Page 13 - Building a Treasury Centre for Sustainable Growth

EASE OF DOING AND STARTING A BUSINESS

The Doing Business 2020 study published by The World Bank Group ranks
Singapore as the easiest place to do business in Asia. Singapore records the best
regulatory performance in Asia in the area of starting a business. The Accounting
and Corporate Regulatory Authority (ACRA) regulates business registration. One
of the most commonly used business vehicles is a private limited liability company.

SETTING UP A BUSINESS TIME TO
COMPLETE
Less than one day
Registration of a company with ACRA
(online)

Purchase of Workman Injury Compensation Insurance One day (online)

Cross-border Payment System

Three Singapore banks (including United Overseas Bank
Ltd.) settle their eligible foreign exchange (FX) trades
through the Continuous Linked Settlement (CLS) Bank. CLS
is a global multi-currency settlement system that is set
up with the objective of eliminating FX settlement risk due
to time-zone differences. CLS is regulated and supervised
by the US Federal Reserve. The Monetary Authority
of Singapore (MAS) participates in the CLS Oversight
Committee chaired by the US Federal Reserve.

Exchange Control
No exchange control formalities or approvals are required
for all forms of payments or capital transfers in and out of
Singapore. The Singapore dollar is managed against a basket
of currencies of our major trading partners and competitors.

Building a Treasury Centre for Sustainable Growth 11