The Ultimate Guide to Singapore

Name: Paul Hype Page & Co (Malaysia)
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Singapore has been widely known for its multi-culturalism, its thriving economy as well as its healthcare and education system. 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

Singapore is the one of the top business epicentres in the heart of Asia. Some of the reasons why Singapore is acknowledged as a global business hub are due to its developed infrastructure, political stability, efficient workforce, and the use of English as the main working language.

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

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Why Live & Work in Singapore

There are various reasons as to why Singapore is one of the most appealing countries to live and work.

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.
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.

FUN FACT: Singapore is ranked 2nd when it comes to ease of starting and managing a business. According to the World Bank, the incorporation process only rakes one day when all documents are provided.

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.
Low corporate tax & Personal Income Tax

Nobody likes to be taxed at exorbitant rates and hence, Singapore has capped its corporate tax rate at 17% which acts as an extremely attractive proposition for any business owner!

Personal income tax, is dependent on your tax residency status and your chargeable income. If you are a foreigner who has stayed/ worked in Singapore for more than 183 days, you will be treated as a tax resident in Singapore for a particular year and the highest personal income tax rate will be placed at 22%.
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.

TIP: Before setting up your company as a foreigner in Singapore, you must attain a visa – such as an Employment Pass, EntrePass, or Tech.Pass. Check out the differences in our article!

The Singapore Culture

Home to a wide range of cultures, ethnicities and religions, Singapore harness diversity that is unique. Today, Singapore’s residents comprise of the Chinese, Malays, Indians, Eurasians, and Peranakan communities.

FUN FACT: The term ‘Singlish’ has been formed by mixing all languages and it has since become another main language that every local citizen uses with friends, family and co-workers!

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 on in all Singapore schools.
Emotional and social support

In every Singapore school, there will be at least a school counsellor that 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 in 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 – http://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 the issuing of 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

Three types of visas can be acquired 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 Earn a minimum of SGD $8000 per month Have academic and professional qualifications for the employment Apply for Visas for their spouse and children, but not their parents or relatives
The P2 Visa	Applicants should: Earn a minimum of SGD $4500 per month Have academic and professional qualifications for the employment Apply for Visas for their spouse and children, but not their parents or relatives
The Q1 Visa	Applicants should: Earn a minimum of SHD $3300 per month Have academic and professional qualifications for the employment Earn a fixed salary of at least SGD $5000 before they can apply for Visas for their spouse and children

Types of Employment Pass

Criteria

The P1 Visa

Applicants should

Earn a minimum of SGD $8000 per month
Have academic and professional qualifications for the employment
Apply for Visas for their spouse and children, but not their parents or relatives

The P2 Visa

Applicants should:

Earn a minimum of SGD $4500 per month
Have academic and professional qualifications for the employment
Apply for Visas for their spouse and children, but not their parents or relatives

The Q1 Visa

Applicants should:

Earn a minimum of SHD $3300 per month
Have academic and professional qualifications for the employment
Earn a fixed salary of at least SGD $5000 before they can apply for Visas for their spouse and children

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 one of the following conditions being met:
- 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.

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Come down to our office or get in touch with us virtually for company incorporation, visa applications, and other corporate services.

FAQs

Is setting up a company required to run an e-commerce business?Timothy2021-09-15T11:46:39+08:00

Is setting up a company required to run an e-commerce business?

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.

Is it true that Singapore does not have taxation on capital gains?Timothy2021-09-15T11:45:43+08:00

Is it true that Singapore does not have taxation on capital gains?

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.

Can I bring medicine on the plane in a cabin baggage to Singapore?Timothy2021-09-15T11:45:10+08:00

Can I bring medicine on the plane in a cabin baggage to Singapore?

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).

FAQs

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