In addition, firms Singapore and China have traditionally enjoyed solid bilateral relations. In 2008, both parties have signed the China-Singapore Free Trade Agreement (CSFTA) representing China’s inaugural comprehensive bilateral FTA with another Asian country. The FTA provided the framework for trade in goods as well as services, trade remedies, sanitary measures, customs procedures, economic cooperation and dispute settlement, among others. This year, the scope was extended to banking cooperation as well.
In 2010, China became Singapore’s third largest services export destination worth S$7.4 billion. The following year, bilateral trade grew 6.4% year-on-year, registering S$101.4 billion. Trade in services export has also grown exponentially in recent years.
“China’s sparked interest in ASEAN should not be ignored. This interest opens doors for East-bound entrepreneurs and increases the attractiveness of setting up a Singapore company or regional headquarters in Singapore. Companies can then leverage Singapore’s position as a world-class economic hub to expand regionally. In addition, they can also tap the CSFTA, which offers preferential coverage for 95% of Singapore's exports to China,” concluded Mr. Bakhda.
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Rikvin is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Rikvin’s areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Rikvin also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
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