Singapore Flag

Singapore Country Profile

Recommendations:

Singapore is a high income Southeast Asian country which routinely ranks 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 easy place for companies to operate. **Good 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 country in the World Economic Forum
– Most Competitive Economy rankings
– #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 has allocated significant attention and resources to long term investments in infrastructure, upskilling its workforce, and digitalization in order to remain a global hub for business, research and innovation, trade, and finance.

US International Trade Administration

Country Facts:

Population:

5.7 million, 1.1% annual growth

GDP:

$372 billion USD, 3-4 % GDP growth on average since 2010

GNI per capita:

$59,590 USD, -.41% Inflation (2020), high income country

Industries:

Regional financial hub; value added manufacturing, particularly in electronics, precision engineering, and biomedical sectors; services sector including 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

$21.2K USD

#10/100

76.2% NYC Prices

Ease of Doing Business

Corruption Perceptions Index

Human Capital Index

Working Age Population

Household Expenditure Per Capita

English Language Capabilities

Cost of Living Plus Rent Index

#2/190

#3/180

#1/157

3.7 M

$21.2K USD

#10/100

76.2% NYC Prices

Marketing:

Per capita expenditure:

$21,214 USD

Internet penetration:

88% (Southeast Asia 63%)

Shop online:

69.3%

Mobile ownership:

147%

Primary messaging:

WhatsApp

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 along with multiple staff. BBA’s CEO has over a decade of experience running a small business in Singapore and has connections throughout the country.