Hawksford reports new business formation figures for Singapore in Q415

Source: Hawksford report. Shareholder's country of origin. 

The number of companies formed in Singapore dropped in Q415, both quarter on quarter and year on year, but foreign investors and enterprises have continued to establish their enterprises or subsidiaries in the island state even in an uncertain economy, notes Hawksford, an international provider of corporate, private client and fund administration services.

The fall is within the standard range observed for fourth quarters, Hawksford said. Private limited companies continued to be the dominant type, accounting for 48.8% share of total business formation. The quarter saw 1,421 non-exempt private limited companies formed, reflecting Singapore's reputation as a pro-business nation. A total of 16,612 businesses were formed in Q415, against 20,540 businesses in Q414, and 17,608 businesses in Q315. According to the World Bank, 38,306 new limited liability businesses were set up in 2014.

Jacqueline Low, COO of Hawksford Singapore, said: "The dip registered in the numbers for the quarter is something usual, it is in line with the market behaviour for the last quarter of a year. The numbers match the final quarter averages recorded in previous years, excluding 2014. Overall 2015 has been a fairly good year in terms of business registrations."

The share of foreign-held companies remained at 35% in Q415, staying constant against 2014. Foreign individual shareholders made up 28% of the pie over the same period, with individuals from India, China and Malaysia dominating. 

Low added: "Singapore continued to attract foreign companies, investors and entrepreneurs because of its strong business fundamentals and its strength as a financial and trade hub. However we should also take note that it is not insulated from the global economic conditions."

Interested?

Read the Q4 2015 Singapore Business Formation Statistics Report (PDF)

View the World Bank lists on the number of new limited liability businesses between 2011 and 2014

Emirates Islamic opens forex counter at Al Maktoum International Airport

Source: Emirates Islamic. Emirates Islamic’s Foreign Exchange Counter at Al Maktoum International Airport at Dubai World Central.

Emirates Islamic today announced the opening of a foreign exchange (FX) counter at Al Maktoum International Airport at Dubai World Central. The new FX counter, located at the airport’s departure lounge, will enable travellers and tourists to exchange up to 19 currencies at highly competitive rates.

In addition to Al Maktoum International Airport, the bank operates a FX counter at Port Rashid Cruise Terminal. Foreign exchange and remittance services are an important aspect of Emirates Islamic’s retail product suite, with the bank offering regular seasonal promotions and competitive rates on the currencies available.

Faisal Aqil, Deputy CEO - Consumer Wealth Management, Emirates Islamic, said: “Al Maktoum International Airport is becoming an increasingly busy destination and is expected to handle over 26 million passengers by 2017. We are extremely pleased to open an Emirates Islamic counter to serve the needs of travellers using the airport. As part of our strategy to expand our foreign exchange offerings, we plan to open more counters at high-traffic locations such as malls and airports, as well as continue offering the best offers and rates to our customers.”

ASEAN is biggest FDI recipient in the developing world for 2014

Source: ASEAN Secretariat.

This year, the annual ASEAN Investment Report reviews the rise of foreign direct investment (FDI) flows into ASEAN and highlights the role of corporate players in infrastructure development and regional connectivity.

In 2014, ASEAN became the largest FDI recipient in the developing world. FDI flows into the region rose for the third consecutive year from US$117.7 billion in 2013 to US$136.2 billion in 2014 – despite a 16% decline in global FDI flows and uneven global economic growth. The improvement of the region's investment environment, as well as regional integration process to establish the ASEAN Economic Community (AEC) by the end of 2015 contributes to the attractiveness of the region for FDI – in addition to the strong regional economic fundamentals and market growth. FDI flows from the majority of ASEAN's Dialogue Partners have been strong, while intra-ASEAN investment also rose by 26% to US$24.4 billion in 2014 from US$19.4 billion in 2013, making ASEAN the second largest investor in the region after the European Union in 2014.

ASEAN Member States are economically connected through the operations of MNEs and ASEAN companies that involve regional value chains and regional production networks. ASEAN Member States are also increasingly physically interconnected through infrastructure development at national, subregional and regional levels. Huge national infrastructure plans have been announced to meet rapidly growing economy. At least US$110 billion a year will be needed in the region through to 2025 – which covers transport, power, ICT, and water and sanitation developments. The private sector has been an important player in both physical and economic connectivity in the region and will need to play a greater role in building infrastructures that will further connect the region.

The ASEAN Investment Report is prepared under a technical cooperation arrangement between the ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD), and supported by the Government of Australia through the ASEAN-Australia Development Cooperation Phase II (AADCP II).

Interested?

Download the ASEAN Investment Report from: 

http://www.asean.org/images/2015/November/asean-investment-report/ASEAN%20Investment%20Report%202015.pdf

http://investasean.asean.org/news-and-events/asean-investment-report-2015.html

http://unctad.org/en/PublicationsLibrary/unctad_asean_air2015d1.pdf

Mashreq offers existing customers foreign currency support

Source: Mashreq Bank.

Mashreq in the UAE is offering an instant Foreign Currency Account (FCY) to existing customers, who can open the new account online, at no additional cost and with full transactional capability.

Once open, customers can transfer funds from any existing account to buy foreign currencies like US$, the Euro, British pound and A$ for the FCY-denominated account. It can also be used for inward or outward remittances.

Tooran Asif, Head of Personal Banking, Mashreq said, "We understand our customers’ needs for convenient banking services, and we know the hassle people go through with currency exchange and services. Mashreq is currently the first bank in the UAE to offer the new instant FCY facility to customers. This is yet another showcase that Mashreq is advancing rapidly and we are committed to creating innovative products and services that provide quick and reliable solutions."

Aref Al Ramli, Head of Electronic Business Innovation commented, "We want to provide our customers with the most advanced and secure platforms to carry out their everyday banking transactions. The FCY is aimed to provide customers with instant, efficient and a smooth service and with this service we reflect on Mashreq’s commitment to continue extending its customers with the best banking services and products."

For additional accessibility, select Mashreq branches will allow US$, Euro and British pound balances to be withdrawn.

Compass Offices open business centre at Oberoi Centre in Dubai

Compass Offices, a serviced office provider in Asia Pacific, will open its first business centre in the UAE in July 2014. This follows news of the company expanding its network into Australia and Kazakhstan, and opening new business centres in Hong Kong. 

"With its reputation for economic stability and its booming status as a financial hub, more and more companies are looking to enter Dubai," comments Compass Offices Vice President of Business Development Alexander Passler. 

"Dubai offers plenty of opportunity for foreign businesses due to its open economy, strategic geographical location and expanding infrastructure. There is certainly a growing need for flexible office space in Dubai. That's why The Oberoi Centre, with its premium setting and high-quality fit-out, seemed the ideal location for us to kick-start our business in the Middle East." 

Located on the 30th floor of Oberoi Centre in Dubai's Burj area, Compass Offices Oberoi Centre is co-located with the Oberoi hotel and less than 25 minutes away from Dubai International Airport. The facility will provide office space as well as services aimed at helping foreign businesses establish themselves in the Dubai market.