreign investment as another 
pillar of its overall economic strategy has enabled the country to 
evolve into a base for multinational corporations (MNCs). The 
Economic Development Board (EDB), Singapore's investment promotion 
agency, focuses on securing major investments in high value-added 
manufacturing and service activities as part of a strategy to 
replace labor-intensive, low value-added activities that have 
migrated offshore. 
 
Measure     Year  Ranking 
TI Corruption Index   2009     #3 
Heritage Economic Freedom 2009     #2 
World Bank Doing Business 2009         #1 
 
Openness To Foreign Investment 
 
Singapore's legal framework and public policies are generally 
favorable toward foreign investors. Foreign investors are not 
required to enter into joint ventures or cede management control to 
local interests, and local and foreign investors are subject to the 
same basic laws. Apart from regulatory requirements in some sectors 
(see "Limits on National Treatment and Other Restrictions"), the 
government screens investment proposals only to determine 
eligibility for various incentive regimes (see Annex). Singapore 
places no restrictions on reinvestment or repatriation of earnings 
or capital. The judicial system upholds the sanctity of contracts, 
and decisions are effectively enforced. 
 
Limits on National Treatment and Other Restrictions: Exceptions to 
Singapore's general openness to foreign investment exist in 
telecommunications, broadcasting, the domestic news media, financial 
services, legal and other professional services, and property 
ownership. Under Singapore law, Articles of Incorporation may 
include shareholding limits that restrict ownership in corporations 
by foreign persons. 
 
Telecommunications: The Telecoms Competition Code opened the 
industry in 2000 to foreign or domestic companies seeking to provide 
facilities-based (fixed line or mobile) or services-based (local, 
international, and callback) telecommunications services. Singapore 
Telecommunications (SingTel), the former monopoly and currently 
55-percent government-owned, faces competition in all market 
segments. Its main competitors, MobileOne and StarHub, are also 
GLCs. Singapore has approximately 46 facilities-based (group) and 
234  services-based (individual) operators. 
 
SINGAPORE 00000067  002 OF 014 
 
 
 
The FTA requires that Singapore take steps to ensure that U.S. 
telecom service providers obtain the right to interconnect with 
networks in Singapore at competitive rates and on transparent and 
reasonable terms and conditions. Despite the Infocomm Development 
Authority's (IDA) requirement that SingTel offer wholesale prices 
for local-leased circuits at reduced rates, U.S. industry is still 
unable to avail itself of this more competitive pricing structure 
due to certain uneconomical technical interconnection requirements 
imposed by SingTel. 
 
SingTel announced in June 2006 plans to consolidate its local 
exchanges but did not provide details of specific local exchanges to 
be closed. This has put U.S. and other carriers' build-out plans on 
hold. IDA issued a decision in June 2007 that increases the 
notification period SingTel must provide from six to 18 months. IDA 
has denied requests by U.S. and other companies for interconnection 
at more centralized locations. Under the FTA, Singapore has also 
agreed that dominant licensees (SingTel and StarHub) must offer 
cost-based access to submarine cable-landing stations and allow 
sharing of facilities. U.S. and other companies continue to have 
problems with access to inter-exchange ducts as provided for in the 
FTA. 
 
Since 2007, SingTel has been exempted from dominant licensee 
obligations for the residential and commercial portions of the 
retail international telephone services. In August 2008, IDA granted 
preliminary approval to exempt SingTel from dominant licensee 
obligations for three of the 13 telecommunication services SingTel 
provides to business and government end-users. SingTel appealed for 
exemption of all 13 services. IDA decided in June 2009, following a 
formal public consultation held in September 2008, that SingTel will 
be exempted from dominant licensee obligations, ex ante, for three 
of the 13 services, i.e., Terrestrial International Private Leased 
Circuit, Backhaul, and International Managed Data Service. 
 
U.S. and other companies remain concerned about the lack of 
transparency in some aspects of Singapore's telecommunications 
regulatory and rule-making process. In particular, there is no 
obligation to make information publicly available concerning a 
company's request for a stay of decision or the filing of an appeal, 
to request public comments about such requests, or to publish a 
detailed explanation concerning final decisions made by IDA or the 
Ministry of Information, Communication and Arts (MICA). 
 
Infrastructure for the next generation access network, a national 
broadband all-fiber network, is being built by OpenNet, a consortium 
formed by Canada's Axia Netmedia (which holds 30-percent ownership), 
SingTel (30 percent), Singapore Press Holdings (25 percent), and SP 
Telecommunications (15 percent).  The network will be operated by 
Nucleus Connect, a wholly-owned subsidiary of StarHub.  When 
completed in 2012, the broadband network may allow fuller access to 
telecom services providers to reach homes and businesses without 
requiring access to SingTel-owned circuits. Media: The local 
free-to-air broadcasting, cable and newspaper sectors are 
effectively closed to foreign firms. Section 44 of the Broadcasting 
Act restricts foreign equity ownership of companies broadcasting to 
the Singapore domestic market to 49 percent or less, although the 
Act does allow for exceptions. Individuals cannot hold more than 
five percent of the shares issued by a broadcasting company without 
the government's prior approval. 
 
The Newspaper and Printing Presses Act restricts equity ownership 
(local or foreign) to five percent per shareholder and requires that 
directors be Singapore citizens. Newspaper companies must issue two 
classes of shares, ordinary and management, with the latter 
available only to Singapore citizens or corporations approved by the 
government. Holders of management shares have an effective veto over 
selected board decisions. The government controls distribution, 
importation and sale of any "declared" foreign newspaper, and 
significantly restricts freedom of the press, having curtailed or 
banned the circulation of some foreign publications. The government 
has also "gazetted" foreign newspapers, i.e., numerically limited 
their circulation. Singapore's leaders have brought defamation suits 
against foreign publishers. Such suits have resulted in the foreign 
publishers issuing apologies and paying damages. 
 
MediaCorp TV is the only free-to-air TV broadcaster; the government 
owns 80 percent and SGX-listed Singapore Press Holdings (SPH) owns 
20 percent. Pay-TV providers, StarHub Cable Vision (SCV) and MioTV 
are wholly-owned subsidiaries of StarHub and SingTel, respectively. 
Free-to-air radio broadcasters are mainly government-owned, with 
MediaCorp Radio Singapore being the largest operator. BBC World 
Services is the only foreign free-to-air broadcaster in Singapore. 
 
SINGAPORE 00000067  003 OF 014 
 
 
 
Banking: The Monetary Authority of Singapore (MAS) regulates all 
banking activities as provided for under the Banking Act. Singapore 
maintains legal distinctions between foreign and local banks, and 
the type of license held by foreign banks -- full service, 
wholesale, and offshore. As of December 2009, 25 foreign full 
service licensees, 46 wholesale licensees, and 42 offshore licensees 
operated in Singapore. All offshore banks are eligible to be 
upgraded to wholesale bank status based on MAS criteria to enable 
them to conduct a wider range of activities. Except in retail 
banking, Singapore laws do not distinguish operationally between 
foreign and domestic banks. 
 
The government initiated a banking liberalization program in 1999 to 
ease restrictions on foreign banks and has supplemented this with 
phased-in provisions under the FTA. These measures include removal 
of a 40-percent ceiling on foreign ownership of local banks and a 
20-percent aggregate foreign shareholding limit on finance 
companies. It has stated publicly, however, that it will not approve 
any foreign acquisition of a local bank. Acquisitions exceeding 
prescribed thresholds of 5 percent, 12 percent or 20 percent of the 
shares or voting power of a local bank require the approval of the 
Finance Minister. 
 
Singapore has granted 25 full service licenses to foreign banks, 
including four U.S. banks. Of these 25, seven, including one U.S. 
bank, have also been granted "qualifying full bank" (QFB) status. 
U.S. financial institutions enjoy phased-in benefits under the FTA. 
Since January 2006, U.S.-licensed full service banks that are also 
QFBs have been able to operate at an unlimited number of locations 
(branches or off-premises ATMs). Non-U.S. full service foreign banks 
with QFB status have been allowed to operate since January 2005 at 
up to 25 locations. U.S. and foreign full-service banks with QFB 
status can freely relocate existing branches, and share ATMs among 
themselves. They can also provide electronic funds transfer and 
point-of-sale debit services, and accept services related to 
Singapore's compulsory pension fund. 
 
Locally and non-locally incorporated subsidiaries of U.S. 
full-service banks with QFB status can apply for access to local ATM 
networks. However, no U.S. bank has come to a commercial agreement 
to gain such access. Singapore lifted its quota on new licenses for 
U.S. wholesale banks since January 2007. Singapore abolished quotas 
on new licenses for full-service foreign banks in July 2005. 
 
Despite liberalization, U.S. and other foreign banks in the domestic 
retail banking sector still face barriers. Local retail banks do not 
face similar constraints on customer service locations or access to 
the local ATM network. Holders of credit cards issued locally by 
foreign banks or other financial institutions cannot access their 
accounts through the local ATM networks. They are also unable to 
access their accounts for cash withdrawals, transfers or bill 
payments at ATMs operated by banks other than those operated by 
their own bank or at foreign banks' shared ATM network. 
Nevertheless, full-service foreign banks have made significant 
inroads in other retail banking areas, with substantial market share 
in products like credit cards and personal and housing loans. 
 
U.S. industry advocates enhancements to Singapore's credit bureau 
system, in particular, adoption of an open admission system for all 
lenders, including non-banks. There are currently two credit bureaus 
in Singapore, Credit Bureau (Singapore) Private Ltd. ("CBS") and 
Credit Scan.  In October 2009 GE Money became the first non-bank 
member of the CBS. 
 
Securities and Asset Management: Singapore has no trading 
restrictions on foreign-owned stockbrokers. Aggregate investment by 
foreigners may not exceed 70 percent of the paid-up capital of 
dealers that are members of the SGX. Direct registration of foreign 
mutual funds is allowed, provided MAS approves the prospectus and 
the fund. The FTA has relaxed conditions that foreign asset managers 
must meet in order to offer products under the government-managed 
compulsory pension fund (Central Provident Fund Investment Scheme). 
 
Legal Services: As of August, 2009, 17 of the 84 foreign law firms 
in Singapore were from the United States. In December 2008, 
Singapore granted Qualifying Foreign Law Practice (QFLP) licenses to 
six foreign law firms (including two U.S. firms) to practice 
Singapore law, although restrictions remain in certain areas, 
including conveyancing, criminal law, family law and domestic 
litigation. Foreign law firms can otherwise provide legal services 
in relation to Singapore law only through a Joint Law Venture (JLV) 
or Formal Law Alliance (FLA) with a Singapore law firm, subject to 
the Ministry of Law's guidelines. Singapore relaxed some of these 
 
SINGAPORE 00000067  004 OF 014 
 
 
guidelines for U.S. law firms under the FTA. Since July 2007, 
foreign attorneys have been allowed to own equity in Joint Law 
Ventures up to a maximum of 49 percent of total shares. Currently, 
there is one U.S. Joint Law Venture and one U.S. Formal Law 
Alliance. U.S. and foreign attorneys are allowed to represent 
parties in arbitration without the need for a Singapore attorney to 
be present. 
 
With the exception of law degrees from a handful of designated U.S., 
British, Australian, and New Zealand universities, no foreign 
university law degrees are recognized for purposes of admission to 
practice law in Singapore. Under the FTA, Singapore recognizes law 
degrees from Harvard University, Columbia University, New York 
University, and the University of Michigan.  Singapore will admit to 
the Bar Singapore-citizen or permanent-resident law school graduates 
of those designated universities who are ranked among the top 70 
percent of their graduating class or have obtained lower-second 
class honors (under the British system). 
 
Engineering and Architectural Services: Engineering and 
architectural firms can be 100-percent foreign-owned. Only engineers 
and architects registered with the Professional Engineers Board and 
the Architects Board, respectively, can practice in Singapore. All 
applicants (both local and foreign) must have at least four years of 
practical experience in engineering or architectural works, and pass 
an examination set by the respective Board. 
 
Accounting and Tax Services: The major international accounting 
firms operate in Singapore. Public accountants and at least one 
partner of a public accounting firm must reside in Singapore. Only 
public accountants who are members of the Institute of Certified 
Public Accountants of Singapore and registered with the Public 
Accountants Board may practice in Singapore. The Board recognizes 
U.S. accountants registered with the American Institute of Certified 
Public Accountants. 
 
Real Estate: Under the Residential Property Act, foreigners are 
allowed to purchase condominiums or any unit within a building of 
six or more levels without the need to obtain prior approval from 
the Singapore Land Authority. For landed homes (houses) and 
apartments in buildings of fewer than six stories, prior approval is 
required. Under an option to the EDB's Global Investor Program, up 
to 50 percent of the S$2 million (US$1.38 million) investment 
required by a foreigner to qualify for Permanent Resident status can 
be in private residential properties. There are no restrictions on 
foreign ownership of industrial and commercial real estate. 
Energy: Singapore completed efforts to liberalize its gas market 
with the amendment of the Gas Act and implementation of a Gas 
Network Code in 2008, which was designed to give gas retailers and 
importers direct access to the onshore gas pipeline infrastructure. 
However, key parts of the local gas market, such as gas retailing 
and access to offshore gas pipelines, remain controlled by incumbent 
Singaporean firms.  In the past, the dominance of Singaporean 
government linked corporations in this sector proved challenging for 
American companies that tried to enter the power generation and gas 
import business.  To date there is little indication that the gas 
market has substantially opened up to non-Singaporean firms. 
 
Conversion And Transfer Policies 
 
The FTA commits Singapore to the free transfer of capital, unimpeded 
by regulatory restrictions. Singapore places no restrictions on 
reinvestment or repatriation of earnings and capital, and maintains 
no significant restrictions on remittances, foreign exchange 
transactions and capital movements. (See "Efficient Capital Markets" 
for a discussion of certain restrictions on the borrowing of 
Singapore Dollars (SGD) for use offshore.) 
 
Expropriation And Compensation 
 
The FTA contains strong investor protection provisions relating to 
expropriation and due process; provisions are in place for fair 
market value compensation for any expropriated investment. 
Singapore has not expropriated property owned by foreign investors 
and has no laws that force foreign investors to transfer ownership 
to local interests. No significant disputes are pending. 
 
Singapore has signed investment promotion and protection agreements 
with a wide range of countries (see "Bilateral Investment 
Agreements" below). These agreements mutually protect nationals or 
companies of either country against war and non-commercial risks of 
expropriation and nationalization for an initial period of 15 years 
and continue thereafter unless otherwise terminated. 
 
 
SINGAPORE 00000067  005 OF 014 
 
 
Dispute Settlement 
 
All core obligations of the FTA are subject to the dispute 
settlement provisions of the Agreement. The dispute settlement 
procedures promote compliance through consultation and 
trade-enhancing remedies, rather than relying solely on trade 
sanctions. The procedures also set higher standards of openness and 
transparency. 
 
Singapore enacted and subsequently amended the Arbitration Act of 
2001 for domestic arbitration based on the United Nations Commission 
on International Trade Law (UNCITRAL) Model Law. Singapore ratified 
the recognition and enforcement of Foreign Arbitration Awards (New 
York, 1958) on August 21, 1986, and the International Convention on 
the Settlement of Investment Disputes on November 13, 1968. The 
Singapore International Arbitration Center (SIAC) and the Singapore 
Mediation Center (SMC) actively promote mediation and reconciliation 
for settling commercial disputes. 
 
Performance Requirements/Incentives 
 
In general, Singapore complies with WTO Trade-Related Investment 
Measures (TRIMS) obligations. The FTA prohibits and removes certain 
performance-related restrictions on U.S. investors such as 
limitations on the number of customer service locations for the 
retail banking sector. 
 
There are no discriminatory or preferential export or import 
policies affecting foreign investors. The government does not 
require investors to purchase from local sources or specify a 
percentage of output for export. The government also does not 
require local equity ownership in the investment. There are no rules 
forcing the transfer of technology. Foreign investors face no 
requirement to reduce equity over time and are free to obtain their 
necessary financing from any source. Employment of host country 
nationals is not required. 
 
Singapore offers numerous incentives to encourage foreign investors 
to start up businesses, particularly in targeted growth sectors (see 
Annex). 
 
Right To Private Ownership And Establishment 
 
Foreign and local entities may readily establish, operate, and 
dispose of their own enterprises in Singapore. Except for 
representative offices (where foreign firms maintain a local 
representative but do not conduct commercial transactions in 
Singapore), there are no restrictions on carrying out remunerative 
activities. 
 
All businesses in Singapore must be registered with the Accounting 
and Corporate Regulatory Authority. Foreign investors can operate 
their businesses in one of the following forms: sole proprietorship, 
limited partnership, incorporated company, foreign company branch or 
representative office. 
 
Private businesses, both local and foreign, compete on a generally 
equal basis with GLCs, although some observers have complained that 
GLCs benefit from cheaper financing due to an implicit government 
guarantee. Singapore officials reject such assertions, arguing that 
the government does not interfere with the operations of GLCs or 
grant them special privileges, preferential treatment or hidden 
subsidies; they claim that GLCs are subject to the same regulatory 
regime and discipline of the market as private sector companies. 
Many observers, however, have been critical of cases where GLCs have 
entered into new lines of business or where government agencies have 
"corporatized" certain government functions, in both circumstances 
entering into competition with already existing private businesses. 
 
The FTA contains specific conduct guarantees to ensure that GLCs 
will operate on a commercial and non-discriminatory basis towards 
U.S. firms. GLCs with substantial revenues or assets are also 
subject to enhanced transparency requirements under the FTA. In 
accordance with its FTA commitments, Singapore enacted the 
Competition Act in 2004 and established the Competition Commission 
of Singapore in January 2005. The Act contains provisions on 
anti-competitive agreements, decisions and practices; abuse of 
dominance; enforcement and appeals process; and mergers and 
acquisitions. 
 
Singapore has an extensive network of GLCs that are active in many 
sectors of the economy. Some sectors, notably telecommunications and 
financial services, are subject to sector-specific regulatory bodies 
and competition regulations typically less rigorous than those being 
 
SINGAPORE 00000067  006 OF 014 
 
 
implemented under the Competition Act. 
Protection of Property Rights 
In line with its FTA commitments and obligations under international 
treaties and conventions, Singapore has developed one of the 
stronger intellectual property rights (IPR) regimes in Asia, 
although concerns remain in certain areas, such as business software 
piracy and IPR enforcement.  Singapore has taken steps to bring its 
IPR laws in line with international standards, including amending 
its Trademarks Act, Patents Act, the Layout Designs of Integrated 
Circuits Act, Registered Designs Act, and new Plant Varieties 
Protection Act.  In accordance with its FTA obligations, Singapore 
has implemented Article 1 through Article 6 of the Joint 
Recommendation concerning Provisions on the Protection of Well-Known 
Marks of 1999. It has signed and ratified the International 
Convention for the Protection of New Varieties of Plants (1991) and 
the Convention Relating to the Distribution of Program-Carrying 
Signals Transmitted by Satellite (1974). 
 
Singapore is a member of the WTO and a party to the Agreement on 
Trade-Related Aspects of Intellectual Property Rights (TRIPS). It is 
a signatory to other international copyright agreements, including 
the Paris Convention, the Berne Convention, the Patent Cooperation 
Treaty, the Madrid Protocol and the Budapest Treaty. The World 
Intellectual Property Organization (WIPO) Secretariat opened offices 
in Singapore in 2005. Amendments to the Trademark Act, which took 
effect in January 2007, fulfill Singapore's obligations in WIPO's 
revised Treaty on the Law of Trademarks. 
 
According to industry estimates, Singapore's piracy rate has 
averaged about five to ten percent for audio and video products and 
36 percent for business software. Business software piracy levels in 
Singapore are among the lowest in Asia but are almost double the 
estimated level in the United States. Business software losses were 
estimated at $163 million in 2008. Rights holders have encountered 
difficulties when attempting to prosecute intellectual property 
cases based on tips provided by company insiders. Singapore 
currently does not offer specific protection to "whistleblowers". 
As a result, in some cases informants have refused to provide 
crucial testimony in court.  Rights holders have also stated that 
maximum penalties for copyright infringement in Singapore are not 
sufficiently high to deter future IPR violations.  Music and film 
industry representatives remain concerned that Internet piracy will 
continue to rise as Singapore expands access to its high-speed 
broadband network. 
 
Unauthorized duplication of textbooks at some commercial copy 
centers in Singapore remains an issue, though local educational 
institutions, including government-operated institutions, have 
signed agreements to comply with legal obligations to pay royalty 
fees to publishers. The police have conducted multiple raids on 
local copy centers near schools, but according to industry 
representatives, the activity is lucrative enough to continue in 
spite of the possibility of fines. 
 
The FTA ensures that government agencies will not grant approval to 
patent-violating products, but Singapore does allow parallel 
imports.  Under the amended Patents Act, the patent owner has the 
right to bring an action to stop an importer of "grey market goods" 
from importing the patent owner's patented product if the product 
has not previously been sold or distributed in Singapore. 
 
The FTA ensures protection of test data and trade secrets submitted 
to the government for product approval purposes. Disclosure of such 
information is prohibited for a period of five years for 
pharmaceuticals and ten years for agricultural chemicals. Singapore 
has no specific legislation concerning trade secrets, but rather 
protects investors' commercially valuable proprietary information 
under common law by the Law of Confidence. U.S. industry has 
expressed concern that this provision is inadequate. 
 
Transparency Of The Regulatory System 
 
The FTA enhances transparency by requiring regulatory authorities, 
to the extent possible, to consult with interested parties before 
issuing regulations, to provide advance notice and comment periods 
for proposed rules, and to publish all regulations. 
 
The government has established a centralized Internet portal -- 
http://www.reach.gov.sg -- to solicit feedback on selected draft 
legislation and regulations, a process that is being used with 
increasing frequency. As noted in the "Openness to Foreign 
Investment" section, some U.S. companies, in particular, in the 
telecommunications and media sectors, are concerned about the 
government's lack of transparency in its regulatory and rule-making 
 
SINGAPORE 00000067  007 OF 014 
 
 
process. 
 
Singapore strives to promote an efficient, business-friendly 
regulatory environment. Tax, labor, banking and finance, industrial 
health and safety, arbitration, wage and training rules and 
regulations are formulated and reviewed with the interests of both 
foreign investors and local enterprises in mind. Starting in 2005, a 
Rules Review Panel, comprising senior civil servants, began 
overseeing a review of all rules and regulations; this process will 
be repeated every five years. A Pro-Enterprise Panel of high-level 
public sector and private sector representatives examines feedback 
from businesses on regulatory issues and provides recommendations to 
the government. 
 
Local laws give regulatory bodies wide discretion to modify 
regulations and impose new conditions, but in practice agencies use 
this positively to adapt incentives or other services on a 
case-by-case basis to meet the needs of foreign as well as domestic 
companies. 
 
Procedures for obtaining licenses and permits are generally 
transparent and not burdensome, but some exceptions apply. 
Procedures can be faster for investors in areas considered national 
priorities. Singapore has established an online licensing portal to 
provide a one-stop application point for multiple licenses -- 
http://licences.business.gov.sg. 
 
Corporate Governance: Singapore has a private sector-led Council on 
Corporate Disclosure and Governance to implement the country's Code 
of Corporate Governance. Compliance with the Code is not mandatory 
but listed companies are required under the Singapore Exchange 
Listing Rules to disclose their corporate governance practices and 
give explanations for deviations from the Code in their annual 
reports. 
 
Accounting Standards: Singapore's prescribed accounting standards 
("Financial Reporting Standards" or FRS) are aligned with those of 
the International Accounting Standards Board. Companies can deviate 
from these standards where required to present a "true and fair" set 
of financial statements. Singapore-incorporated, publicly-listed 
companies can use certain alternative standards such as 
International Accounting Standards (IAS) or the U.S. Generally 
Accepted Accounting Principles (US GAAP) if they are listed on 
foreign stock exchanges that require these standards. They do not 
need to reconcile their accounts with FRS. All other 
Singapore-incorporated companies must use FRS unless the Accounting 
and Corporate Regulatory Authority exempts them. 
 
Efficient Capital Markets And Portfolio Investment 
 
Singapore actively facilitates the free flow of financial resources. 
Credit is allocated on market terms and foreign investors can access 
credit, U.S. dollars, Singapore dollars (SGD), and other foreign 
currencies on the local market. The Monetary Authority of Singapore 
(MAS) formulates and implements the country's monetary and exchange 
rate policy, and supervises and regulates the country's 
sophisticated financial and capital markets. 
Total assets under management in Singapore stood at $864 billion at 
end-2008, a 26 percent year-on-year decline as a result of the 
global financial turmoil. Over 80 percent of the funds managed in 
Singapore are foreign sourced, with close to 52 percent of these 
funds invested in the Asia-Pacific region. The government has sought 
to boost the country's asset management sector by placing with 
foreign-owned firms a significant portion of government reserves 
managed by the Government of Singapore Investment Corporation (GIC). 
Financial institutions issued only approximately US$11 billion in 
SGD-denominated corporate debt instruments in 2008. 
 
Singapore's banking system is sound and well regulated. Total 
domestic banking assets were nearly US$461 billion as of August 
¶2009. Local Singapore banks are relatively small by regional 
standards, but are reasonably profitable and have stronger capital 
levels and credit ratings than many of their peers in the region. As 
of third quarter 2009, the non-performing loans (NPLs) ratio of 
local banks was 2.4 percent. Banks are statutorily prohibited from 
engaging in non-financial business. Banks can hold 10 percent or 
less in non-financial companies as an "equity portfolio 
investment." 
 
The Securities and Futures Act (SFA) of 2002 moved Singapore's 
capital markets to a disclosure-based regime. The SFA allows for 
imposition of civil or criminal penalties against corporations 
listed on the Singapore Exchange (SGX) that fail to disclose 
material information on a continuous basis. Listed companies with 
 
SINGAPORE 00000067  008 OF 014 
 
 
more than US$44 million market capitalization are required to 
prepare quarterly financial reporting. The SFA requires persons 
acquiring shareholdings of five percent or more of the voting shares 
of a listed company to disclose such acquisitions as well as any 
subsequent changes in their holdings directly to the SGX within two 
business days. The SFA also contains enhanced market misconduct 
provisions.  The Act was further strengthened in 2009 to provide for 
stronger market misconduct enforcement with the courts empowered to 
order disgorgement of gains from illegal trades, and allowing the 
transfer of evidence between the Commercial Affairs Department of 
the police force and MAS. 
Competition from State-Owned Enterprises 
Singapore has an extensive network of government-linked corporations 
(GLC) that are fully or partially owned by Temasek Holdings, a 
holding company with the Singapore Ministry of Finance as its sole 
shareholder.  Singapore GLCs are active in many sectors of the 
economy, especially strategically important sectors like 
telecommunications, media, public transportation, defense, port and 
airport operations. In addition, the GLCs are also present in many 
other sectors of the economy, including banking, shipping, airline, 
consumer/lifestyle, infrastructure and real estate. 
 
GLCs operate on a commercial basis and have no specific advantage in 
competing with private enterprises based on their government 
ownership.  However, some private sector companies have said they 
encountered unfair business practices and opaque bidding processes 
that appeared to favor incumbent, government-linked firms. 
 
GLCs' corporate governance is guided by policies developed by 
Temasek Holdings.  However, there are differences in corporate 
governance disclosures and practices across them and GLC boards are 
allowed to determine their own governance practices.  GLC board 
seats are not specifically allocated to government officials, 
although retired officials are often represented on boards and fill 
senior management positions. 
 
There are two sovereign wealth funds (SWF) in Singapore, the 
Government of Singapore Investment Corporation (GIC) and the 
previously mentioned Temasek Holdings.  The government established 
the two SWFs to manage Singapore's substantial investments, fiscal 
and foreign reserves. 
 
GIC, Singapore's largest SWF with an estimated $220 billion in 
assets, does not invest domestically.  GIC manages Singapore's 
international investments, which are generally passive 
(non-controlling) investments in publicly-traded entities.  Its 
investment is entirely overseas, with the United States as its top 
destination, accounting for 38 percent of GIC's portfolio as of 
March 2009.  Although not required by law, since 2008 GIC has 
published an annual report describing its management and governance, 
and how it invests Singapore's foreign reserves. 
 
Temasek began as a holding company for Singapore's state-owned 
enterprises, but has since branched to other asset classes and 
generally focuses on holding significant (often controlling) stakes 
in companies.  As of March 2009, Temasek's exposure to Singapore was 
31%, with the rest of Asia accounting for 43% of its portfolio. 
Temasek's stated goal is to hold and manage the government's 
investments in companies for the long-term benefit of Singapore, to 
create jobs, and contribute to Singapore's economic survival, 
progress and prosperity.  Temasek formerly focused on managing 
industries to promote economic development, but has shifted emphasis 
to commercial objectives and principals.  Temasek exercises its 
shareholder rights to influence the strategic directions of its 
companies but does not get involved in the day-to-day business and 
commercial decisions of its firms and subsidiaries.  Temasek 
publishes an annual report, but only provides consolidated financial 
statements, which aggregate all of Temasek's subsidiaries into a 
single financial report. 
 
Corporate Social Responsibility 
The awareness and implementation of CSR in Singapore has been 
increasing since the government's formation of the Singapore 
Compact, a national society promoting CSR in Singapore.  In May 
2004, the National Tripartite Committee on CSR was established to 
study the issues holistically and address any gaps at the national 
level.  The initiative provides strategic direction and overall 
coordination for various CSR programs, which include helping SMEs 
adopt good CSR practices. In January 2005, the Singapore Compact for 
Corporate Social Responsibility was set up to provide a forum for 
collaboration, support and information sharing on good CSR 
practices. 
In October 2008, a National CSR Survey released by the Singapore 
Compact showed that 40% of the 507 Singapore-based companies 
 
SINGAPORE 00000067  009 OF 014 
 
 
surveyed were aware of CSR.  The awareness level among large 
companies was twice that of small and medium-sized enterprises. 
Among the companies that were aware of CSR, about two-thirds have 
implemented CSR in areas such as sustainable development, fair 
employment and corporate philanthropy.  Their main motivation was 
corporate culture and to increase branding. The other one-third who 
did not implement CSR felt that it was not relevant to their 
business or because they lacked the funding and training resources. 
A survey by the American Chamber of Commerce found that 59% of U.S. 
companies were involved in CSR activities. 
Political Violence 
 
Singapore's political environment is stable and there is no history 
of incidents involving politically motivated damage to foreign 
investments in Singapore. The ruling People's Action Party (PAP) has 
dominated Singapore's parliamentary government since 1959, and 
currently controls 82 of the 84 regularly contested parliamentary 
seats. Singapore opposition parties, which currently hold two 
regularly contested parliamentary seats and one additional seat 
reserved to the opposition by the constitution, do not usually 
espouse views that are radically different from the mainstream of 
Singapore political opinion. 
 
Corruption 
 
Singapore typically ranks as the least corrupt country in Asia and 
one of the least corrupt in the world. Singapore has, and actively 
enforces, strong anti-corruption laws. The Prevention of Corruption 
Act, and the Drug Trafficking and Other Serious Crimes (Confiscation 
of Benefits) Act provide the legal basis for government action by 
the Corrupt Practices Investigation Bureau, an anti-corruption 
agency that reports to the Prime Minister. These laws cover acts of 
corruption both within Singapore as well as those committed by 
Singaporeans abroad. When cases of corruption are uncovered, whether 
in the public or private sector, the government deals with them 
firmly, swiftly and publicly, as they do in cases where public 
officials are involved in dishonest and illegal behavior. 
 
Singapore is not a party to the OECD Convention on Combating 
Bribery, but the Prevention of Corruption Act makes it a crime for a 
Singapore citizen to bribe a foreign official or any other person, 
whether within or outside Singapore. 
 
Bilateral Investment Agreements 
 
Singapore has signed Investment Guarantee Agreements (IGA's) with 35 
countries, including the United States.  These agreements mutually 
protect nationals or companies of either country against war and 
non-commercial risks of expropriation and nationalization. 
 
Singapore has signed free trade agreements that include investment 
chapters with Australia, China, the European Free Trade Area 
(Switzerland, Norway, Lichtenstein, and Iceland), the Gulf 
Cooperation Council (comprising Bahrain, Kuwait, Oman, Qatar, Saudi 
Arabia and the United Arab Emirates), India, Japan, Jordan, New 
Zealand, Panama, Peru, South Korea, and the United States. Singapore 
is negotiating FTAs with Canada, Mexico, Pakistan, and Ukraine. 
Singapore is a member of the Association of Southeast Asian Nations 
(ASEAN), which has concluded FTAs with Australia and New Zealand, 
China, India and South Korea, and a Comprehensive Economic 
Partnership Agreement with Japan. Singapore is also party to the 
Transpacific Strategic Economic Partnership Agreement with Chile, 
New Zealand and Brunei. Singapore has signed tax treaties with a 
number of countries, but not with the United States. 
 
OPIC And Other Investment Insurance Programs 
 
Under the 1966 Investment Guarantee Agreement with Singapore, the 
U.S. Overseas Private Investment Corporation (OPIC) offers insurance 
to U.S. investors in Singapore against currency inconvertibility, 
expropriation and losses arising from war. Singapore became a member 
of the Multilateral Investment Guarantee Agency (MIGA) in 1998. 
 
Labor 
 
As of September 2009, Singapore's labor market totaled 2.95 million 
workers; this includes nearly one million foreigners, of which about 
85 percent are unskilled or semi-skilled workers. Local labor laws 
are flexible, and allow for relatively free hiring and firing 
practices. Either party can terminate employment by giving the other 
party the required notice. The Ministry of Manpower must approve 
employment of foreigners. 
 
Singapore imposes a ceiling on the ratio of unskilled/semi-skilled 
 
SINGAPORE 00000067  010 OF 014 
 
 
foreign workers to local workers that a company can employ, and 
charges a monthly levy for each unskilled or semi-skilled foreign 
worker. The government also provides incentives and assistance to 
firms to automate and invest in labor-saving technology. 
 
Labor-management relations in Singapore are generally amicable. 
About 18 percent of the workforce is unionized. The majority of 
unions are affiliated with the National Trades Union Congress 
(NTUC), which maintains a symbiotic relationship with the PAP ruling 
party. Although workers, other than those employed in the three 
essential services of water, gas and electricity, have the legal 
right to strike, no workers have done so since 1986. 
 
Singapore has no minimum wage law; the government follows a policy 
of allowing free market forces to determine wage levels. Singapore 
has a flexible wage system in which the National Wage Council (NWC) 
recommends non-binding wage adjustments on an annual basis. The NWC 
is a tripartite body comprising a Chairman and representatives from 
the Government, employers and unions. The NWC recommendations apply 
to all employees in both domestic and foreign firms, and across the 
private and public sectors. While the NWC wage guidelines are not 
mandatory, they are widely implemented. The level of implementation 
is generally higher among unionized companies compared to 
non-unionized companies. 
 
Foreign Trade Zones/Free Trade Zones 
 
Singapore has five free-trade zones (FTZs), four for seaborne cargo 
and one for airfreight. The FTZs may be used for storage and 
repackaging of import and export cargo and goods transiting 
Singapore for subsequent re-export. Manufacturing is not carried out 
within the zones. Foreign and local firms have equal access to the 
FTZ facilities. 
 
Foreign Direct Investment Statistics 
 
The United States is one of Singapore's largest foreign investors, 
with over 1,500 U.S. firms in operation. According to the Singapore 
Department of Statistics (Singapore DOS), U.S. cumulative foreign 
direct investments in Singapore totaled US$35.4 billion in 2007 
(latest available data). According to U.S. Department of Commerce 
statistics (USDOC), U.S. firms (manufacturing and services) in 2008 
had cumulative total investments in Singapore of $106.5 billion. 
Discrepancies between USG and GOS FDI numbers are attributable to 
differences in accounting methodologies. 
 
Investment Statistics 
 
TABLE A 
------- 
 
STOCK OF FOREIGN DIRECT INVESTMENT (FDI) IN SINGAPORE BY COUNTRY 
(As at Year-end, Historical Cost) 
(US$ million) 
 
                       2004      2005      2006    2007 
                       ----      ----      ----    ---- 
 
Total FDI           169,433    194,581   241,570 317,113 
 
United States       25,107      24,381    24,990  35,429 
Canada               1,736      1,556     1,784   2,169 
 
Australia            1,637       1,711     2,164   2,940 
New Zealand             81         891     1,112   1,123 
 
Europe              73,758      84,117   113,481 136,102 
    European Union   59,807     65,465     85,684 104,624 
    France           3,886      4,208     5,276   6,892 
    Germany          4,455       4,921     4,950    6,406 
    Netherlands     19,317      19,314     31,710   35,836 
    Norway           3,805      5,147      9,922  11,920 
    Switzerland     10,065      13,384    17,680   18,506 
    United Kingdom  26,885     29,800     34,079   43,618 
 
Asian Countries     38,103      47,022     53,785  72,210 
  China                220        547     1,102   1,542 
  Hong Kong          1,957       2,825     4,119    4,308 
  Japan             22,954     26,927     29,323  32,285 
  South Korea          518        762        509   2,034 
  Taiwan             3,508      4,333      4,917   5,563 
  India                294        783     1,681   8,884 
  Asean              5,059      6,832      7,901  11,693 
    Brunei Darussalam  219        229       202     211 
 
SINGAPORE 00000067  011 OF 014 
 
 
    Indonesia          668        411        662   1,208 
    Malaysia         3,080      4,903     5,485    8,530 
    Philippines        433        445       568     604 
    Thailand           634        823        965   1,055 
    Vietnam             20         13         7       18 
    Cambodia             0          0         0       0 
    Myanmar              5          9        11      65 
 
South & Central 
 America/Caribbean   25,507    30,130      39,695  60,684 
 
Other Countries Nec   3,504      4,775       4,558  6,455 
 
Source: Department of Statistics, "Foreign Equity Investment in 
Singapore, 2007" 
 
 
TABLE B 
------- 
STOCK OF FOREIGN DIRECT INVESTMENT (FDI) IN SINGAPORE BY INDUSTRY 
(As at Year-end, Historical Cost) 
(US$ million) 
 
                    2004      2005      2006      2007 
                    ----      ----      ----      ---- 
 
Total FDI        166,338   211,151   257,058   317,113 
 
Manufacturing     57,226    67,597    74,767    80,270 
Construction         678       603       526     1,052 
Wholesale & 
  Retail Trade    26,010    35,569    43,650    51,435 
Hotels & 
  Restaurants      1,516     1,333     1,939     2,086 
Transport & 
  Storage          7,866    11,510    16,115    20,761 
Information & 
  Communications   2,071     2,408     2,471     3,298 
Financial & 
  Insurance Srves 61,236    79,329   101,920   133,354 
Real Estate, 
  Rental & Leasing 
  Srves            4,737     5,395     7,080    12,275 
Professional/ 
  Technical/Admin 
  Support   4,563     5,000     6,573     7,097 
Others                90       275       680     1,314 
 
Source: Department of Statistics, "Foreign Equity Investment in 
Singapore, 2007" 
 
 
TABLE C 
------- 
 
STOCK OF DIRECT INVESTMENT ABROAD BY COUNTRY 
(As at Year-end, Historical Cost) 
(US$ Million) 
 
 
                    2004     2005      2006     2007 
                    ----     ----      ----     ---- 
Total Direct 
  Investment     110,015   121,392  158,900  206,461 
 
Asia              52,227     62,770   76,735   94,578 
 
   Asean          24,151     28,733   34,181   43,399 
   Brunei             39         38       74       90 
   Indonesia       7,360      8,792   10,909   12,677 
   Malaysia        9,018     10,743   12,340   14,682 
   Philippines     1,825      1,980    2,182    2,589 
   Thailand        4,420      5,132    6,760   10,662 
   Vietnam           934      1,032    1,083    1,349 
   Cambodia         n.a.       n.a.     n.a.     n.a. 
   Myanmar           430        880      650    1,132 
   Laos             n.a.       n.a.     n.a.     n.a. 
Hong Kong          7,203      9,208   10,158   12,153 
Taiwan             2,335      2,830    3,405    3,472 
China             13,577     16,377   21,856   27,265 
Japan              1,380      1,527    1,648    1,667 
South Korea        1,732      2,035    2,174    2,095 
India                400        757    1,625    2,940 
 
 
SINGAPORE 00000067  012 OF 014 
 
 
Europe            10,159     10,525   22,050   30,938 
European Union     6,876      7,482   17,960   27,106 
Netherlands          607      1,522    1,994    2,152 
United Kingdom     4,420      4,338   13,170   21,656 
France               146        158      146       91 
Germany              241        365      391      430 
Switzerland          366        375      387    2,983 
 
United States      5,918      5,905    5,574    9,373 
Canada                75        143      147      162 
 
Australia          6,782      5,369    7,089   10,957 
New Zealand          788        809      827    1,015 
 
Caribbean/ 
 Latin America    26,174     28,418   34,944   36,583 
 
Other Countries 
 Nec               7,893      7,454   11,535   22,855 
 
Source: Department of Statistics, "Singapore's Investment Abroad, 
2007"; Yearbook of Statistics, 2009 
 
TABLE D 
 
GDP AND FDI FIGURES, 2003-2007 
(US$ Million) 
 
Year      GDP*      FDI       FDI as ratio to GDP** 
----      ----      ---       ------------------- 
 
2003      95,474    144,747   1.52 
2004     113,456    169,433   1.49 
2005     120,967    194,581   1.60 
2006     144,199    244,538   1.70 
2007     174,584    303,418   1.74 
Footnote: *GDP at Current Market Price 
**Based on Singapore dollars 
2007 FDI data latest available 
Source: Department of Statistics 
 
Table E 
------- 
TOP 20 FOREIGN INVESTORS BY TOTAL ASSETS 
(US$ Billion) 
 
                Country     Total     Business 
Company         of Origin   Assets    Activities 
-------         ---------   ------    ---------- 
 
Citicorp 
 Singapore          U.S.     29.21     Banking 
Glaxo Wellcome Mfg. U.K.     24.20     Healthcare Products 
Prudential 
 Assurance Co.      U.K.      9.37     Insurance 
Shell Eastern 
 Trading        Netherlands   6.70     Chemicals 
Shell Eastern 
 Petroleum      Netherlands   6.13     Chemicals 
Credit Suisse 
 Singapore      Switzerland   6.13     Banking 
BP Singapore        U.K.      4.53     Chemicals 
ING Asia        Netherlands   4.29     Banking 
Citigroup 
 Investment         U.S.      3.41     Banking 
Citigroup 
 Holding            U.S.      3.33     Finance 
Seagate 
 Singapore          U.S.      3.28     Electronics 
Texas Instruments 
 Singapore          U.S.      3.23     Electronics 
National 
 Australia 
 Merchant Bank   Australia    2.97     Banking 
Kuok Singapore  Cook Islands  2.74     Multindustry 
Aviva Ltd           U.K.      2.40     Insurance 
Vitol Asia       Netherlands  2.36     Chemicals 
Motorola Trading 
 Center             U.S.      2.28     Electronics 
Asia Food & 
 Properties         BVI       2.28     Multindustry 
GE Pacific          U.S.      2.16     Multindustry 
Source: DP Information Group, "Singapore 1000, 2009" 
 
 
SINGAPORE 00000067  013 OF 014 
 
 
 
ANNEX: INVESTMENT INCENTIVES 
---------------------------- 
INCENTIVES ADMINISTERED BY THE MONETARY AUTHORITY OF SINGAPORE 
(MAS) 
As part of the government's strategy to develop Singapore into a 
premier financial center, MAS offers tax incentives for financial 
institutions looking to set up operations here. 
¶A. Financial Sector Incentive ("FSI") Scheme 
¶B. Tax Incentive Scheme for Qualifying Processing Services Company 
¶C. Tax Incentive Scheme for Offshore Insurance Business 
¶D. Tax Exemption Scheme for Marine Hull & Liability Insurance 
Business 
¶E. Abolition of Withholding Taxes on Financial Guaranty Insurance 
Contracts 
 
¶F. Tax Incentive Scheme for Approved New Derivative Products traded 
on the Singapore Exchange 
¶G. Tax Incentive Scheme for Finance and Treasury Centers 
¶H. Tax Incentive Scheme for Approved Trustee Companies 
¶I. Tax Incentive Scheme for Syndicated Facilities 
¶J. Innovation in Financial Technology & Infrastructure Grant Scheme 
 
¶K. Tax Incentive for Trading Debt Securities 
¶L. Financial Sector Development Fund 
¶M. Financial Investor Scheme for Singapore Permanent Residence 
¶N. Foreign Charitable Trust Incentive 
¶O. Tax Incentive for Approved Fund Managers 
¶P. Over-the-Counter (OTC) Financial Derivative Payments 
¶Q. Insurance and Re-insurance Broking Tax Incentive 
¶R. Wealth Management Tax Incentive 
Further guidelines and application information are available at 
http://www.mas.gov.sg. 
 
INCENTIVES ADMINISTERED BY THE ECONOMIC DEVELOPMENT BOARD (EDB) 
¶A. Pioneer Status 
¶B. Development & Expansion Incentive 
¶C. Investment Allowance Incentive 
¶D. Approved Foreign Loan Scheme 
¶E. Approved Royalties Incentive 
¶F. Entrepreneurship Investment Incentive 
¶G. HQ Program 
¶H. Double Deduction for Research and Development (R&D) 
   Expenses 
¶I. Research Incentive Scheme for Companies 
¶J. Exemption of foreign sourced interest and royalty 
   income for R&D purposes 
¶K. Innovation Development Scheme 
¶L. Initiatives in New Technology 
¶M. Integrated Industrial Capital Allowance 
¶N. Special Goods & Services Tax Scheme for 
   3rd Party 
   Logistics Service Providers 
¶O. The Enterprise Challenge (TEC) Scheme 
¶P. Writing Down Allowance (WDA) for IP rights acquisition 
 
Further guidelines and application information are available at 
http://www.sedb.com. 
 
 
INCENTIVES ADMINISTERED BY INTERNATIONAL ENTERPRISE SINGAPORE (IE 
Singapore) 
¶A. Double Tax Deduction (DTD) Scheme for Overseas Investment and 
Market Development 
¶B. Export Coverage Scheme 
¶C. Enterprise Fund 
¶D. Loan Insurance Scheme 3 
¶E. Loan Insurance Scheme Plus 
¶F. Internationalization Finance Scheme 
¶G. International Business Fellowship 
 
Further guidelines and application information are available at 
http://www.iesingapore.gov.sg. 
 
INCENTIVES ADMINISTERED BY THE MEDIA DEVELOPMENT AUTHORITY (MDA) 
¶A.  Market Development Scheme (MDS) 
¶B.  TV Content Industry Development Scheme 
¶C.  Digital Content Development Scheme 
¶D.  Digital Technology Development Scheme 
¶E.  INVIGORATE - PC Casual Game Initiative 
¶F.  Synthesis - Online Content Initiative 
¶G.  Film in Singapore! Scheme 
¶H.  International Cooperation Agreement 
¶I.  Short Film Grant 
 
SINGAPORE 00000067  014 OF 014 
 
 
¶J.  Overseas Travel Grant 
¶K.  New Feature Film Fund 
¶L.  Script Development Grant 
¶M.  Overseas Travel Grant 
¶N.  SCREEN - Scheme for Coinvestment in Exportable Content 
¶O.  Media Education Scheme 
¶P. 360-degree TV 
¶Q. IDEAS (Animation Development) 
¶R. Futurescape 
¶S. Microsoft XNA Development Initiative 
¶T. SPINE 
¶U. 35mm Fulfillment Fund 
¶V. Stereoscopic 3D Film Development Fund 
 
Further guidelines and application information are available at 
http://www.mda.gov.sg. 
 
INCENTIVES ADMINISTERED BY INFOCOMM DEVELOPMENT AUTHORITY OF 
SINGAPORE (IDA) 
¶A. Infocomm@SeaPort 
¶B. Infocomm@SME 
¶C.  Integrated Clinic Management Systems Program 
¶D.  Digital Manufacturing Program 
¶E.  Collaborative High Tech Manufacturing Plan 
¶F.  Retail eSCM Ecosystem 
¶G.  RFID Initiative 
 
Further information, details, and guidelines are available at 
http://www.ida.gov.sg. 
 
INCENTIVES ADMINISTERED BY MARITIME PORT AUTHORITY (MPA) 
¶A. Approved International Shipping Enterprise Scheme 
¶B. Approved Shipping and Logistics Scheme 
¶C. Maritime Cluster Fund 
¶D. Maritime Enterprise IT Development Program 
¶E. Maritime Innovation and Technology Fund 
¶F. Maritime Finance Incentive 
Further information, details and guidelines are available at 
http://www.mpa.gov.sg 
 
EHRENDREICH