Dear Valued Customers,

Welcome to Our June Newsletter

This year seems to have gone by in the blink of an eye! We’re already at the halfway point and we’re so proud of the many achievements that have been accomplished across our markets over the last six months.

June is no different, and we’ll begin with our updates over in Singapore.

All Flexible Work Requests Must Be Processed by Singapore Employers from December

Come December this year, all Singapore-based employers must process all flexible work requests that they receive, according to the Ministry of Manpower. The local labour market now has a growing number of retirees who need caregiving, which has created a need for flexible work arrangements in the workforce.

In less than six years, the demographics of the country will shift, and the workforce needs to shift along with it. This is the only way to ensure that Singapore’s workforce continues to remain progressive.

Malaysia Targeting $100 Billion in Semiconductor Industry Investments

Investments worth at least RM500 billion ($107 billion) is the new target for Malaysia’s semiconductor industry. This is part of the country’s ongoing strategy to position itself as a leading global manufacturing hub. Currently, the semiconductor industry contributes about 13% of the global testing and packaging activities. Malaysia has had a lot of success in the past when it comes to attracting investments from industry giants such as Intel.

Among some of the targeted areas it plans to focus on include advanced packaging, integrated circuit design, and the manufacturing of semiconductor chips.

Hong Kong in 4th Position on the Global Financial Index

In its 35th report, the Global Financial Index has listed Hong Kong in the 4th position. The Hong Kong government believes that this is because of the “One Country, Two Systems” approach, since the dual style has allowed it to act as a bridge between mainland China and the global arena.

End-to-End Support for Investors as Indonesia Simplifies Investment Process

Indonesia is going to provide end-to-end support in the hopes of simplifying the investment process. The government is hoping to streamline its processes so investments can be expedited.

This support will include comprehensive facilities and tax incentives. Other support available for investors who establish a business here include enjoying the benefits of the free trade agreements (FTAs) that Indonesia has with at least 22 countries such as India, China, Japan and more.

That officially wraps up our updates for June. Until next time, we hope you have a successful month ahead!

Thank you.

Abigail Yu
Director, 3E Accounting Group