After Mauritius, is Singapore gaining popularity for India Inc?
Singapore is now becoming a preferred destination for India based companies after the Government of India has decided to review Indo-Mauritius tax pact.
As many as 120 India-based companies are incorporating offices in Singapore every month, taking advantage of the city state as a gateway to Asia-Pacific markets.
Mr Rangarajan Narayanamohan, the chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI) said that the chamber is now seeing as many as 120 Indian origin companies incorporating Singapore offices every month. He was talking with reporters while launching of the annual corporate awards campaign for Indian businesses in Singapore recently.
Mr. Narayanamohan said that the community of Indian businesses has grown to 5,000 in Singapore as of this month, up from 4,000 a year ago.
Meanwhile, India has resumed talks with Mauritius to revise the existing tax treaty and have a double taxation avoidance agreement that will help track black money, Indian Finance Minister Pranab Mukherjee said on June 21, a day after the Indian stock market crashed 364 points over fears of a review hitting foreign inflows.
The minister tried to downplay the issue saying Indian and Mauritius had been negotiating the agreement for the last few years but the talks were suspended for some time.
Indian equities markets slumped on June 20, on speculations that the two countries would soon have a new tax treaty that might affect investments by foreign institutions in India. The benchmark Sensex had slumped around 2%.
Market analysts fear that foreign institutional investors would offload even more from Indian markets once the treaty becomes operational.
Singapore is now becoming a preferred destination for India based companies after the Government of India has decided to review Indo-Mauritius tax pact.
As many as 120 India-based companies are incorporating offices in Singapore every month, taking advantage of the city state as a gateway to Asia-Pacific markets.
Mr Rangarajan Narayanamohan, the chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI) said that the chamber is now seeing as many as 120 Indian origin companies incorporating Singapore offices every month. He was talking with reporters while launching of the annual corporate awards campaign for Indian businesses in Singapore recently.
Mr. Narayanamohan said that the community of Indian businesses has grown to 5,000 in Singapore as of this month, up from 4,000 a year ago.
Meanwhile, India has resumed talks with Mauritius to revise the existing tax treaty and have a double taxation avoidance agreement that will help track black money, Indian Finance Minister Pranab Mukherjee said on June 21, a day after the Indian stock market crashed 364 points over fears of a review hitting foreign inflows.
The minister tried to downplay the issue saying Indian and Mauritius had been negotiating the agreement for the last few years but the talks were suspended for some time.
Indian equities markets slumped on June 20, on speculations that the two countries would soon have a new tax treaty that might affect investments by foreign institutions in India. The benchmark Sensex had slumped around 2%.
Market analysts fear that foreign institutional investors would offload even more from Indian markets once the treaty becomes operational.
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