Written reply to PQ on trend of foreign technology companies re-domiciling in Singapore to mitigate geopolitical regulatory risks

Question:

Mr Low Wu Yang Andre: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Government monitors the trend of foreign technology companies re-domiciling in Singapore primarily to mitigate geopolitical regulatory risks; (b) what assessment has been made of the reputational risks to Singapore’s status as a neutral technology hub; and (c) what criteria ensure such entities maintain substantive business operations and local workforce commitments here.

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1.            All companies domiciled in Singapore, whether local- or foreign-owned, must register with the Accounting and Corporate Regulatory Authority (ACRA) and must comply with our laws and regulations. Some companies may also be subject to compliance oversight by relevant regulatory agencies.

2.            Foreign companies that re-domicile in Singapore must meet minimum requirements for substantive business activity, such as total assets, revenue or employment, in addition to requirements for solvency and legality. The Government does not require companies that re-domicile to Singapore to provide a reason for their application.

3.            We welcome all legitimate technology companies to be established in Singapore. This approach reinforces Singapore’s position as an open economy and trusted business hub, contributes to employment creation for Singaporeans, and strengthens our growing technology and innovation ecosystem.