E

xpand Your Business in Singapore

Currency:

Singapore Dollar (SGD)

Official Language:

English

Ease of Doing Business Rank:

#2 globally (World Bank, 2020)

Average Time to Set Up a Business:

1–3 days

Corporate Tax Rate:

17% flat rate; partial exemptions and startup relief schemes available

VAT (Standard Rate):

9% (Goods and Services Tax as of Jan 2024)

VAT Registration Threshold:

SGD 1,000,000 annual turnover

Dividend Tax Rate:

0% (No tax on dividends)

Personal Income Tax Rate:

Progressive up to 24%

Company + Employer Contributions:

Up to 17% employer & 20% employee CPF (for Singaporeans/PRs only)

Minimum Share Capital:

SGD 1 (No minimum for Private Limited Companies)

Bank Account Requirements:

Mandatory for business operation

Accounting Requirements:

Annual financials; tax returns (Form C/C-S); ECI submission within 3 months of FYE.

Audit Requirements:

Required if 2+ apply: revenue > SGD 10M, assets > SGD 10M, or >50 employees

Business License Requirements:

Required for regulated sectors such as F&B, finance, education, healthcare

Immigration Policy:

EntrePass and Employment Pass available for business owners and professionals; Dependant Pass for fa

Compliance Requirements:

ACRA annual returns, CPF payments, GST returns, and director/shareholder disclosures