2.1. 
Singapore’s real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011 on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. The government takes a leadership role in planning Singapore’s economic development and actively uses the public sector as both an investor and a catalyst for development. Singapore has attracted major investments in pharmaceuticals and medical technology production and continues efforts to establish Singapore as Southeast Asia’s financial and high-tech hub.

2.2. 
Overall, Singapore is an advantageous target for foreign investment especially in creative and knowledge driven industries. The combination of strong banking secrecy rules, generous tax exemptions for small-to-midsize companies, wide ranging industry-specific tax incentives and its global reputation for business excellence attracts high net worth individuals and corporations and keeps Singapore competitive and well positioned. The Government of Singapore provides a comprehensive package of tax concessions and incentives to businesses whose activities reflect the direction in which the state plans to steer economic development. Singapore’s legal framework and public policies are favorable to foreign investment. Foreigners don’t have to use joint ventures or surrender management control, and everyone is subject to the same laws. There are no restrictions on reinvestment or repatriation of earnings or capital, and the judicial system upholds contract sanctity and enforces decisions. Singapore uses low tax rates and aggressive fiscal incentives to attract foreign investment. Multiple government agencies offer tax breaks and incentives to a wide range of industries.

2.3. 
With a robust supervisory framework in a pro-business environment, Singapore is one of the world’s leading financial centers and is home to over 600 financial institutions including the Singapore Stock Exchange (SGX) which is the largest in Asia. It has numerous commercial, offshore, wholesale and merchant banks, and is the world’s fourth largest foreign exchange market and a leading commodities derivatives trading hub. Singapore has no foreign exchange controls and no approval is needed for any payment, remittance or capital transfer in any currency or to any country.

2.4. 
The Intellectual Property Office of Singapore (IPOS) under the Ministry of Law is responsible for all of Singapore’s intellectual property matters and offers protection for patents, trademarks, registered designs, plant varieties, and copyright. Singapore’s legislative and administrative regime is fully compliant with the WTO’s TRIPS Agreement and has been part of the Paris Convention since 1995, the Berne Convention since 1998, the Madrid Protocol since 2000, and the Patent Cooperation Treaty since 1995. As the country’s IP regulator and policy advisor, the IPOS maintains a robust and pro-business IP regime for the protection and commercial exploitation of IP and works with economic agencies and the IP business community to formulate and review IP policies and practices. To promote IP in Singapore, IPOS has developed programs for both the general public and businesses to raise awareness, build capabilities and provide opportunities. Singapore strictly enforces its intellectual property laws.

2.5. 
Governed by the Ministry of Manpower, the Employment Act of 1986 provides the basic terms and working conditions for all types of employees except for seamen, domestic workers, those employed in managerial or executive positions, or anyone employed by a Statutory Body or the Government. The part of the Employment Act which stipulates rest days, hours of work and other conditions of service only applies to workmen earning no more than SD$4,500 basic monthly salaries and employees earning no more than SD $2,000 basic monthly salaries. An employer must pay their employees within seven days after the end of the salary period, and failure to pay salaries is an offence.