Locations

Singapore

• Fast paced and exciting place to live
• High economic growth
• Popular for back-office and middle-office functions in financial services

Singapore is an independent city-state in South East Asia, comprising of one major island and 59 small adjacent islets, located between Malaysia and Indonesia. It is one of the most important port cities and commercial centres of South East Asia.

Singapore offers the best of both worlds. It is cosmopolitan enough to be familiar, yet sufficiently exotic to inspire a walk on the wild side. The city fuses modernity and tradition, with both celebrated in equal parts.

Singapore is a distinctive place. With a total land area of just 646 square kilometres, it is a compact country brimming with the vibrancy of its 4 million people.

Economy

Singapore’s banking system is among the strongest in the world. As at March 2005, there were 110 commercial banks, 47 merchant banks and 3 financial companies in the financial sector, with the total assets of commercial banks standing at SGD$413 billion. 6 banks have been awarded Qualifying Full Bank Licenses.

Many asset management companies have expanded services in Singapore to include more than just portfolio management, and have now set up research arms regional trading desks, as well as centralised middle and back offices functions. Over the last decade, the industry has registered an average annual growth of 28% in Assets Under Management (AUMs).

Many of the world’s leading names in insurance broking, captive management and risk management are present in Singapore, with numerous re-insurers and captive insurers using Singapore as a base to underwrite risks from the region, in addition to meeting the needs of the domestic market. The offshore insurance business has become a major component of the industry, accounting for more than half of the total general insurance business.

Immigration

There are several kinds of work permit, and the type awarded generally depends on the salary range of the job. For example, foreigners making more than SGD$7,000 per month (approx £2,600) would need a “P1 Pass”. The work permit will be arranged for by your employer.