I have been involved with 2 cases personally:
First Case - FT boss came to Singapore as his business was mainly to support customers who had projects in SG, set-up company, operated for 2 years plus, books was in a mess coz he hired another FT GM who had no idea how to manage a company, could not control cost spendings. Final straw, signed a contract with a Malaysian co, took over US$8m in progressive payments, sent the money back to home country, then declared head office bankrupt. SG subsidiary no cash and died..........2 years later, the same FT boss set-up biz again in Singapore but under different director name, another FT.
Second Case - FT boss trying to avoid home tax so set up SG biz and paid himself salary in SG to pay lower taxes. Again, another small time boss who don't know how to manage costs. after 2 years plus (co-incidentally?) ran out of cash in SG, disappeared overnight and all debts never pay.
In both cases, they may have brought liquidity into SG but end of the day, there are SG businesses that end up losers as they are not paid for services provided. Mind you, these are Ang mohs, i'm talking about, they have no qualms about packing up and disappearing....