Singapore has enticed Trafigura, one of the world’s biggest commodities trading houses, to move its legal headquarters from Switzerland to the Asian city state, highlighting the attractions of its low-tax regime and proximity to China.
Trafigura’s relocation is a big boost for Singapore as it challenges the supremacy of Switzerland as the world’s commodities trading hub and fends off competition from other financial centres, such as Shanghai, Hong Kong and Dubai.
After concluding negotiations with the Singaporean authorities, Trafigura will use its locally incorporated company, Trafigura Pte, as the main umbrella for its trading division.
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