Singapore
's legal system is based on the English common law, founded on the
Constitution, legislation, subsidiary legislation and judge-made
law. Through the implementation of sound, transparent and pro-business
legal policies, Singapore is able to create and maintain an excellent
business climate. Singapore’s Ministry of Law ensures that
the legal infrastructure remains clear, efficacious and transparent.
All business operating in Singapore are subject to laws of Singapore,
with the necessity to comply with the legal obligation or face penalties
for non-compliance. The laws that apply will depend on the business
structure, the specific industry and the type of business activities
conducted.
Companies registered in Singapore are encouraged to present true and
fair financial statements that are in accordance with internationally
accepted accounting standards. The Council on Corporate Disclosure
and Governance is responsible for strengthening the framework on disclosure
practices and reporting standards as well as constantly encouraging
the companies in Singapore to improve their corporate governance culture
and practices.
The Intellectual Property Office of Singapore or IPOS is the leading
government agency acting as the regulator and policy advisor providing
a sound legal administrative framework for the protection of intellectual
property. IPOS formulates and administers intellectual property (IP)
laws, promotes IP awareness and provides the infrastructure to facilitate
the greater development of IP in Singapore.
There is also the multi network agencies in Singapore established
with the aims to provide guidance about standards, laws and regulations.
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