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Asia is one of the continents that have been identified to experience the global economic retrogression in the Asian development. China has been a country that has really made it up to globalization. Two years ago, the European Union and United States have not had any globalization and thus the business investments are seen more in Asia.

Singapore and Hong Kong are the major cities that can host firms for people seeking intensification.  With the government’s lucidity and effectiveness, Singapore has an ideal setting for incorporation. On the other hand, Hong Kong because of its financial stability and encouraging tax policy it can boost the rising China’s markets.

It is extremely secure, swift and economical to have companies in Singapore and Hong Kong. For instance, Singapore, in terms of business has been at the top of World Bank’s ranking in doing business for the past 24 months. Singapore is the fourth best in levy paying and starting of new businesses moreover the best in trading across boundaries. Overseas investments and firms are major contributors to the economy of Singapore. Lately, foreign companies have contributed so much of the Gross Domestic Products and the rise of the same is being experienced up to now. The presence of foreign companies has not triggered any alarm for the government to come up with any limits. With this trend, Singapore will for a long time remain a leading jurisdiction business centre.

Hong Kong in doing business is the easiest and positioned top 3 in; protecting investors, paying taxes and top 5 in starting businesses.  The two cities in terms of company registration are popular and still are the leading ones. Hong Kong has been a heart for many choice centres for doing business since 2011. In the recent past the electronic services for registering businesses was introduced and this has eased everything. Hong Kong has worked as an important link for the investors who operate with other regions like including Japan, South Korea and Taiwan.

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The amount taxed from an individual actually depends on his or her taxation status. This status can even benefit you in terms of gaining profit or having income tax breaks, once properly stated. If not, issues of double taxation will arise, even issues about the citizenship of the individual!
Because of this, it is really vital that you grasp the sense of tax laws and the rules applying to your native country and of course, to your new country of residence. Even more, being knowledgeable about international tax planning is required of you.

If you are not aware on how to start to learn tax planning on an international leave, there exist experts on the subject matter who can offer you their services. These experts can be divided into four groups:

 

  • Local Accountants

It is vital that, even as you leave your home country, you appoint an accountant who works there. This local accountant will assist you in understanding international taxation rules applicable to your new country and the perspectives on it as well. Also, you will need another local accountant under your employ, but this time, in your new country. This is because they know the rules in the country better than your local accountant back home. It is best that you employ two local accountants so that you will have balance in the taxation in both countries where you operate.

 

If you want to have the right taxation status, hire a professional to do it for you. They will definitely be able to handle your taxes as they have a working knowledge on international taxation/accountancy as well as financial planning. They will also be able to explain to you the benefits and drawbacks of your current status. As an addition, they will also be able to help you take advantage of offshore opportunities that you’re eligible to. These offshore opportunities can help cover the taxation liabilities you might have. The professional tax planners can also create an efficient tax plan for you so that you can decrease your taxation liability in a legitimate way.

 

  • International Accountants

As their title has it, they are experts on international accountancy. Hiring such accountants can help you get a better grasp on your tax planning. These international accountants are very knowledgeable about international taxation and the policies that apply as well, so you can’t go wrong. But if your main concern is taking advantage of your offshore banking opportunities, international accountants are not really the go-to person for the job. But what they can do for you though is give you advise on how your residency applies to taxation policies and laws.

 

  • International Financial Advisers

Advice is always important whenever you are making huge decisions, especially if it involves a lot of money. In financial investments, there are professional financial advisers you can hire to help you. Hire one that is knowledgeable in international finance so he can direct your assets in a better way as you settle in your new home overseas. Financial advisers can also make you understand the ins and outs of your offshore transactions, helping you limit your total taxation liability.

 

Did you know that the financial centers for offshore businesses were actually established by onshore financial institutions (like banks and other private corporations)? This is because the onshore institutions felt too restricted by dated laws, rules and regulations, as well as statutes. They couldn’t maximize their companies. Citicorp, for example, felt this way and decided to go out of the US and establish their first offshore company. Soon, most of Citicorp’s net income (roughly 64% of it) came from their offshore sources.

What started out as an act of freedom for the onshore companies who felt restricted eventually became world-class and outstanding financial institutions. They became headquarters, even. Once they became successful, they started to create policies that were meant to attract foreign trade. They made policies that allowed business to minimize their tax liabilities as well as reduce or eliminate business restrictions. This change in the international trade market resulted into a very active economic movement.

Usually, such offshore financial centers are situated in small states with very little population. They are considered as tax havens. Currently, there are at least 75 tax havens existing all over the globe. Each haven is deliberately unique from other havens because they want to attract certain types of investors that they can cater to.

Let us take for example the island of Aruba. It was designed in a way that they can have fast economic development. They were solely depending on their oil refineries before for their source of revenue, but now, they created a new investment policy that allowed it to participate in the economic system throughout the world. This policy was becoming the offshore tax haven. In a sense, they “rented” out their laws about taxes, company incorporation and other business legalities, fully allowing them to go through with their economic development as well as diversification.

On the other side of the world, we can take a look at Singapore, who, unlike Aruba, was intended to help the dollar market of Asia. As evident today, Singapore has become a thriving money haven, and of the best too. Another tax haven is Bahrain and it was designed to serve the offshore needs of the Middle East, most especially the financial needs of Saudi Arabia.

Actually, if not for the electronic revolution caused by the EFT (electronic fund transfers) mechanisms back in early 70s, these offshore money havens would have never been possible. That very technological development made it very affordable to build banks and corporations, as well as holding companies in far-flung areas. Both inter and the intra time zone business also became a possible home-based business alternative when the EFT was launched.

This gave way to the establishment of wholesale banking on an international scale. It was possible to maintain large amounts of deposits in a wide range of currencies, as well as transfer the money in a vast global network of different corporations, financial institutions, individuals, and etcetera to those who are interested in borrowing money. It allowed the foundation of many new business practices for transnational transactions and led the development of international financial activities as well, such as subcontracting.

Today, it is evident that these international money havens have established a very permanent presence in today’s international economy. They have transformed from a mere financial center into “brokers” for global businesses.  It really is important to never forget where all of this started with the initiative of large banks and financial institutions from all over the globe. Also remember that everyone, even the powerhouses like US, China and Japan, need to play their money on an international market. They use these havens as well for a more convenient financial transaction. Overall, it is noteworthy that the Bahamas has now become a very large offshore haven, if not the largest, because it has been designed for different purposes—may it be government use or intelligence agencies.

These havens are completely a part of the financial world and that is a known fact already. They are legitimate mediums where investors can rely for their offshore ventures. The manner it is done may change throughout time, but the goal of these havens will forever be the same—to flourish the international economy.

The Basics of Relocating to Asia.

Singapore, with its warm climate amidst Southeast Asia is a fusion of Asian culture and western technology. This beautiful country can offer you the perfect place for relocation with its clean streets, high rise buildings and a combination of sixty surrounding islets that will give you a tropical feel.

But before deciding to relocate here, this islet has a minimum supply of natural resources like water. This drawback however was smartly fixed by the government. With Singapore’s strategic location, the country never set this as a hinder to still being one of the wealthiest in Asia and even worldwide. Singapore was known for its busy port making them on the top list of the world’s largest of its kind. The petrochemical refining industries and the like have been impeccable for this haven. Workers for this industry would very much likely relocate here knowing that Singapore is at the top 3 of the world’s largest refiner.

Living in Singapore with its high technology ways may have its costs too. Singapore is listed among the most expensive cost of living in Asia and even in the world. But it’s all worth it considering the progressive facilities in schools, recreation and the like. It wouldn’t be at all harsh to your pockets if you only know how to budget your money.

This modernized country may want you to get away from busy streets and from the buzzing crowds for a while. You should not worry because there are a number of quiet places for you to unwind and rest. Beaches, parks and natural forests would surely relax your mind and body.

Singapore is indeed, a perfect suggestion for your relocating plans. The English language has been used here hence; you won’t have to worry about language barriers. There are a lot of worthwhile interests for you to discover in Singapore too. This peaceful country would also be very safe for your family. This City equipped with all the modern facilities would make your living hassle-free and enjoyable.

Some continents find Asia the best continent to retire though others like Europe find theirs the best. The United States of America and Canada expatriates prefer Asia as the best to live in. Most Britons prefer parts of Europe as the best to retire in.

There are the most beautiful scenes in the south east of Asia and known to be the best in the world. This is also attracting most expats to live in this world of the tropic. For one to move from one country and settle in to the other, there is need to have an overview of the country you wish to settle in. you need to know about the climate, culture, the people and if there is existence of  excellence health policy insurance.

The reason why the British expats think Europe is the best place to settle in is that they think of Asia as having warm weather. Still in Asia there are some of the best places to retire. These places may include:

Malaysia– here is exists wonderful climate of the tropics, beautiful beaches and rain-forests. This is a home for a lot of expats all the way from the United Kingdom, India, China, etc. It has a rich background of culture with colorful celebrations of religions and culture. Being a third world country infrastructure and road conditions are excellent. This is why it is a tourist favorite country. To add on that Malaysia is a colony of British hence English is spoken by most people.

Singapore – It is a country with a thriving economy and is one of the communities in Asia hosting most expats. Singapore is the number 5 wealthiest countries in the world, famous for its cleanliness. It is relatively cheaper to pursue your studies in Singapore. For a good survival here, you would need to adapt to the moist climate and the monsoon lasting for only about two months.

Thailand – in Asia, it is the country with the lowest cost of living with the provision of quality life. People here are very friendly and accommodating. Phuket is one of the best places here. There is extensive provision of health care insurance for the expatriates. These standards increase the chances of emigrants in to the country.

Having looked at the 3 reasons why people find Asia the best place to retire in, there are still so many other places to be discussed. If you are dreaming of spending your life abroad then Asia is the greatest place.

 

 

 

 

Becoming a permanent resident in Singapore is a huge milestone towards becoming a naturalized citizen.  A permanent resident has access to a lot of benefits including free housing, employment benefits, and so on.  However, to become a permanent resident one needs to follow up on certain procedures.  These procedures may sometimes be cumbersome, but the fruits are worth it.  It is also important to note that since 2009, the government has been rejecting many applications compared to previous periods because of concerns raised on the issue of immigration.  The secret however is not to give up but, to understand what the government is looking for and then learn how to present yourself as an asset rather than a liability.

When Should You Apply?

You can only apply to be a permanent resident of Singapore in case you already are a temporary president. You cannot apply for permanent residency when you are still living outside Singapore. To acquire temporary residency, you just need to be staying in Singapore, as a result of working here, or studying. The best time for you to apply is when you are sure that all your papers are okay including tax papers and tax returns. Make sure that all your papers have been okay for at least two years before you apply for the same. During this time, ensure that you obey the laws strictly so that the authorities do not see you as a potential headache, but rather as a potential asset.

After The Application

Once the application process is complete, the authorities may either reject or accept the application. If they accept, then know that you are indeed one lucky person because the opportunities in Singapore are enormous. This is one place where you can rise from the ashes and climb to the top through hard work. Nobody cares where you come from, what your family background is, or how rich your parents were before you came to Singapore. It will all depend on what you choose to do with your life.

Rejected?

In case your application is rejected, you don’t need to worry at all. There is an option for appeal. Although in many cases this is usually ineffective for the simple reason that the circumstances of the applicant would not have changed dramatically, it is always good to try. This is especially true when you have had an increase in your pay grade or you have acquired new skills and you can easily present yourself as a better asset than you did in your first application. However, in case the application is rejected, you will need to wait for a stipulated amount of time. Sometimes, the immigration authorities will tell you when you should apply next. In case they don’t it is advisable that you wait for just six months in order to apply again. This will help protect you from unnecessary rejection, which can be heartbreaking.

Unlike what many people think, there are still very many opportunities for people who want to apply for permanent residency. All one needs is to know how to play his game, update his skills and of course, a lot of luck.