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Singapore: Information
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Although it is a major transshipment and transit point for sea and air cargo, Singapore does not collect information on the contents and destinations of most transshipment and transit trade, which account for 80% of cargo coming through Singapore. This lack of information prevents the use of modern customs enforcement techniques, such as risk analysis and profiling, thereby making enforcement against transshipment or transit trade in illegal goods, including infringing products, extremely difficult. Pursuant to commitments under the U.S.-Singapore FTA, Singapore passed legislation in November 2003 to provide enhanced authority to share information with customs authorities of its FTA partners, including the U.S.
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Singapore takes great pride in providing an unsurpassed level of service. At most retail establishments, employees undergo rigorous training to perfect their blank stares and mumbles, purging from their brains any information they encounter which might be remotely useful or relevant. While tourists often find these skills frustrating or even rude, it is only because they don't understand the unique culture of Singapore in which being helpful is punishable by seven strokes of the cane.
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M1, Singapore's most exciting and innovative mobile and IDD service provider, was launched in April 1997. Since then, it has made significant inroads into the local mobile communications market, gaining considerable brand presence and market share. M1 aims to be the leader in personal voice and data communications, focusing on value, quality and customer service. Further information about M1 is at http://www.m1.com.sg/ .
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Specific information about entry requirements for Singapore may be obtained from the Embassy of the Republic of Singapore at 3501 International Place, NW, Washington, DC 20008, tel. (202) 537-3100. Visit the Embassy of Singapore’s web site at http://www.mfa.gov.sg/washington/ for the most current visa information.
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The STB can make your job easier by providing you with information and brochures for your clients and some special offers when you are in Singapore. To request Brochures for your office, please email newyork@stb.gov.sg or losangeles@stb.gov.sg.
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The Securities and Futures Act (SFA), which was fully implemented on October 1, 2002, introduced a host of policy reforms in Singapore's capital markets, moving them to a disclosure-based regime. The SFA requires corporations listed on the Singapore Exchange (SGX) to disclose material information on a continuous basis (previously this was only a quasi-regulatory requirement under the SGX Listing Manual). Failure to disclose will either constitute a criminal offence or give rise to civil liability, and not just a breach of the listing rules. Since January 1, 2003, listed companies with more than S$75 million market capitalization have been required to do quarterly financial reporting. The SFA requires persons acquiring shareholdings of 5% or more of the voting shares of a listed company to disclose such acquisitions as well as any subsequent changes in their holdings directly to the Exchange within two business days. The SFA ... contains enhanced market misconduct provisions.
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