From Entrepôt to Trading Hub: The Global Trader Programme: summary

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Singapore’s trading hub continues the commercial functions of the nineteenth-century entrepôt in a new form, with trading desks in the city managing cargoes that often sail directly between foreign ports. The bridge between the two was the refining industry of the 1960s and 1970s, around which the Approved Oil Trader programme of 1989 and the Approved International Trader programme of 1990 built a trading community, merged in June 2001 into the Global Trader Programme. Based on section 43I of the Income Tax Act 1947, the programme grants approved global trading companies concessionary rates of 5, 10 or 15 per cent on qualifying income from physical trading, brokering, derivatives and structured commodity financing, subject to commitments on turnover, local spending, professionals and functions in Singapore. Enterprise Singapore administers the programme as a long-term relationship with the trading sector, which comprised some 400 global traders and 16,000 jobs in 2023, although the weight of commodity trading in the economy cannot be isolated in the published statistics. Since the global minimum tax has narrowed the fiscal gap between Singapore and Geneva, substance, talent and legal infrastructure now decide the competition between the two hubs, a shift to which Singapore has responded with the 15 per cent tier of 2024, the extension to 2031 and the inclusion of Environmental Attribute Certificates.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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Dr Alexander Ressos, TEP

Of Counsel, KGP Legal LLC

I am Of Counsel with KGP Legal LLC in Singapore, where I work with a global client base of successful entrepreneurs and their families, independent asset managers, commodity trading houses and other commercial clients. I am a German and Swiss attorney-at-law, also admitted as a solicitor in England & Wales and in Hong Kong. I divide my time between Zug in Switzerland, Singapore and Hong Kong. Since 2017 I have advised international clients on more than 700 crypto and digital asset projects. I also have extensive experience in cross-border litigation and arbitration in Singapore, Hong Kong and other markets in South-East Asia and Greater China.

I operate across the key financial centres in South-East Asia, the Middle East and Switzerland, with a particular focus on asset protection, international tax and estate planning, as well as trusts, company administration and other fiduciary services. My philosophy is to serve as a trusted advisor working closely with my clients and to help them achieve their commercial objectives.

All Singapore law advice is provided through KGP Legal LLC, an established and duly licensed firm of Singapore advocates and solicitors.

KGP Legal LLC is a medium-sized law firm in Singapore that is capable of providing the full range of legal services and corporate administration work. Please contact me directly at [email protected] if you need any further information.

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SingaporeIQ is edited by Dr Alexander Ressos, an international business lawyer with more than 15 years of local experience in Singapore as a permanent resident, a Singapore registered foreign lawyer and managing partner of a Singapore foreign law practice. In addition to significant experience in cross-border investments and transactions, UHNWI private client work and sanctions/export controls, Dr Ressos has extensive experience in cross-border business and in crypto and digital-asset projects in Singapore, drawn from more than 700 projects since 2017.

If you are planning a company incorporation, an investment, a holding structure or a market entry through Singapore, you can reach Dr Ressos directly at [email protected]. Singapore law advice is provided by KGP Legal LLC, a licensed firm of Singapore advocates and solicitors. As a Singapore law practice, KGP Legal LLC is authorised under the Legal Profession Act 1966 to advise on Singapore law and to represent clients before the Singapore courts; foreign law practices with an office in Singapore are, as a rule, not permitted to do either. Dr Ressos and his team facilitate the full range of Singapore legal, compliance and company administration services, including company incorporation, corporate transactions, commercial contracts, crypto and digital assets, financial regulatory work and dispute resolution, including litigation in the Singapore courts. For legal, tax and fiduciary services in Switzerland, see helveticaregister.com.