Singapore overtook London as the investors' preferred place for doing business

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Bloomberg’s Global quarterly survey was polled by over 1,400 Bloomberg subscribers in six continents. New York topped the survey as the hottest place for financial services and it has sustained its supremacy in spite of being severely battered by the credit crisis.

Singapore overtook London as the investors’ preferred place for doing business. Singapore was chosen by 17 per cent of respondents who said it was the second best place for financial services two years from now.

London has slipped down from the second place due to the unfavorable tax policy being planned by the government and it is becoming difficult to raise credit because of the European Union’s regulations. Many hedge funds have left London because of a new top income-tax rate of 50 per cent for higher earnings. The survey reveals that US, Europe and Tokyo are loosing the confidence of the industry.

Singapore does not levy tax on capital gains and this is especially attractive to the private wealth management industry. The Asian region has the highest savings rate and hence Singapore and Shanghai are growing in popularity as firms look for ways to tap the wealth that has accumulated in China and the rest of Asia.

Singapore offers the best of both world’s and an enterprise environment where start ups can flourish with supporting policies. The city state’s financial services industry has gained a respected image globally and serves as a thriving financial hub of Asia with most of the major financial institutions having their offices here. The country also allows free repatriation of earnings and has a wide network of avoidance of Double Taxation Treaties. Singapore is all set to rule the regional markets in the years to come.

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