Marco Hoekstra (PFP)– Figlo Asia Pacific Marco@Figlo.com +65 84991136 Singapore http://sg.linkedin.com/in/marcohoekstra

1. Financial Planning in Singapore (May 2010) Marco Hoekstra (PFP)– Figlo Asia Pacific Marco@Figlo.com +65 84991136 Singapore http://sg.linkedin.com/in/marcohoekstra

2. Republic of Singapore • Population: 4.7 million (UN, 2009) • Capital: Singapore • Area: 660 sq km (255 sq miles) • Major languages: English, Malay, Mandarin, Tamil • Religions: Taoism, Buddhism, Islam, Christianity, Hinduism • Life expectancy: 78 years (men), 83 years (women) (UN) • Monetary unit: 1 Singapore dollar = 0.72 USD (5/5/2010) • Main exports: Computer equipment, machinery, rubber products, petroleum products • GNI per capita: US $34,760 (World Bank, 2008) • Internet domain: .sg • International dialling code: +65

3. Some characteristics • Singapore is a hi-tech, wealthy city-state in south-east Asia, also known for the conservatism of its leaders and its strict social controls. • The country comprises the main island - linked by a causeway and a bridge to the southern tip of Malaysia - and around 50 smaller islands. • The signature trait of Singapore is its multi-cultural makeup. Its people are made of Chinese (76.8%), Malay (13.9%), Indian (7.9%) and other races. • Once a colonial outpost of Britain, Singapore now holds the highest concentration of millionaires in the world, with 8.5 percent of the country’s households owning more than $1 million usd according to “global wealth 2009” from BCG

4. Government • President: Sellapan Rama Nathan • S R Nathan began a second, successive six-year term in September 2005 after the other contenders for the post were disqualified. Candidates must meet strict selection criteria. • Though fulfilling a mainly ceremonial role, the president has the power of veto in key areas, including government spending, and can appoint senior civil servants. • Prime minister: Lee Hsien Loong • The elder son of Singapore's founding father Lee Kuan Yew, Lee Hsien Loong took office in August 2004, without an election, as part of a planned handover of power. • Lee Hsien Loong's succession was long-anticipated. He vowed to continue the policy of opening up Singapore's society. • A former army officer, Mr Lee followed his father into politics at the age of 32, becoming deputy prime minister in 1990. • As finance minister in his predecessor's cabinet, he was credited with helping to secure Singapore's competitive edge amidst growing competition from China. • Mr Lee's father, who oversaw the transformation of Singapore into an economic power, is the cabinet's official mentor - a newly-created post. • Goh Chok Tong, Lee Hsien Loong's predecessor, is the senior minister in the cabinet, and thus the most senior advisor to the prime minister.

5. Singapore as regional hub

6. Countries in numbers

7. More (practical) info on Singapore • http://www.contactsingapore.sg • http://singapore.angloinfo.com • http://app.www.sg • http://www.straitstimes.com

8. http://www.iras.gov.sg Taxes in Singapore https://mytax.iras.gov.sg

9. Income tax

10. http://www.mas.gov.sg Regulation in Singapore Here you can find all info and links to relevant websites including: • Tax • Ministry of Manpower • Consumer education • Relevant regulation

11. CPF; Central Provident Fund • http://mycpf.cpf.gov.sg The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence in their old age. The overall scope and benefits of the CPF encompass the following: • Retirement • Healthcare • Home Ownership • Family Protection • Asset Enhancement • Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts: • Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment and education. • Special Account - for old age and investment in retirement-related financial products. • Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance. • Your CPF savings earn a minimum risk-free interest of 2.5% guaranteed by the Government. In 2008 and 2009, Special, Medisave and Retirement Account savings will earn a guaranteed minimum 4% interest. In addition, the first $60,000 in your combined CPF balances, with up to $20,000 from your Ordinary Account, will earn an extra 1% interest. So leave your money in your CPF accounts to enjoy this extra interest.

12. And more info via: • http://www.gia.org.sg General Insurance Association • http://www.lia.org.sg Life Insurance Association • http://www.siba.org.sg Investment banking association • http://www.abs.org.sg Association of Banks • http://www.ibf.org.sg Institute of Banking and Finance

13. Associations for Financial advisors (1) http://www.fpas.org.sgCFP® The Financial Planning Association of Singapore (FPAS) is dedicated to developing and promoting an industry providing unbiased financial advice to the Singaporean public. FPAS is the professional organisation for the financial planning industry in Singapore and is the organisation representing qualified financial planners. http://afas.org.sg AFA(S) is the trade association representing the Association of Financial Advisers in Singapore. Comprising 23 member firms, we represent about 90% of businesses done in the FA market. http://www.ifpas.org.sg To be a united professional body that can give stature to financial services professionals through training, education and community service.

14. Associations for Financial advisors (2) • http://www.sfsp.org.sg We strive to safeguard the interests of the Singapore public by advocating high standards of integrity, professionalism, ethical practice and continuing education of our members. We aim to meet the demands of a more sophisticated and discerning public through constant upgrading of our members’ knowledge and skills. • http://www.sii.org.sg Promoting Professionalism in Insurance and Financial Services. To enhance the status of the insurance and financial practitioners and to further their interests, welfare and professional development. • http://www.siba.sg Singapore Insurance Brokers’ Association (SIBA) is the leading general insurance organisation that represents the interests of insurance brokers and their customers.

15. Consumer organizations FS • http://sias.org.sg To build a vibrant, enlightened and empowered investor community by championing investor Rights promotion of financial literacy, and advocacy of progressive industry practices. • http://www.moneysense.gov.sg MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003.   MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.

16. Financial Planner in Singapore

17. Qualifications • Singapore College of Insurance https://www.scicollege.org.sg • Institute of Banking & Finance http://www.ibf.org.sg • Wealth Management;http://www.financialcertified.com/singapore.html • Financial Planninghttp://www.fpas.org.sg/CFPMark.asp

18. Other interesting sources • Directory of Financial Institutions: http://masnet.mas.gov.sg/fin/findir/sdwfidir.nsf/sdwvothr/sdwfcate?opendocument • Dispute resolution scheme http://www.fidrec.com.sg

19. Marco Hoekstra (PFP)– Figlo Asia Pacific Marco@Figlo.com +65 84991136 Singapore http://sg.linkedin.com/in/marcohoekstra