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Singapore

Singapore

Capital City
Singapore

Official Language (s)
English, Mandarin, Malay, Tamil

Language required for filings
English/Malay

Currency
Singapore Dollar (SGD)

Population
5,469,700 (2014)

GDP
$425.251 billion

Corporate tax rate
17%

There is no doubt within the ASEAN economic landscape although a small nation, Singapore is a giant. Known for being a hub for businesses and multi-national companies, Singapore is the place to be to gain a foothold on ASEAN. he Singaporean economy is known as one of the freest,most innovative, most competitive,and most business-friendly.The 2013 Index of Economic Freedom ranks Singapore as the second freest economy in the world, behind Hong Kong.


Business in Singapore

Business in Singapore
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of businesses and public accountants in Singapore.
1.0 Types of Business

The registration of business can be done via Bizfile, an electronic filing system. There are several types of businesses in Malaysia

  • Private Limited Company (Pte Ltd)
  • Limited Liability Partnership
  • Representative Office
  • Start-ups

For more info visit :http://www.acra.gov.sg

1.0 Employment

Ministry of Manpower
The relationship between employers and employees in Singapore is regulated by The Ministry of Manpower.
1.1 Types of Employment

There are several types of employment that is recognized :

  • Full-Time
  • Part-Time
  • Casual (Freelance)
  • Fixed Term/Contract
  • Apprenticeships & Trainees
  • Probationary Period
  • Project based

Due to Singpore’s popularity as a hub for foreign businesses & multi national companies, there is a clear distinction in the Employment Act for special passes needed and different conditions needed for Entrepreneurs, Professional Workers, Skilled & Semi-Skilled Workers.

1.2 Wage

Singapore does not practice Minimum Wage but instead practises Progressive Wage especially for Workman or manual labour workers. On average Progressive Wages starts from SGD1,000.

Note that wages below SGD 2,000 hours of work & overtime are regulated under the Singapore Employment Act. For employees earning above SGD 2,000/month, the above conditions of the Employment Act do no apply and it is free to be determined by agreement between the employee and the employer.

1.3 Annual Leave

The minimum number of annual leaves for employees depends on the years of service with 7 on the first year & subsequent addition of 1 for each year. After the 8th year and hereafter, employee should have 14 days annual leave.

1.4 CPF

Central Provident Fund is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs. It is administered by the Central Provident Fund Board, a statutory board under the Ministry of Manpower. The employer has to contribute 16% of the employee's monthly gross salary while the employee contributes 20% of their monthly gross salary.

For more info visit :http://www.mom.gov.sg/

2.0 Taxation
Inland Revenue Authority Of Singapore

The Inland Revenue Authority (IRAS) enforces taxation for the government.

2.1 Corporate Tax

A flat rate of 17% tax is enforced from the year 2010. To encourage start-p companies, Partial tax exemption and tax exemption scheme for new start-up companies.

2.2 Goods & Services Tax

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. GST is applied for companies with a taxable turnover for the past 12 months ending Mar, Jun, Sep or Dec (referred to as "quarter") is more than SGD1 million.

GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.

For more info visit :http://www.iras.gov.sg