The Ministry of Finance Singapore is a Ministry of Singapore responsible for devising policies and managing domestic and international financial activities of the country. It is quite an important one considering Singapore’s growth as a developed nation in the world. The Ministry of Finance (MOF) is a statutory body of the Government of Singapore and is headed by the Secretary to the Prime Minister, the Finance Secretary to the Cabinet and the Assistant Secretary to the Attorney-General. In 2021, the Government of Singapore went through a dramatic economic boom that saw the creation of many new jobs in the country. However, the rapid growth also led to a need for a more stable leadership, especially after the end of the Asian Financial Crisis in 1997.
The current framework of governance at the Ministry of Finance under the leadership of the current Secretary to the Prime Minister, Dr Wee Yean Wee, has undergone several changes over the years, with some coming into effect from 1998. The current framework involves three main bodies – the Ministry of Budget and Management, the Ministry of Trade and Industry and the Ministry of Finance. Under the Ministry of Finance, there is also the Office of Credit and Payments and the Consumer and Paper Industries Regulator. Each of these bodies functions separately and in conjunction with each other to manage Singapore’s public sector finances.
Another major task of the MoF is the formulation and maintenance of Singapore’s domestic and international financial standards, which are required to be maintained by the Singaporean company laws. Among these requirements are the rules on company registration, supervision of mergers and acquisitions, registration of overseas assets, consolidation and management of public sector accounts. The MoF also ensures that Singapore observes international standards of taxation. These are amongst the major areas that are covered by the various departments of the MoF.
For a company in The Straits times Singapore to operate, it is required by law to have its articles of incorporation duly prepared and filed with the concerned Ministry of Finance. Such preparations include the formulation of Memorandum and Articles of Association as well as the preparation of the Articles of Organization. In addition, the concerned Ministry of Finance submits the statutory information on behalf of the company, and prepares the annual and quarterly reports. All these records are submitted to the MoF for review and consideration, as the Ministry of Finance ensures Singapore maintains its position in international standards of company law.
The MoF is also responsible for ensuring that Singapore conforms to international standards on taxation. Among these is the Single Taxation Authorities Act, approved in 1984. Other pertinent policies of the MoF include the establishment and maintenance of a uniform code of accounts and payment procedures for corporate activities, regulation of insurance companies and banking, development of a Single Transferable Facilitator Code and of course the administration of the phoenix planning scheme. Among the major activities of the MoF Singapore are the following: development of policies related to economic development, management of the National Accounts, regulation of foreign direct investment, establishment of the Monetary and Banking System, establishment of the National Institute of Accountancy (Nai) and registration of companies. With Singapore taking up such extensive measures to ensure company law and accounting standards are maintained, many expatriates and offshore investors now feel more at home here than anywhere else. There are even more incentives to move to this place, as there are several governmental incentives for doing so.
All these factors together make Singapore the ideal location for those looking to set up an International Business Company or any other kind of company that requires offshore banking facilities, large amounts of capital, or a high level of privacy. This is especially true for individuals and companies that want to establish a tax free super sheltered haven for their assets. The reasons for this are many, but the most popular reason is that Singapore has become one of the most attractive places to invest and do business in. Even if a person does not intend to relocate to Singapore, they will find the country’s many attractions to be highly attractive. And who knows, you might just decide to shift your operations here to enjoy the benefits that it offers. The Government of Singapore would like to remind people though that this is a developing economy and the Government reserves the right to increase taxes, so it is essential for anyone looking to avail of any of the aforementioned services to keep their expenditure within the prescribed limits.