2023-02-20
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NTU, NUS Among World’s Top 50 Research Bodies Most Cited by Key Global Innovators

Nanyang Technological University (NTU) and the National University of Singapore (NUS) are among the world’s top 50 research organisations whose work underpins solutions created by major global innovators, says scientific intelligence firm Clarivate. The ranking is based on the number of research papers referenced in inventions by organisations in the 2023 edition of the Top 100 Global Innovators list released by the UK-based analytics firm on Thursday. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, […]
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2023-02-21
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Singapore Department of Statistics: Domestic Wholesale Sales Increased 2.5% on a Year-on-year Basis in Fourth Quarter 2022

On February 20, 2023, the Singapore Department of Statistics released the Wholesale Trade Index, 4th Quarter 2022 which revealed Singapore’s domestic wholesale sales increased 2.5% on a year-on-year basis in fourth quarter 2022. On a year-on-year basis, domestic sales of the Ship Chandlers & Bunkering and Petroleum & Petroleum Products industries rose 17.7% and 8.0% respectively as a result of higher local demand for bunker fuel and petroleum products. Similarly, the Other Wholesale Trade industry expanded by 12.4%, due partly to higher sales of agricultural and pharmaceutical products. Singapore’s foreign wholesale sales grew by 8.7% on a year-on-year basis in […]
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2023-02-22
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Launch of Real-time Payments between Singapore and India

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) today launched the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI). This will enable customers of participating financial institutions in Singapore and India to send and receive funds between bank accounts or e-wallets across the two countries in real-time. They can do this using just the mobile phone number, UPI identity, or Virtual Payment Address (VPA). The linkage provides customers with a safe, simple, and cost-effective way to make cross-border fund transfers. Cross-border retail payments and remittances between Singapore and India amount to over US$1 billion annually. […]
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2023-02-24
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FOZL Group Establishes China Headquarter in Suzhou to Foster Friendly Trade Relations between China and Singapore

On February 22, 2023, the Suzhou Opening & Innovation Development Investment Promotion Symposium was successfully held in Singapore. During the event, several areas under Suzhou’s jurisdiction, including Taicang, Kunshan, Wuzhong District, Xiangcheng District, Huqiu District (Suzhou High-tech zone), signed cooperation agreements with Singaporean companies. 14 industrial investment and technological innovation projects, as well as 16 professional services and cross-border investment projects, were signed for Suzhou Industrial Park (SIP). As one of the 16 professional service agencies, FOZL Group signed a memorandum of cooperation with SIP, committed to working together to advance the development and construction of FOZL’s Chinese headquarter. This […]
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2023-02-24
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Around 200 People Become Singapore Permanent Residents Through Global Investor Programme (GIP) from 2020 to 2022

About 200 people obtained permanent residency through the Global Investor Programme (GIP) from 2020 to 2022, said Minister of State for Trade and Industry Low Yen Ling. The Global Investor Programme is managed by “Contact Singapore,” a subsidiary of the Singapore Economic Development Board, and aims to attract entrepreneurs and investors to invest and create job opportunities in Singapore.   FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing […]
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2023-02-27
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Business Receipts of Singapore’s Services Industries Increased 10.9% in 4Q2022 Compared to 4Q2021

On February 27, 2023, the latest data released by Department of Statistics Singapore showed that the overall business receipts of the services industries (excluding Wholesale Trade, Retail Trade, Accommodation and Food Services) increased 10.9% in 4Q2022 compared to the same quarter in 2021. All industries registered higher business receipts on a year-on-year basis. The Recreation & Personal Services industry registered a year-on-year growth of 36.8% in turnover. This was attributed mainly to increased earnings of firms in the gaming and attractions segment in 4Q2022 relative to 4Q2021 when stricter covid-19 restrictions on operating capacity and social gathering group sizes were in […]
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2023-03-03
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Singapore Raises Minimum Investment Threshold to S$10 million for Global Investor Programme (GIP)

On March 2, 2023, the Economic Development Board (EDB) announced new requirements that foreign businessmen will have to invest more and hire more locals to qualify to become permanent residents under the Global Investor Programme (GIP). The new requirements, which kick in on March 15, will therefore generate more jobs for Singaporean. The Global Investor Programme (GIP), which is under Contact Singapore, a subsidiary of the EDB. This programme accords permanent residency to eligible global investors who intend to drive their businesses and investment growth from Singapore. There are changes to all three investment options under the GIP. Under the […]
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2023-03-07
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Singapore to launch a $50 million aviation sustainability programme to advance aviation industry development.

On March 3, 2023, The Government will commit $50 million for the Civil Aviation Authority of Singapore (CAAS) to set up a new Aviation Sustainability Programme to support Singapore’s drive to develop a sustainable air hub. The $50 million programme will provide up to 70% funding for sector-wide projects and up to 50% funding for company-level projects. Examples of projects which the Aviation Sustainability Programme could support include the adoption of novel or more energy- efficient airport systems and/or equipment; optimisation of airport processes to enhance operational efficiency and sustainability of key processes, such as reducing aircraft turnaround time or […]
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2023-03-08
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Singapore launches an updated blueprint for arts expansion

On March 6th, 2023, Singapore’s Minister for Trade and Industry and Minister for Culture, Community, and Youth, Low Yen Ling, announced the launch of an updated version of the Arts and Culture Strategic Plan, focusing on three strategic goals from 2023 to 2027 : a connected society, a unique city, and a creative economy. This is the second five-year plan following the first one launched by the National Arts Council (NAC) in 2018. The NAC will roll out a new five-year plan to drive Singapore’s artistic development, enabling more people to access and integrate art into their daily lives while also […]
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