Written reply to PQ on companies which re-domicile their HQs to Singapore

Question

Mr Gerald Giam Yean Song: To ask the Minister for Trade and Industry (a) whether the Ministry keeps track of companies which re-domicile to Singapore to operate their headquarters out of Singapore rather than out of their countries of origin; (b) whether it has assessed if this practice presents any risks for Singapore with regard to its reputation and relations with major trading partners; and (c) if so, what specific measures the Government is taking to mitigate this risk.

Written Answer by Minister for Trade and Industry Gan Kim Yong

1. All companies in Singapore have to be registered with the Accounting and Corporate Regulatory Authority (ACRA). However, the Government does not keep track of whether a company has re-domiciled its headquarters to Singapore.

2. We welcome legitimate companies to conduct substantive business activities in Singapore. We have upheld our reputation as a stable, trusted, and well-connected hub with strong rule of law by acting firmly and decisively against those which violate our laws. We work closely with our partners and honour our international obligations. This has enabled us to attract businesses from different industries and geographies.