GGRAsia – Regulator nods GEN Singapore domicile switch to home

Regulator nods GEN Singapore domicile switch to home

Jun 05, 2018 Newsdesk Latest News, Singapore, Top of the deck

Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore.

Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net profit of SGD601 million (US$450.1 million) last year, more than double that for the prior-year period. It gave the news at the same time as its fourth-quarter numbers.

In its latest update, the firm told the Singapore Stock Exchange that city-state’s accounting authority had granted its application to transfer its registration to Singapore on June 1. At the same time, the company changed its name to Genting Singapore Ltd from Genting Singapore Plc.

Genting Singapore announced the planned change in March, saying the transfer of registration would increase administrative and operational efficiency, while reducing administrative and compliance costs. Shareholders approved the changes at an extraordinary general meeting in April.

Genting Singapore was first incorporated in 1984 on the Isle of Man, a self-governing British Crown dependency in the Irish Sea halfway between the U.K mainland and the island of Ireland.