SINGAPORE, 20 APRIL 2011 – The Singapore operations of electronics design company element14 has been awarded the International Headquarters (IHQ) status by the Singapore Economic Development Board (SEDB).
The 15-year-old enterprise will thus be entitled to some financial assistance and incentives, such as concessionary tax rates, the EDB said on its website. To qualify for the award, the company must make Singapore its base for regional and global operations for a specified incentive period.
element14, the former Farnell company, said its business planning, controls and operational management for the Asia Pacific region is centralised in its Singapore headquarters. Singapore also hosts its state-of-the-art Regional Distribution Centre, which has doubled its product inventory over the past year to offer the broadest range of design centric products stocked in Asia.
Salman Syed, regional head, Asia Pacific, element14 said, “We are pleased to receive the IHQ recognition from EDB. The decision to base our Asia Pacific hub office, Regional Distribution Centre and global online commerce operations in Singapore was borne out of our vision to be the preferred global partner for the electronics design industry, and at the same time provide relevant local knowledge and expertise to our customers.”
Customer and technical support
element14’s global eCommerce and social marketing team is also based in Singapore. The team supports the electronic design engineering and maintenance, repair and operations in the Asia Pacific region.
The company, which is part of the Premier Farnell group, also increased the number of members of its technical support and customer service in Singapore to provide 24/7 support for customer service and 24/5 online technical support. The customer service team provides language support in English, Mandarin, Thai and Korean.
The awarding of IHQ status to companies in Singapore is an incentive program to encourage companies to set up shop in the island republic to create an ecosystem of regional and international HQs.
Under SEDB rules, Singapore-incorporated companies awarded the IHQ status can negotiate for a customised incentive package. As a point for reference, companies awarded the Regional Headquarters status can enjoy a concessionary tax rate of 15 per cent from three to five years, provided certain conditions are met.
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