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Overview
Singapore's financial and professional services sector stands as a pillar of its economy, offering abundant opportunities for UK businesses. In the 4 quarters to the end of 2023, Financial and Business services accounted for £4.2 billion worth of UK exports to Singapore. Financial services have emerged as a significant component of the UK's exports to Singapore, reflecting the deepening collaboration between the 2 nations in this sector. In 2023, the Global Financial Centre’s Index ranked Singapore second for business environment infrastructure, and financial sector development.
Regulated by the Monetary Authority of Singapore (MAS) and the Securities Industry Council (SIC), Singapore's financial landscape boasts a robust regulatory framework conducive to innovation and growth. MAS oversees banking, insurance, and monetary policies, while the SIC regulates the securities and futures market, ensuring market integrity and investor confidence. With a strong emphasis on digitalisation and sustainability, Singapore presents opportunities for UK businesses specialising in financial technology, consultancy, and green finance solutions to thrive and contribute to the sector's continued evolution.
Trade agreements with Singapore
The UK has 3 Free Trade Agreements (FTAs) with Singapore:
- the bilateral UK-Singapore FTA which entered into force on 11 February 2021
- the UK-Singapore Digital Economy Agreement (DEA) which entered into force on 14 June 2022
- the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement including 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam), which entered into force between the UK and Singapore on 15 December 2024
The UK-Singapore FTA should be read in conjunction with the EU-Singapore FTA because the UK-Singapore FTA incorporates provisions of the EU-Singapore FTA. The following Parliamentary report provides information about significant differences between the two.
The UK-Singapore FTA and the UK-Singapore DEA will remain in force alongside CPTPP. At times, you will need to specify which agreement you choose to trade under (notably when applying rules of origin), but benefits from either agreement will mostly apply automatically. Our guides attempt to highlight where businesses may need to make an explicit decision.
CPTPP entry into force and ratification
As of 24 December 2024, CPTPP is in force between the UK and:
- Australia
- Brunei
- Chile
- Japan
- Malaysia
- New Zealand
- Peru
- Singapore
- Vietnam
This means that the UK can access CPTPP provisions with said countries.
The following countries have not yet ratified the terms of the UK’s accession:
Canada and Mexico.
This means that the UK cannot yet access CPTPP provisions with those countries.
This guidance will be updated following each of the remaining countries’ ratification of the terms of the UK’s accession to CPTPP and will include when CPTPP will enter in force between the UK and the relevant remaining country.
Financial services
The UK joining CPTPP brings significant benefits for the UK financial services sector including guarantees on:
- authorisation processes, including a commitment for Parties to make decisions regarding the authorisation of firms to supply a financial service within a period of 120 days of a completed application
- commitments that help encourage more dynamic business models through provisions on the performance of back-office functions and avoiding restrictions on residency requirements
- obligations permitting the supply of cross-border portfolio management services, all of which go beyond existing commitments under the World Trade Organization (WTO)
There are also a far broader range of commitments and benefits under CPTPP which enable UK financial services providers to do business in and with Singapore with even greater confidence. Under CPTPP, UK investors will be treated the same as domestic investors when investing in or disposing of financial institutions in Singapore.
The UK-Singapore FTA gives UK financial services suppliers and institutions the guarantee that they will be treated the same as domestic suppliers and institutions protecting UK financial service providers from the imposition of discriminatory restrictions when supplying a service. This also includes measures that may impact competition in favour of domestic institutions. The bilateral FTA also poses no limitations on the number of institutions, total value of financial services transactions or assets, or total number of financial services operation or output.
Professional and business services
Under CPTPP, professional and business services businesses will be treated the same as suppliers from any CPTPP country. This means there is no restriction or requirements for specific type of legal entity or joint venture through which a UK business might supply a service. Additionally, under CPTPP, there is no requirement for a UK business to establish or maintain a representative office or any form of business or be a resident in Singapore to provide a financial service. Singapore has listed exceptions and specific terms in their specific schedule in Annexes I, II and III. This means that the commitments above will apply in some but not all sectors. For further information, please view CPTPP Annex I, Annex II, and Annex III.
The UK-Singapore FTA provides benefits for Professional and Business Services businesses. UK businesses are now treated the same as domestic, Singaporean businesses.
Easier business travel
Temporary entry provisions in FTAs support the temporary movement of professionals to deliver services, negotiate the sale of goods, and invest in businesses in person. The movement of UK professionals supports economic growth, innovation, and collaboration between the UK and its international partners.
The UK’s FTAs help provide greater certainty and access for the temporary movement of skilled professionals between countries. CPTPP is now in force and business can now benefit from the agreement.
Singapore provides access for the following categories of businesspersons. Please read the full CPTPP definitions in Annex 12-A Singapore Temporary Entry and UK-Singapore FTA definitions in Article 8.13 for each category to ensure you meet the criteria, including applicable sectors set out by Singapore in Annex 8-B-1.
Within the CPTPP agreement, Singapore provides access for the following categories of businesspeople:
- Business Visitors
- Investors
Within the UK-Singapore FTA, Singapore provides access for the following categories of businesspeople:
- Business visitors for establishment purposes*
- Intra-corporate transferees*
- Graduate trainees*
- Business services sellers*
*This access applies to the sectors liberalised by Singapore under the UK-Singapore FTA (see Annex 8-B-1 Singapore).
Please note that final visa names are set by the destination country and may vary from the FTA business travel category titles. Prospective visa applicants should check with Singapore’s Immigration & Checkpoints Authority and Ministry of Manpower for full visa details and eligibility criteria.
These commitments do not allow foreign nationals to enter to look for employment and do not apply to measures regarding citizenship, nationality, residence or permanent employment. Commitments of CPTPP countries apply to British citizens only, and not to foreign nationals who reside in the UK.
Please be aware that entry into Singapore is subject to meeting the relevant immigration and employment requirements set out in Singaporean legislation. For more details, visit the UK government guidance on living in Singapore.
If you want to know more about temporary entry in Singapore, you can also check the dedicated guide here.
Investment
UK and Singaporean investors benefit from increased transparency and simplification of investment administration. Find more detail on the investment provisions and how they can help businesses.
Procurement
Government procurement allows private UK businesses to sell goods or services to foreign governments and public bodies at the centra level.
The agreements the UK has with Singapore provide further opportunities, ensuring systems for procurement are open, transparent and accessible. They work to:
- set out a clear framework and timelines for procuring entities to award government contracts
- ensure procurement is done according to rules agreed by both countries
- provide schedules describing what goods and services are covered by the relevant agreement and are therefore subject to the agreed rules, known as Market Access Schedules
- treat each other’s suppliers fairly when they are competing for contracts
The UK-Singapore FTA legally guarantees access to UK businesses to procurement opportunities across many different areas. Under CPTPP, the UK now has access to procurement opportunities across four additional sectors services which benefit financial, professional and business services businesses which are:
- data processing services
- database services
- consultancy services related to the installation of computer hardware
- systems and software consulting services
For further information, please view Annex 9-A to 9-G in the UK-Singapore FTA.
Opportunities for digital trading
Electronic authentication, electronic contracts, and electronic signatures
Electronic signatures and electronic authentication increase trust in e-commerce by helping to verify that transactions, and the people behind them, are genuine. Strengthening the legal validity of electronic signatures provides greater confidence that transactions can be concluded through electronic means.
By using electronic signatures and/or electronic authentication, you can complete transactions in a matter of minutes regardless of where your counterpart is, reducing costs and simplifying processes.
CPTPP ensures that electronic signatures are considered valid and individuals and businesses can confidently use them.
However, CPTPP countries might impose specific criteria regarding electronic signatures, including some circumstances where electronic signatures are not accepted. You should check local regulations for more information.
Our agreements with Japan and Singapore also ensure that electronic contracts are legally valid and cannot be considered invalid just because they are in electronic form.
However, Japan and Singapore might impose specific criteria regarding the use of electronic contracts, including some circumstances where they cannot be used. You should check local regulations for more information.
You have the freedom to determine the best way of authenticating your transaction. However, for some transaction categories, there can be specific requirements.
Electronic contracts and digital trade
As members of CPTPP, the UK and Singapore have made commitments on trade conducted through digital means. These commitments can support UK businesses across the financial, professional and business services sector. CPTPP guarantees the use of electronic contracts, electronic signatures, and authentication without fearing that they will be rejected purely because they are in electronic form. Businesses also have freedom in determining the appropriate methods for completing your transactions in electronic form.
These improvements will reduce the financial and administrative burden of doing business with Singapore to the benefit of businesses in both countries, making transactions more efficient. The UK’s commitment to paperless trading was further reinforced in July 2023, through the introduction of the Electronic Trade Documents Act, which grants electronic trade documents the same legal status as paper trade documents.
Department for Business and Trade support
The Department for Business and Trade (DBT) helps businesses export, drives inward and outward investment, negotiates market access and trade agreements, and champions free trade. Helpful links, tools and services available from DBT and wider government include:
Export Support Service (ESS) team
Get support on how to do business abroad. You may also be eligible for 1-2-1 support from a local International Trade Adviser. Businesses in Wales can also access support from Business Wales.
Export Support Service – International Markets (ESS-IM)
DBT's overseas in-market export support service for SMEs with high-export potential. Our International Market Advisers provide tailored support and market introduction information to new and current UK exporters looking to enter or expand into new markets. The service may be accessed globally with International Markets teams in South Asia, China, the Middle East, Africa, Eastern Europe, North America and Latin America.
Sign up to access free training on how to grow your international sales.
Information on finance and insurance for UK exports.
Trade and investment factsheets
The latest statistics on trade and investment between the UK and individual overseas partners.
Overseas business risk profiles
Information for UK businesses on political, economic and security risks when trading overseas.
Advice and warnings about travel abroad, including entry requirements, safety and security, health risks and legal differences.
Check or report a trade barrier
If you encounter an issue when exporting to any country – report the issue and UK government officials will be able to assess the issue and consider the options we have open to addressing it as appropriate
Search for your specific product to find applicable tariffs for each market, explore rules of origin and step-by-step help on customs procedures
Check import duties and allows you to check the status of available tariff rate quotas
Useful resources
You can find more information about export opportunities, business culture and any existing trade barriers on our Singapore market guide.
Prior to export, you must be aware of local regulations and import conditions in Singapore that apply to your goods or services. This can include tax considerations, labour laws, intellectual property rules, labelling and packaging regulations, among others.
To seek further information related to local regulations, business culture, or to find a local lawyer, translator, importer or distributor, you can use the following contacts:
- DBT’s Export Support Service International Markets team
- get in touch with DBT at the local British Embassy
- get in touch with the British Chamber of Commerce in Singapore
To see information on political, economic and security risks when trading with Singapore, please see: