Singapore Country Profile

Recommendations:

Singapore is a small but wealthy Southeast Asian country consistently ranked as a top global business destination. As a financial, trade, and logistics hub for global commerce with a strong pro-business government, Singapore is an excellent if pricey venue for foreign companies. **Great choice for companies establishing a foothold in Asia**

(+) Simple taxes and business friendly legal system
(+) Asian business, finance, and logistics hub with world class air and sea connectivity
(+) English speaking, safe, and friendly country
(+) Government provides generous grant assistance

(-) Limited natural resources due to size of the island
(-) Highly dependent on global economic trends
(-) High cost of living

Highlights:

– #1 ranked global economy by the World Economic Forum
– #2 country in the world for Ease of Doing Business
– #1 country in Asia for English language capability
– #1 ranked airport in the world
– World leader in digital connectivity

“Singapore’s strong and open economy consistently ranks among the top 10 in the world for government transparency and robust intellectual property protection, making it a preferred regional business hub and distribution center for U.S. companies to reach Asia.”

US Embassy Singapore, 2021

Country Facts:

Population:

5.9 million, 0.8% annual growth

GDP:

$372 billion USD, -5.4% contraction in 2020, but 4-6% 2021 growth

GNI per capita:

E-Commerce:

$54,950 USD, 1.56% Inflation (2021); high income country

$3.1 billion USD (2021); expected 10.61% growth annually

Industries:

Regional financial hub; value-added manufacturing, particularly in electronics, precision engineering, and biomedical sectors; information and communication industries

Tourism:

Tourism comprises 4% of GDP, with focus on serving as a global business meeting venue

#2/190

#3/180

#1/157

3.7 M

$57.8K USD

#10/100

75.2% NYC Prices

Ease of Doing Business

Corruption Perceptions Index

Human Capital Index

Working Age Population

GDP Per Capita

English Language Capabilities

Cost of Living Plus Rent Index

Marketing:

Per capita expenditure:

$21,214 USD

Internet penetration:

90% (Southeast Asia 63%)

Shop online:

79.7%

Mobile ownership:

147%

Primary messaging:

Primary website:

Facebook

Average Labor:

Infrastructure:

Opening a Business:

Relevant Laws:

Singapore Companies Act (Chapter 50)

Time to Incorporate:

7 14 days to incorporate

Fees to Incorporate:

$315 ($15 Name Approval Fee / $300 registration fee) with Accounting and Corporate Regulatory Authority

Paid in Capital:

$1 is the minimum. Some sectors require higher minimums, and $50,000+ is encouraged for international business owners to receive an Entrepreneur Pass visa

Remittance Taxes:

Flat rate of 17% on foreign sourced income; effective tax rate is often close to zero

Incentives:

Maintaining 30% Singapore ownership unlocks a variety of generous government grant and incentive programs; highly recommended if possible

Trends:

Getting even easier via computerized processes such as BizFile

BBA Services:

BBA maintains our Asian headquarters in Singapore. BBA personnel have extensive experience running businesses in Singapore and have connections throughout the country.