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 more about GST

Learn about personal taxation

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 latest Doing Business in Singapore guide

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