In the early October, 2009, Singapore Trade Development Board approved the second-stage GTP(Global Trade Program)plan application lodged by Sinochem International (Oversea) Pte. Ltd.

 

In order to facilitate the development of international trade and attract big companies to set up regional head offices in Singapore, the Singapore government launched an incentive policy GTP in June, 2001; each program under the policy has 5-year validity period and is renewable upon the approval of the Singapore government. The general tax rate in Singapore is 18% while a preferential rate of 10% or below is levied on companies under GTP.

 

Since acceding to GTP in September, 2004, Sinochem International (Oversea) Pte. Ltd, the wholly-owned subsidiary of Sinochem International has reported a 30% YOY increase, delivering a sales income of $ 1.89 billion dollar and after-tax profit of $ 50 million dollar. Collaborating Sinochem International in implementing overseas strategy, Sinochem International has transformed from a single trading company to a modern multi-industry enterprise with investment, management and trade integrated as a whole; the businesses of Sinochem International (Oversea) Pte. Ltd have expanded to India, Philippine, Malaysia and Africa, etc.

 

Singapore Trade Development Board pays close attention to the South-Eastern Development Strategy of Sinochem, thinks highly of the contributions that Sinochem International (Oversea) Pte. Ltd made to the local social development. Therefore, after the first-stage GTP expired in September, 2009, Singapore Trade Development Board approved the second-stage GTP plan upon the application of Sinochem International (Oversea) Pte. Ltd.