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Singapore

Country Profile:

Population: 4,425,720

Economy Overview:

Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the Big 4 West European countries. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome in 2003, which curbed tourism and consumer spending. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004, with real GDP rising by 8 percent, by far the economy's best performance since 2000

General Business Practices.

a). English is the main language used in business transactions. .
b). The primary monetary unit used in Singapore is the Singapore Dollar. .
c). There is no professional etiquette that needs to be followed.

Collections.

A. Background of Industry.

1. The amount for collections in Singapore is approximately $1,000,000,000.
2. Debt collection is handled by both collection agencies and lawyers. The majority of debts are handled by lawyers.
3. Collection work is done both on commercial and consumer accounts.

B. Licensing Requirements.

There are no licensing requirements needed in Singapore.

C. General Procedures.

1. The common steps taken by collection agencies when collecting a debt includes
i. Preliminary checking of address, telephone number, and the background of the debtor. ii. Sending out demand letters. iii. Telephone Calls iv. Field visits selectively. v. Demand letters from our lawyers.
2. Steps generally taken by lawyers include
i. Sending out of demand letters ii. Issue of writ of summons iii Telephone calls iv. Order for judgment v. Execution of judgement a. Writ of seizure b. Garnishing proceedings c. Winding up proceedings

D. Charges & Remuneration.

1. Lawyers will usually charge on a scale laid down by the courts.
2. A collection agency operate under a commission charged on successful recoveries. They will normally charge an upfront small administrative fee.
3. Collection charges can not be passed onto the debtor by the collection agency.
4. Interest can not be added to any unpaid bills unless this is stated in the contract.

E. Accounting & Remitting.

1. At present there is no government regulations on sending payments in and out of the country.
2. Payments are made both directly to the creditor as well as the collection agency.
3. Only attorneys are required to maintain a separate trust account.

F. Miscellaneous.

1. We offer skiptracing to our clients.
2. In the event the assignment is not collectable we return to the client and advise that the account is uncollectable and why. In the event that the debt is for a large amount the debtor will be monitored in a hope that their financial position improves.