- published: 26 Mar 2015
- views: 55438
Singapore has a highly developed capitalist mixed economy; the state owns stakes in firms that comprise perhaps 60% of the GDP through entities such as the sovereign wealth fund Temasek. It has an open business environment, relatively corruption-free and transparent, stable prices, low tax rates (14.2% of GDP) compared to other developed economies, and one of the highest per-capita gross domestic products (GDP) in the world. Its innovative yet steadfast form of economics that combines economic planning with free-market has given it the nickname the Singapore Model. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have.
Most companies in Singapore are registered as private limited-liability companies (commonly known as "private limited companies"). A private limited company in Singapore is a separate legal entity, and shareholders are not liable for the company's debts beyond the amount of share capital they have contributed.
Singapore (i/ˈsɪŋəpɔər/ SI-ngə-pohr), officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, 137 kilometres (85 mi) north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the Singapore Strait to its south. Singapore is highly urbanised but almost half of the country is covered by greenery. More land is being created for development through land reclamation.