What’s in this article
Expert guide to Singapore: Singapore is well-known for its multiculturalism, thriving economy, and healthcare and educational systems. Despite being a ‘small red dot’, Singapore has found ways to put herself on the map for investors who are looking to set up a company, professionals looking for employment opportunities, and individuals who wish to migrate to the city-state!
Singapore As a Business Hub
One of the leading business hubs in central Asia is Singapore. For a number of reasons, including its advanced infrastructure, stable political environment, productive workforce, and adoption of English as the main working language, Singapore is regarded as a global business hub.
Over the years, Singapore has peaked in multiple international surveys and some of them include:
- #1 Best business environment in the Asia Pacific and the world: Business Environment Rankings
- #1 in the Asia Pacific and #5 in the world for Best global innovation
- #1 in achieving human capital (knowledge, skills, and health) in the world
- #1 in Asia for effective governance and enforcement of the rule of law
- #2 in the world for the easiest place to do business
- #4 in the world for the least corrupt economy
Why Live & Work in Singapore
There are various reasons as to why Singapore is one of the most appealing countries to live and work.
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Strategic location
Apart from ‘Small Red Dot’, Singapore is also known as the gateway to Asia. Located in the central of Asia’s market and a short plane ride away from Southeast Asian countries, there are plenty of business opportunities to do business with these countries.
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Ease of company incorporation
Tired of constantly having to do paperwork and procedures just to set up a business? In Singapore, there are no frills and it’s a straightforward process when it comes to incorporating a company.
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Complete company ownership
Do you want to have full control over your own company? Any foreigner in Singapore can set up their very own company without a Singapore partner! This way, you can decide on the capital structure that best suits the business.
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Low corporate tax & Personal Income Tax
Since no one likes to pay excessive taxes, Singapore has set a cap on its corporate tax rate at 17%, which is very appealing to business owners.Your tax residency status and chargeable income determine your personal income tax liability. For that year, foreign nationals who have worked or lived in Singapore for more than 183 days will be regarded as tax residents, with a maximum personal income tax rate of 22%.
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Multi-cultural society
Communication is an extremely important factor when it comes to doing business with customers. With a diverse mix of races and religions in Singapore, adapting to the city-state should be seamless.
The Singapore Culture
Home to a wide range of cultures, ethnicities and religions, Singapore harnesses unique diversity. Today, Singapore’s residents comprise the Chinese, Malays, Indians, Eurasians, and Peranakan communities.
In Singapore, it does not matter what festival it is, all ethnicities and religions that call our city home celebrate together as one Singapore. These festivals as such includes Chinese New Year, Hari Raya Aidilfitri, Vesak Day or Christmas – learn more about these festivals here!
Singapore Education System
Another reason why Singapore is such a popular country is because of its world-class education system. Some of the reasons why Singapore has a strong reputation in the education field are:
- Transmission of conventional knowledge
Worksheets, textbooks, mastery, and understanding of processes and procedures are well-emphasised in all Singapore schools. - Emotional and social support
In every Singapore school, there will be at least a school counsellor who works closely with the management of the school to ensure the wellbeing of students. Counsellors are able to identify students who are at high risk in emotional and social areas and provide the necessary support. - Well-trained and best-in-class teachers
Every teacher in Singapore must be trained by the National Institute of Education (NIE) before being qualified as a teacher. Trainings in the NIE are specially provided for the specific subjects that the individual wishes to go for and it emphasizes on the mastery of that subject’s content.
Singapore Healthcare System
Singapore has one of the best healthcare services and facilities in the world. Healthcare services are also easily accessible island-wide. The government has strategically located various health facilities around Singapore. Some of them include:
- Mount Elizabeth Hospital – https://www.mountelizabeth.com.sg/
- Singapore General Hospital – https://www.sgh.com.sg/
- National University Hospital – https://www.nuh.com.sg/Pages/Home.aspx
- Raffles Hospital – https://www.rafflesmedicalgroup.com/
For the full list of all the types of health facilities available in Singapore and their location, you may head over to the Ministry of Health website.
Following the government guidelines closely, there are only three types of medications in Singapore, which include:
- Prescription Medicine
These medicines require a doctor’s or professional’s prescriptions before issuing them, otherwise, it would be considered illegal. - Pharmacy Medication
These medications are available only at certain drug stores and can be sold only by qualified pharmacists. - General Sales Medication
These medications can be seen/bought everywhere including retail stores such as ‘Watsons’ or ‘Guardians’
Singapore Visa Types
There are three different types of visas available for professional and managerial work. The Employment Pass, Personalised Employment Pass, and the Entre-Pass.
Employment Pass
The Singapore employment pass has 3 different categories, each with its own set of requirements.
| Types of Employment Pass | Criteria |
|---|---|
| The P1 Visa | Applicants should
|
| The P2 Visa | Applicants should:
|
| The Q1 Visa | Applicants should:
|
Personalised Employment Pass (PEP)
- The last drawn monthly salary must be at least SGD 18,000 or previously have held a P1 Employment Pass and earned at least SGD 12,000 per month.
- Once granted, the holder must earn at least SGD 144,000 per annum
- Allows an individual to stay in Singapore without employment for up to 6 months
- Allows an individual to apply for Visas for their spouse, parents, and children under the age of 21 years old
- Allows an individual to change employers without applying for a new visa
Entre-Pass
- For eligible foreign entrepreneurs who wish to start and operate a new business in Singapore
- Assessed employment of Singapore citizens/Permanent Residents (PR)
- Applicants must show evidence of meeting one of the following conditions:
- Receives investment from a recognized Venture Capitalist accredited by a Singapore Government agency.
- Holds an IP that is registered with a recognized national IP institution.
- Has ongoing research collaboration with a research institution recognized by the Agency for Science, Technology, and Research (A*STAR) or Institutes of Higher Learning in Singapore.
- Is an incubate at a Singapore Government-supported incubator.
FAQs
Yes, you have to set up a company in order to start an e-commerce business in Singapore. Find out how to set up an online company here.
Yes, one of Singapore’s most well-known tax policies is that of the lack of taxation on capital gains. This policy was put in place to encourage the undertaking of business ventures in Singapore. Thus, it has contributed to the country’s economic development.
Yes, but it is subjected to additional security checks. You must also declare to the airport security personnel and provide supporting documents for the prescribed drug(s).
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