Iskamdar Malaysia ranked 4th best future global free zone

Romantic sunset at the beach in Malaysia

JOHOR BAHRU, Sept 7 (Bernama) — Iskandar Malaysia boosted its competitive edge as the best choice for investment destination with the recognition as the fourth Global Free Zone Of the Future 2012/2013 by fDi Magazine of Financial Times Ltd.

Iskandar Regional Development Authority (IRDA) chief executive officer, Datuk Ismail Ibrahim, said the recognition would definitely help ‘bookmark’ Iskandar Malaysia in the minds of the businessmen, corporate leaders and policymakers.

“We at IRDA are fully committed to sustain and improve Iskandar Malaysia’s attractiveness and ease of doing business,” he said in a a statement here today.

via Iskamdar Malaysia ranked 4th best future global free zone | My Sinchew.

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Accounting firms can help Singapore stay competitive

Teo Chee Hean

Accounting firms can play an important role in helping Singapore stay competitive in the financial services industry while also devising innovative business models, said Deputy Prime Minister Teo Chee Hean on Monday.

Mr Teo pointed out that the accountancy sector, with its adherence to international standards and regulation, will play a crucial role in helping other businesses grow while also thriving as an industry in its own right.

‘We want Singapore to be a global accountancy hub that offers high-value-added professional accountancy services, that is a home for global accountancy organisations and serves as a thought and practice leader in the design and implementation of global accounting practices and standards,’ he said.

Singapore aims to raise the accounting sector’s contribution to the economy from 0.4 per cent now, to 1 per cent over the next 10 years.

via Accounting firms can help S’pore stay competitive: DPM Teo.

Gabon new tax-free zone

Topographic map of Gabon-fr

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NKOK, Gabon, Sept 9 (Reuters) – Gabon launched on Friday what it billed as the biggest special economic zone (SEZ) in West and Central Africa, aiming to attract $1.1 billion a year in foreign investments via tax breaks.

Firms that set up in the 1,126-hectare zone in the town of Nkok 27 km (17 miles) outside the capital Libreville will be exempt from taxes on profits for 10 years, after which they will pay a rate of 10 percent.

Officials said the zone, a joint venture between the Gabonese state and Singapore-based commodities firm Olam International , will focus especially on timber processing activities.

The sector is one of the industries on which President Ali Bongo Ondimba is counting to diversify Gabon’s largely oil-based economy.

“The Nkok SEZ will be the biggest economic zone in West and Central Africa with, among other things, a processing capacity of one million cubic metres of wood a year,” Mines Minister Alexandre Barro Chambrier said at the launch, adding it would create 9,000 jobs.

The goal of $1.1 billion of annual foreign investment in the zone is equivalent to a quarter of Gabon’s annual budget.

Indian conglomerate Abhijeet said it alone planned to invest nearly $1.2 billion dollars in the next 36 months.

Abhijeet Chairman Manoj Jayaswal told reporters it would spend $800 million to build an iron alloy plant with annual production of 300,000 tonnes, and $400 million on construction of a 300 megawatt power station.

via Gabon launches tax-free zone to attract new investors | Agricultural Commodities | Reuters.

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Company Registration Specialist Offers Accounting Solution

Outsourcing accounting tasks to specialists is part of the solution to counter the challenge of talent crunch for accounting and finance professionals,” says Satish Bakhda of http://www.rikvin.com, a company registration and accounting services provider based in Singapore.

The comment was made in response to a recent survey finding which revealed that Singapore employers, looking to hire finance professionals, are finding it increasingly difficult to find suitably qualified talent. Rikvin Consultancy renders full suite of accounting services to companies in Singapore. Satish Bakhda adds, “Outsourcing accounting function will bring multiple benefits by reducing the burden on resources and because it is being managed by experts in the area it will meet the highest standards and relieve the management to focus on core tasks at hand.”

Financial leaders surveyed for the fifth annual Robert Half Global Financial Employment Monitor reported difficulties finding skilled staff and growing concern about their ability to hold on to their best employees. Singapore was also covered in the survey. Rise in demand for high quality talent, with well rounded skill set and tighter regulations were suggested as some of the challenges.

via Singapore Company Registration Specialist Offers Accounting Solution to Beat Talent Crunch.