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Singapore Gears Itself In Becoming A Global Banking Hub

Despite hovering threats from the crisis in Europe and with London and New York’s financial hub getting some flack amidst the crisis, economic experts in the West are putting their bets on Asian cities as the next global banking hubs in the future. That future is not too distant at all, as a survey shows.

Based on the results of a recent survey, bankers from across the United Kingdom have asserted their belief that the next global banking hub would be based in Singapore. According to the survey conducted by banking advisory firm Astbury Marsden, over 60 percent (60%) of the participants of the survey has said that the next financial hub would be move to the Asia Pacific region, which will happen in the next ten years.

462 investment bankers employed in the United Kingdom were sourced for the survey. 31 percent (31%) of these bankers have also said that they would gladly relocate to Singapore for work. Singapore has topped new employment destinations for the bankers, overtaking Asian economic bigwig Hong Kong by 16 percent, New York by 20 percent, and London by 19 percent.

Singapore is constantly becoming an attractive employment destination for financial professionals in the West, considering the ongoing debt crisis in the Eurozone. Just recently, Singapore has been voted as the “most livable city” and “healthiest” city in the world.

Singapore’s business-conducive environment is also another reason for bankers to think likewise. The country has one of the lowest headline corporate tax rate in Asia (17 percent) as compared to Japan and Hong Kong. Companies in Singapore also get to enjoy tax reliefs and incentives for income not exceeding SG $300,000 during the first three years of incorporation. Singapore has also entered tax treaties with 69 countries worldwide to relieve foreign companies operating in its shores of the burden of double taxation.