Singapore is known for integrity, quality, reliability, productivity, rule of law, and enforcement of intellectual property rights. These assets are essential in the knowledge economy. The Republic is the least corrupt nation in Asia and one of the top three least corrupt countries in the world, according to the IMD World Competitivenes Report 2008.

Singapore keeps its tax rates and tax laws competitive and takes a strategic, holistic approach towards stewardship of key pillars of the economy, such as petrochemicals, electronics, and clean energy. Most recently, it has mounted an initiative called Future•Singapore. This is designed to develop and test bed new ideas and solutions in the areas of urban living, wellness, ageing and healthcare, and lifestyle products and services.

As a preferred location for innovation, Singapore has nurtured a rich Research & Development (R&D) ecosystem and robust intellectual property (IP) regime. Singapore is rated as the best place in Asia and 2nd in the world for IP rights protection in the IMD World Competitiveness Report 2008. Singapore’s strong commitment to the protection and enforcement of proprietary knowledge and innovation has spurred the World Intellectual Property Office to set up its first Asian regional office in June 2005 in Singapore.

The government has always adopted a pro-business policy, regardless of world economic situations or crisis. It has taken tough measures including reducing corporate tax rates, lowering employers’ Central Provident Fund (CPF) contribution rates and capping office rental rates. For the quality of its government policies, Singapore has been rated No. 1 in Asia (PERC, June 2006).