German biotechnology corporate BioNTech, which evolved the COVID-19 vaccine — BNT162b2 — with US pharmaceutical corporate Pfizer, will identify its Asia-Pacific regional headquarters in Singapore, where it will also set up an mRNA production plant.
The company plans to open its office in 2021, as well as start construction of its production facility, which is expected to be operational until 2023, and create at least 80 jobs. It is also the company’s first production plant outside Germany and its first office outside Europe and America.
The facility will produce several hundreds of millions of mRNA vaccine doses per year, boosting BioNTech’s capacities for vaccines and therapeutics for cancer and infectious diseases. More importantly, it will help build a rapid-response production capability to address the threat of future pandemic threats in the Asia-Pacific region and open the company to a dynamic marketplace with a population of 655 million.
In addition to BioNTech, French pharmaceutical giant Sanofi announced in April 2021 that it was investing 400 million Euros (US$474 million) over five years to build a vaccine production center in Singapore, which is expected to create 200 local jobs as well as enable the firm to also respond to future pandemic threats in the region. The plant is expected to begin production in 2026 and will have the capacity to produce three or four different types of vaccines simultaneously.
Singapore’s pharmaceutical and biomedical industries are the future drivers of economic growth.
A business-friendly environment, a thriving landscape of study and progression, a wide variety of local professional talent, and quality infrastructure have propelled some of the world’s largest biomedical and pharmaceutical companies, including Pfizer, Sanofi, GlaxoSmithKline, Novartis, and Abbott, to identify their regional headquarters in Singapore. There are already more than 50 production plants in Singapore, and the pharmaceutical sector contributes five percent of total GDP.
The country is one of the few countries that can export more pharmaceutical products (more than S$8 billion (US$5. 9 billion)) than it imports (US$3 billion).
In the last 30 years, there have not been primary by regulators such as the United States Food and Medicines Administration (FDA), which periodically audits production facilities, which attests to the quality of infrastructure and labor Singapore. The facilities ready to use, such as jtc space @ tuas biomedical park (TBP), provide a laboratory area that can be supplied for unique use generation production activities (SUT).
SUTs allow pharma companies to set up their manufacturing facilities quickly at reduced costs and allows the company to produce multiple products in a single suite.
Additionally, to expand flexible capacity options, the government has collaborated with contract manufacturing organizations (CMOs). CMOs are corporations that serve other corporations in the pharmaceutical industry with a broad progression from drugs to drug production, on a contractual basis. Its advertising and clinical scale production capabilities and capabilities, as well as more niche areas, such as gene therapy, for pharmaceutical corporations looking to outsource their manufacturing requirements.
Singapore’s transparent commercial and legal regulatory framework means that incorporating a personal limited partnership is a transparent process and the time and cost of setup are limited. Ready-to-install businesses can use BizFile, the e-filing formula that combines business and tax needs into a single form.
Thanks to Bizfile, company registration costs S$300 (US$221) and the company name costs S$15 (US$11), which will then be reserved for 120 days. Other key requirements that investors will need to meet include:
Singapore has one of the most demanding corporate tax regimes in Asia. The corporate income tax (CIT) source is set at 17%, the lowest among ASEAN members.
In addition, companies do not pay taxes on the maximum types of foreign-source sources of income (such as dividends) that are remitted to Singapore. As long as they pay taxes in the country of origin at a rate of at least 15%. There is also no capital gains tax in the city-state.
Another benefit for Singapore-based businesses is the country’s comprehensive network of 85 double-tax agreements (DTA). These DTA include treaties with all ASEAN members, which provides businesses with a competitive edge.
Singapore has also an unparalleled free trade network (FTA) compared to its ASEAN peers, which numbers at 24. The country is a member of one of the largest combined free trade areas through its FTA with ASEAN, China, India, the EU, and Hong Kong.
In addition, through its membership in ASEAN, Singapore is also a signatory of the Regional Integral Economic Association (RCEP), the largest FTA in the world, which represents 30% of global GDP and approximately one third of the world’s population.
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