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Singapore: the Location of Choice for Asset and Wealth Management in Asia Pacific

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Singapore: the Location of Choice for Asset and Wealth Management in Asia Pacific Singapore: the location of choice for asset and wealth management in Asia Pacific Lorem ipsum dolor sit amet 2 | PwC Contents Singapore as a location for asset managers 4 Singapore’s asset management landscape 12 Fund manager regime in Singapore 16 Investment funds in Singapore 21 Singapore market entry report 28 Asian investment fund centre 31 Connect with our experts 32 Singapore - Asset and Wealth management location of choice in Asia Pacific | 3 Singapore as a location for asset managers 4 | PwC Introducing Singapore A global business hub Singapore is strategically located the heart of Southeast The USD-SGD exchange rate has remained largely Asia. The country is 724 square kilometers, or 280 square stable over the last ten years, trading in the band of miles. Whilst smaller than other financial centres like 1.2 - 1.45. London, New York, or Hong Kong, it’s small size is no Having a small and open economy, Singapore’s impediment to its role as a global asset and wealth monetary policy has thus been centered on the management centre. management of the exchange rate, with the primary With a population of 5.8 million in 2019, one of Singapore’s objective of promoting medium term price stability as a strengths is its diverse population. Comprising three main sound basis for sustainable economic growth. ethnic groups and cultures, with smaller ones interspersed These are essential factors that enhance the ecosystem across the community, Singapore’s workforce is able to and economical support of Singapore as a choice communicate culturally and linguistically with the key location for setting up fund management operations markets of China and India, as well as engaging on the focused on investments in Asia, particularly in India and global scale. Southeast Asia. As a high-income economy among the Asian countries, Singapore provides the world’s most business-friendly regulatory environment for entrepreneurs and is ranked among the world’s most competitive economies. 37,400 international companies including 3,200 from China, 7,000 multi-national corporations 4,400 from India, and 7,900 from ASEAN nation (excluding Singapore) 60% with regional responsibilities Factors that make Singapore the best in class within the region Political and Sound and Efficiency and economic Transparency predictable connectivity stability regulation Low Safety and Governance Sound bureaucratic low crime standards infrastructure red-tape High ease of Low/ Lifestyle Quality doing business no corruption choices workforce ranking Singapore - Asset and Wealth management location of choice in Asia Pacific | 5 Why Singapore? Best in global Ease of doing business Best business Global innovation index 2019 innovation in index 2019, world bank environment SEA and in Asia and 2nd eighth in in the world the world Doing business 2019 Best Global report, world bank Top investment intellectual competitiveness destination property report 2019, world in Asia protection economic forum in Asia Easiest place Transparency Least corrupt to do business Rankings international’s 2019 country in Asia Doing business 2019 in Asia corruption report, world bank perceptionsi Most Most “network competitive ready” country Global competitiveness report city in Asia in Asia 2019, world economic forum Network readiness index 2019 Share of Singapore GDP by key industries in 2019 Construction Business Manufacturing services 3.7% 14.8% 20.9% Wholesale & Finance & Transportation retail trade insurance & storage 14.8% 20.9% 14.8% 6 | PwC Singapore’s growth cluster Advanced manufacturing Aided by new technologies such as advanced robotics and additive manufacturing. Applied health sciences Developing new medical devices, better nutrition; transforming healthcare delivery to provide affordable and best care. Smart and sustainable urban solutions Growing demand for Singapore’s expertise in water and waste management, transport and urban planning skills. Developments will improve Singapore’s physical constraints. Logistics and aerospace With increased funds for expansion of Changi Airport’s new Terminal 5 in Budget 2019; Tuas seaport set to be the world’s largest fully automated terminal; Singapore’s air and seaport infrastructure will undergo revolutionary changes Asian financial services Well positioned to serve rapid growth of Asian finance – infrastructure funding, structured trade finance and wealth management. World class infrastructure Public transportation Information and communications technology 7.5 M Efficient & reliable Commuters internal public Take public transport system transport a day 145 88% One of the best and most affordable public transport system Telephone subscriptions of households per 100 inhabitants have internet access International transportation Workforce World’s best airport 75% 43 years Singapore Changi Airport 2% 7,400/week 65.6 million Literacy rate Unemployment rate Median age Flights landed or Passengers passing departed from the airport through airport annually Singapore - Asset and Wealth management location of choice in Asia Pacific | 7 Better prospects • Average income of an expat in Singapore is S$ 221,522 “Career Progression” and “Improvement in Income” among the top World-class education reasons why expats choose Singapore • 58 international schools island- Source: wide with a variety of educational Expat Variety of housing options curriculum explorer survey 2018 • Rental of a 3-Bedroom private • Average annual international - HSBC condominium ranges from S$3,000 school fees: – S$15,000/month — Nursery – S$16,500 Household • Rental of a 3-Bedroom government — Primary – S$24,300 wealth housing flat (HDB) ranges from — Secondary – S$29,500 Education Accommodation S$2,200 – S$3,000/month Source: International School Fees 2018 – Source: Cost of living In Singapore – GuideMeSingapore GuideMeSingapore Standard of living 2nd Safest city in the world Culinary paradise • 1st in Infrastructure Security • Touted as “The Food Paradise”, • 1st in Personal Security Singapore is home to a vast variety • 2nd in Digital Security Safety & Food & of culinary delights catering to the different races and religions that Source: Safe Cities Index 2019 – EIU security beverage co-exist in Singapore. • Average monthly household Most religiously diverse Social expenditure on food is S$1,200 stability Multi-ethnic, multi-religious state where more than Source: Household expenditure survey 2019 – five million people live in this “city within a garden”, SingStat boasting its very own UNESCO World Heritage Site – “Singapore Botanic Gardens” Small and medium sized enterprises (“SME”) and start-ups SMEs in Singapore contribute more than 50% to Singapore’s GDP and provide employment to approximately Technology SMEs two million people. However, these SMEs in Singapore are Industry often confronted with industry competition, rising costs, and tight labour. To support the sustainability and competitiveness of SMEs and start-ups, the Singapore government established equity financing schemes, cash grants, business incubation schemes, debt financing schemes, and tax incentives. Furthermore, Singapore’s active technology ecosystem has 41 Grants Start-ups attracted many venture capitalists and overseas investors to and provide funding to locally based technology companies. Schemes With a thriving venture capital ecosystem, start-ups can (to date) now access a wider variety of funding options and seek the necessary guidance for their future progress. 8 | PwC Singapore’s extensive network of international agreements Double taxation agreements (DTAs): 87 comprehensive DTAs (excluding DTAs signed but not ratified) + 8 limited DTAs No double taxation and reduction of withholding tax Comprehensive: Albania Australia Austria Bahrain Bangladesh Barbados Belarus Belgium Brunei Bulgaria Cambodia Canada China Cyprus Czech Republic Denmark Ecuador Egypt Estonia Ethiopia Fiji Finland France Georgia Germany Ghana Guernsey Hungary India Indonesia Ireland Isle of Man Israel Italy Japan Jersey Kazakhstan Korea Kuwait Laos Latvia Libya Liechtenstein Lithuania Luxembourg Malaysia Malta Mauritius Mexico Mongolia Morocco Myanmar Netherlands New Zealand Nigeria Norway Oman Pakistan Panama Papua new Guinea Philippines Poland Portugal Qatar Romania Russia Rwanda San Marino Saudi Arabia Seychelles Slovak Republic Slovenia South Africa Spain Sri Lanka Sweden Switzerland Thailand Taiwan Tunisia Turkey Ukraine UAE UK Uruguay Uzbekistan Vietnam Limited: Bahrain Brazil Chile Hong Kong Oman Saudi Arabia UAE USA International guarantee agreements (IGAs): 39 IGAs Investment protection and facilitation Free trade agreements (FTAs): Covers 60% of world’s GDP Improved market access for goods and services ASEAN (AFTA) ASEAN – China (ACFTA) ASEAN – Australia – New Zealand (AANZFTA) ASEAN – Portugal (AIFTA) ASEAN – Korea (AKFTA) Australia (SAFTA) China (CSFTA) Costa Rica (CRSFTA) Gulf Cooperation Council (GSFTA) Portugal (CECA) Japan (JSEPA) Switzerland, Liechtenstein, Norway & Iceland (ESFTA) Korea (KSFTA) Jordan (SJFTA) ASEAN – Japan (Services & Investment) New Zealand (ANZSCEP) Panama (PSFTA) Brunei, New Zealand, Chile & Singapore (Trans-Pacific SEP) Peru (PeSFTA) USA (USSFTA) ASEAN – Portugal (Services & Investment) Singapore - Asset and Wealth management location of choice in Asia Pacific | 9 Investor profile in Singapore Singapore The average More than More than half of Singapore’s total household assets has one of household half of total are invested in financial assets, indicating high demand the highest wealth is household
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