10 Things you should know
Find the answers to your questions about how to set up or how to do business in Singapore here.
Doing Business in Singapore
Welcome to Singapore, the easiest place to do business in the world. If you’re considering Singapore as your next business location, then you’ve made a smart choice. Get in-depth business incorporation advice from our Mazars experts regarding company formation, tax and business incentives, immigration policies and more.
Singapore: the easiest place to do business in the world
When you decide to invest in Singapore, you will discover many advantages which include:
- A highly qualified workforce,
- A strategic location in Asia,
- A stable political environment,
- Low tax rates,
- Business friendly legislation,
- Significant investment incentives,
- World-class infrastructure with top-ranking port and airport,
- Strong alliances with other ASEAN states,
- A high quality of life with world-class international schools and a-state-of-the-art medical environment.
10 Things you should know about Doing Business in Singapore
Here are some key things to keep in mind when doing business in Singapore
1. What types of business structures to set up in Singapore?
There are various types of business structures available in Singapore.
- Branch
- Limited Liability Company (LLC)
- Sole Proprietorship or Partnership
- Limited Liability Partnership (LLP)
- Limited Partnership
- Representative Office
- Variable Capital Companies (VCC)
Learn more about the business structures
2. What is the corporate tax rate in Singapore?
The corporate income tax rate in Singapore is 17%. A partial tax exemption applies on chargeable income (excluding Singapore franked dividends) up to $200,000.
Learn more about corporate taxation
3. What other taxes do employers need to be aware of?
Another tax you need to be aware of is the GST. From 1 January 2023, Singapore has increased its GST rate from 7% to 8%. It will subsequently be increased to 9% with effect from 1 January 2024.
Overseas suppliers with a global turnover exceeding S$1 million, who supply digital services to customers in Singapore (B2C) exceeding S$100,000, are required to register for GST in Singapore.
Learn about other indirect taxes
4. How do I work or hire international talent in Singapore?
Singapore has a business-friendly immigration policy, attracting quality talent from around the globe.
There are a range of work passes and schemes available for foreign nationals including:
- Personalised Employment Pass (PEP)
- Employment Pass (EP)
- S Pass
- Work Permit
- Entrepreneur Pass (EntrePass)
- Overseas Networks & Expertise Pass
- Tech.Pass
Learn about employment & immigration requirements
5. Other than taxes, what are the employer obligations in Singapore?
Employers are required to make CPF contributions for employees who are Singapore Citizens and Singapore Permanent Residents (SPRs) at prevailing CPF contribution rates.
Read our comprehensive 2023 guide to learn more.
Learn about social security in Singapore
Download the Doing Business in Singapore guide
Do you have any questions for us about Doing Business in Singapore?
Past guides of Doing Business in Singapore
- Doing Business in Singapore 2020-2021 (.pdf - 8.62MB)
- Doing Business in Singapore (.pdf - 9.16MB)
Types of business organisations available
Are you interested in growing your business in Singapore? Are you unsure of which corporate vehicle to use? Let us help you find the right choice for you.
Corporate Taxation
A corporation is generally liable for Singapore income tax on all income accruing in, or derived from Singapore, as well as foreign sourced income remitted or deemed remitted into the country.
How GST works in Singapore
GST is a tax on domestic consumption. It is a form of value-added tax, which applies to goods and services supplied in Singapore by businesses in Singapore, and to goods and services imported into Singapore.
Employment & Immigration
Foreign nationals intending to enter Singapore to take up employment or to engage in business activities must obtain the relevant pass from the Ministry of Manpower (MOM). Here is everything you need to know about employment and immigration requirements in Singapore.
Other Indirect Taxes
Other indirect taxes are not significant except for excise duties mainly on tobacco and liquor, betting duties and various duties related to vehicle ownership.
Personal Taxation
In general, individuals are liable to Singapore income tax only on income accruing in or derived from Singapore.
Social Security
A section about Singapore's Social Security.
Doing business during Ramadan in Singapore
Singapore has one of the largest Muslim populations in Southeast Asia after Malaysia and Indonesia, meaning that the Muslim calendar – particularly Ramadan, the annual month of fasting, and Raya Aidilfitri, the celebration which follows it – can have a material effect on the way business is done in Singapore.
Doing business in Singapore during Lunar New Year
Noticed all the lanterns and decorations in Chinatown? Yes, it’s that time of the year! Chinese New Year is in full force in Singapore, so we’ve listed 8 great tips to do business in Singapore during Chinese New Year.
Our experts
Rick Chan Managing Partner & Head of Audit & Assurance APAC
Rain Chong Partner, Outsourcing Singapore
Elaine Chow Partner, Tax
Aidan Khoo Director, Management Consulting Singapore
Gene Kwee Partner, Head of Tax APAC Singapore
Justin Lim Partner, Head of Outsourcing (Singapore)
