Fun statistics about China and Singapore GDP and company set up!
As at 2022, China and Singapore ranked 2nd and 33rd respectively in terms of GDP of a total of 177 countries surveyed.
Singapore's strong economic position saw, as at the end of August 2023, a 4% year-on-year increase in the number of companies set up / operating. On top of this, foreign direct investment increased in Singapore by USD 35.7 billion as at June 2023.
China continued to grow during Q2 2023 with inflows of around USD 27 billion dollars as at July 2023. At the end of 2022, foreign investment onflows into China were valued at USD 189 billion. This trend has slightly decreased during 2023. However, with China’s recently introduced foreign direct investment measures, this is expected to pick up towards the end of 2023 and moving forward to 2024.
Procosec Asia assists clients worldwide for company incorporation and compliance services in China, Hong Kong and Singapore.
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What Documents do I need prepare when setting up a Singapore Company?
When setting up a business in any country, there will be a number of documents to be prepared and decisions made on the set up of the company.
Whilst Singapore is no exception compared to a number of other Asia countries, Singapore has an enviable reputation for its convenience and efficiency in the set up and operation of Singapore companies.
In fact, a Singapore company can be set up within 24-hours which is almost not possible anywhere else in Asia.
So, what needs to be prepared when setting up a Singapore company?
1. Director appointment documentation (this includes formal documents such as consents and declarations of interests forms);
2. Rules for the Singapore company (this is a known as the ‘Constitution’); and
3. Company Resolutions (these are documents signed by the directors and/or shareholders governing the conduct of the company).