Asian Financial Services Association

Singapore

1

Bus.Permit Issued By

:

-

2

Business Requirement

*

Bus.Requirement Percentage (%) of Foreign Ownership Allowed

:

100%

*

Bus. Requirement Minimum Capital Requirements

:

S$1

*

Bus. Requirement Number Of Active Companies in Operation

:

10

*

Bus. Requirement New Business Permit

:

Closed

3

Bus. Activities Include

:

Leasing, Hire Purchase and Mortgage Loans

4

Products Financed

:

Automotives (4 wheelers, 2 wheelers, Trucks, Transportation Vehicle (buses), Heavy Equipment, Machineries, Electronic Devices (computer, AC), and Others

5

Source Of Funds

:

Banks (on-shore), Capital Market / Bonds

6

Loans

:

Source Of Loans : Domestic (Provided By The Government and Private Sector)

7

Accounting Treatment

*

Allowance for Bad-Debt & Write-Offs(%)

:

NO

*

Tax Deductible

:

Actual write off only

8

Taxes

*

Corporate Tax rate Regulation (%)

:

20 %

*

Withholding Tax Regulation (%)

:

20 %

*

VAT Regulation (%)

:

5 %

*

Sales & Leaseback Regulation / Vat Implemented or not

:

Yes

9

Legal Aspects

:

-

10

Reporting Mechanism-Supervision

:

No Need to Report

11

Constraints In Operation

:

Tough Competition

12

Opportunites in Business

:

-

13

Miscellaneous

:

-