Did you know that in 2022 Singapore was the fifth largest foreign investor in Australia? It invested approximately $148.6 billion out of a total of $4.5 trillion into the Australian economy. Some $63.5 billion more than China.
In 2003 Singapore and Australia entered into the “The Singapore-Australia Free Trade Agreement” (SAFTA) and since then SAFTA has been reviewed and amended to enhance trading and economic relations between the two countries, including:
- by eliminating all tariffs
- progressive easing restrictions on wholesale banking licenses to enhance the operating environment for financial services suppliers
- sharing of information between financial institutions
- easing conditions on joint venture arrangements between Singaporean and Australian law firms and greater recognition of Australian tertiary legal qualifications in Singapore
- removal/easing of residency requirements for Australian professionals and increasing short-term entry periods for Australian business people has been extended from one month to three months in duration
- increased market access commitments for Australian education services
- increased opportunity for delivery of Australian environmental services and other service sectors
- agreements to facilitate paperless trading and reduced business transaction costs
- protections for investors against expropriation and compensation
- increased telecommunications interconnection
- increased potential for procurement by 47 Singapore agencies
- protections of intellectual property in government tender processes
- cooperation in eliminating infringement of intellectual property rights
- commitments to address anti-competitive practices
- promotion of e-commerce practices
Singapore-Australia Free Trade Agreement business guide
Both the Australian Federal Government and the Western Australian State Government are actively promoting and seeking to foster private and commercial business investment into the Australian economy.
Here are some links that may be helpful if you have an interest in, or are considering, investing in Australia:
- Australian Federal Government initiatives:
- WA State Government initiatives:
- Hydrogen See more
- WA State Government and Chamber of Commerce and Industry Investment Opportunities database See more
- Australian Foreign Investment Review Board – Guidance Notes See more
Lawfield has a representative office in Singapore and is able to meet with local investors and small to medium businesses in person to discuss and provide Australian legal advice and assistance in reaching your investment goals.
If you are based in Singapore, please call Kelvin Tan, +65 9429 0972.
Lawfield’s associations with highly reputable Singapore law firms and its on-ground presence in Singapore enables it to recommend the right level of expertise to respond to Australian businesses seeking to expand their operations into one of Asia’s premier financial centres.
If you are based in Australia, please call Stephen Hicks, +618 6381 8870.
WA-Singapore Business Council See more