Doing Business in Singapore

Basic Information  
Number of days for opening a Company Name application – minimum 1 working day (provided no referral authority involved) maximum 60 days (if referral involved).

Company registration – 1 to 2 working days upon completion of client due diligence and return of duly executed documents. In certain cases, the authority review process might take longer.

Number of days for closing a Company Striking off application – takes approximately 5 months for the process to be completed)

Members’ Voluntary liquidation (company must be solvent and liquidator will have to be appointed. Usually completed within 12 after the commencement of the winding up procedure). The cost of this starts from S$12,000.

Compulsory liquidation:  A company may be wound up voluntarily or by an order of the court (compulsory winding up). The company is usually insolvent.  The applicant must pay a winding-up deposit of $10,400 to the Official Receiver (excluding other professional fees). Can take between 3 months to 12 months.

Cost and number of days for registering property Three types of commercial properties in Singapore – Retail, Industrial and Hotel (all nationality can buy)

Cost includes stamp duties (From 1% to 5% on property value), legal fees, property tax. Completion between 6 to 10 weeks.

Country risk level classification Coface Country Risk Rating: A2 — The political and economic situation is very good.

Fitch affirms Singapore at “AAA” and outlook stable

Annual GDP per Capita (USD) 2021: $77,680 / 2022: $82,794
Singapore GDP (USD) 2021: 397 B / 2022: 480 B
GDP Growth 2020 – 2021 2022: 2.1% / 2023: (Est) 0.5 to 2.5%
Country level of security 2022 Global Peace Index: Top 10 countries (very safe)
Recommendation for Investment Headquarters, family office, corporate venturing, Aerospace, Creative Industries, information & communications, logistics & supply chain management, oil & Gas equipment & services, Pharmaceuticals & Biotechnology, Medical Technology, Professional services, Urban solutions & Sustainability, etc.
Business Climate Singapore continues to be one of the most stable and business-friendly countries in the world. (Very safe)
Tax rate – persons Tax rates for resident taxpayers’ chargeable income, are progressive from 0% to 24% (after tax 0reliefs, rebates, deductions)
Tax rate – Companies / Branch Flat rate of the Chargeable income at 17% (applies to foreign companies too)
Non-residential rent / Local Rent or Global rent Taxable net rental Income (i.e.. rental income less deductible expenses) taxed at

a) Individual tax resident progressive tax rates which range from 0 to 24 %
b) Non-resident – flat 15% or the resident rate, whichever higher
c) Company – flat 17%

Double Taxation Agreement (Main 4 countries) Over 96 DTA’s (France, Germany, India, Japan, UK etc.).
Free Trade Agreements (FTAs) Over 27 FTSs (China, India, European Union, USA)
Years for losses carried forward Trade losses can be carried forward indefinitely, subject to a shareholding test.
Tax on Properties (Commercial) Commercial and industrial buildings and land are taxed at 10% of the Annual Value
Tax on dividends (paid by resident co) Dividend payments made by Singapore resident companies, according to the one-tier corporate tax system are not taxed. Singapore imposes no withholding tax on dividends.
Withholding Tax rates % (Dividends / Interest / royalties/ rent / technical / management fees) Resident: None.

For non-resident: 0/15/10/15/17/17 % respectively

VAT TAX (GST TAX) 2023: 8 % / 2024 : 9 %

Supplies exempt from GST: – provision of financial services, supply of digital payment tokens, sales, and lease of residential properties, import and local supply of investment precious metal.

Out-of-scope supplies– Sale of goods that are delivered from a place outside Singapore to another place outside Singapore – not subject to GST

Capital gains tax rates There is no capital gains tax in Singapore (for both corporate and individual).

(Caution – Gains can be considered taxable if the tax department regards the activity as a profit-generating trade)

Office Rental Office rental rates range from S$4 to S$14 per square foot (varies according to the location).
Condominium residential rental Rates range from S$5.7 to S$18 per square foot (rates vary according to location, age of the property, facilities, furnishing etc.)


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