...Doing Business in Singapore Updated as of 8 September 2006 Pioneer Management Services Pte Ltd 4 Shenton Way #04-01 SGX Centre 2, Singapore 068807 Telephone: +65 6327 6266 Facsimile: +65 6327 3855 Email: pioneer@singnet.com.sg Website: www.pioneerassociates.com.sg CONTENTS Page 1 1.1 1.2 1.3 1.4 1.5 1.6 Introduction Geography and History Population Political System Languages Currency Economy 1 1 1 1 2 2 2-3 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Business Entities and Accounting Companies Branches Representative Offices Sole Proprietorships Partnerships Limited Liability Partnerships Joint Venture Audit and Accounting Requirements Record and Filing Requirements 3 3 3-4 4 4 4-5 5 5 5 6 3 3.1 3.2 3.3 Finance and Investment Exchange Control Sources of Finance Investment Incentives 6 6 6-8 8 CONTENTS Cont’d 4 4.1 4.2 4.3 4.4 Employment Regulations and Social Security Contributions Employment Passes and Dependent’s Passes Engagement and Dismissal Trade Unions Social Security Contributions Page 8 8-9 9 9 10 5 5.1 5.2 5.3 5.4 5.5 Taxation in Singapore Companies Individuals Expatriates Indirect Taxes Other Taxes 10 10 - 14 15 - 18 18 - 19 19 - 20 21 Appendices 1 2 3 4 5 Tax incentives Withholding tax rates Corporate tax rates Personal income tax rates Personal tax reliefs 22 - 28 29 - 30 31 32 33 Doing Business in Singapore 1 1.1 INTRODUCTION Geography and History The Republic of Singapore is located at the southern tip of the West...
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...the Feature by Feature Format, where we compare and contrast (similarities and differences) between two subjects (i.e. Singapore versus Trinidad, etc.) on three different features about the subjects (i.e. geography, people, and food, etc.) Basic Structure: |1st Paragraph – Introduction | |General Topic Sentence(s) – catch the reader’s attention | |Brief background information about the two subjects | |THESIS STATEMENT | |Brief overview of the three features you are comparing and contrasting | |2nd Paragraph –Personality Inventory | |Transition word/phrase | |General sentence about personality inventory...
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...International Logistics Specialized Aspects of Singapore Central Washington University Tien Nguyen Tuyen Do Dat Phan Global Supply Chain Management Professor Ozden Bayazit May 22, 2013 1. What are the rough dimensions of the country in miles? * 271.8 sq miles (703.96 sq km) 2. What is the population? What percentage lives in the 3 largest cities? * 5,076,700 people (City Population, 2010) * The percentage lives in the 3 largest regions: +North East: 747,216 (14.72%) +West: 893,739 (17.60%) +Central: 929,082 (18.30%) 3. What is the predominant language? How widely used is English in business? * Official language: Malay (14.1%), English (23%), Standard Mandarin (35%), Tamil (3.2%) (Singapore: history, geography, government, culture and trade, 2012). * English is used widely in most business, especially international trade * There are 2 types of English: +Standard Singapore English (SSE): business, school& formal speaking. +Singapore Colloquial English (Singling): informal speaking. 4. What are the principle cities and political divisions which would have an impact on transportation? * Singapore is itself a city-state. * Principle towns: * Toa Payoh * Ang Mo Kio * Choa Chu Kang * Bedok * Tampines (City Population, 2010) 5. What are the principle products for the country (top 3-5 in each of the following categories) - Overall (produced in the country): * Electronic integrated...
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...of the Second World War, Singapore was a developing nation and life expectancy was on the rise. People were struggling to get by. Consequently, the British introduced in 1955, the Central Provident Fund (CPF), a social security savings scheme as an alternative to a state pension scheme. The CPF has evolved significantly since its humble beginnings more than half a century ago. With multiple modifications over the years, citizens now can use their CPF savings to purchase public and private housing, pay for medical expenses, education, investment options and even insurance protection plans. However, with changes come a myriad of benefits as well as flaws. General public discontent lies in a few main issues. Firstly, the fact that interest accrued by CPF savings is too low. Secondly, much of the government approved investments of CPF monies were lost due incorrect timing of the investments and high transactions costs. Thirdly, the minimum-sum scheme introduced in 1987, disallowed full withdrawal of one’s CPF savings at age 55. CPF savings are invested in Special Singapore Government Securities (SSGS). These bonds have consistently achieved a triple-A (AAA) rating, the highest possible credit rating by the three main credit rating agencies worldwide. Standard & Poor’s, Moody’s and Fitch Group. The income from the issuance of these bonds are then combined together with other government funds which are then placed with the Monetary Authority of Singapore (MAS), the central bank....
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...beautiful garden can be created . . . A good landscaper is able to bring about this kind of integration. This same philosophy is true within Singapore today. If we want to realize the full potential of Singapore as a global business hub, we must leverage global resources to overcome our constraints and limitations . . . A small country is no longer small. This is our strategy to transform Singapore for the 21st century and beyond.1 Corporatised on October 1, 1997, after 33 years as the Port of Singapore Authority (PSA), the mission of PSA was to be the “World’s Port of Call.” A favorite lunch stop for many PSA visitors was the Prima Revolving Restaurant, located just outside the Brani Gate entrance to the port. From this lofty perch, Singapore harbor, port facilities, and operations could be viewed. On a sunny day in late 2000, PSA group president and former chief executive officer for Singapore’s urban redevelopment agency, Khoo Teng Chye, was entertaining a group of visitors. The panoramic view of the sea was dotted with container ships of all sizes, flying flags of many nations. As the restaurant rotated, the massive port infrastructure came into view with its many berths and giant cranes loading and unloading container ships at berth. Khoo Teng Chye, explained with pride: The story of PSA is the story of Singapore. At the port, as in all of Singapore, we have limited land, limited sea space, and a limited number of people. Yet, we handle a large and growing volume of ship calls with...
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...Nanyang Technological University | | By Ng Wei Qiang U1010722H Word Count: 2805 words (Excluding Cover Page) March 3, 2012 To understand why GE 2011 was considered by many to be a watershed election, we must first take a look at the historical context of Singapore’s political scene which has been dominated by the People’s Action Party (PAP) since its independence in 1966. In fact, from 1966 up to 1981, there was not a single opposition Member of Parliament (MP). Among other reasons, one compelling fact was the boycott of the Barisan Socialis in the 1968 elections, allowing the PAP to sweep the polls, capturing all 58 seats and garnering 84.4% of all votes. Since then, the PAP has not looked back, dominating all Parliamentary General Elections while the opposition has failed to make any significant inroads in the political scene. However, it should be noted that over the years, the PAP has had a few upsets along the way with J. B. Jeyaratnam breaking the PAP’s monopoly of the Parliamentary seats with an unexpected victory in the 1981 Anson by-election. The next 3 elections in 1984, 1988 and 1991 then saw a downward swing in PAP’s popular vote, culminating in the PAP garnering only 61.0% of votes and losing 4 seats in 1991. This was significant in the fact that firstly, it was the lowest percentage of votes garnered by the PAP and secondly, it was the most seats lost to the opposition post independence. These trends at that time seemed to suggest that Singaporeans was...
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...Part I The founding of Singapore is a journey which is comprised of many ups and downs. Many characters and groups played a part into the creation of this country. There were also events that took place which led to the alteration of other’s decisions. One of the major factors that contributed to the founding of Singapore would undoubtedly be the contributions and efforts put in by Sir Stamford Raffles. “In 1795, at the age of 14, Raffles found employment at the British East India Company (EIC) in Leadenhall Street as a temporary clerk.” As an employee of the EIC, Raffles’ performance was exceptionally good. With his efforts and hard work recognised by his superiors, he was eventually appointed as Assistant Secretary to the newly-established Pinang Presidency in 1805. Being an intelligent and ambitious person with great diplomatic skills, Raffles had a personal desire to expand the British trade empire through the development of the EIC. Therefore, competing with the Dutch to gain the upper hand of the trade in the Eastern Seas was a crucial stepping stone towards his goals. He recognised that gaining control over the Straits of Melaka would be essential to boost their trading activities and the overall reputation of the British Empire as a world-leading trading nation. Hence, he frequently initiated “attempts to counter Dutch influence in Sumatra and expand British presence elsewhere in the Eastern Seas”. However, the well-intentioned Raffles faced opposition from carrying...
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...Outline how the Singapore state has, through its landscapes, tried to ensure Singapore remained an integral part of the global economy; and critically evaluate if these landscapes have indeed sufficiently met the needs of Singaporeans/the world. After the Lion City’s separation from Malaysia, the Singapore government knew that Singapore needed to turn to the world as its hinterland. To ensure that Singapore stays viable, survives and thrives on the global economic stage, the state has implemented many strategies, which are reflected by Singapore’s changing economic landscapes. All these while, the Singapore government has always employed a top-down approach to its policy making; the economy has always been directed from the top. In the first industrial revolution, Singapore faced many problems like the lack of natural resources, lack of experience of local entrepreneurs and high unemployment levels. Hence in order to encourage foreign direct investment (FDI) from transnational corporations (TNCs), the government looked towards building a No. 1 workforce. This was done through passing certain parliamentary acts and bills such as the Trade Union Amendment Bill in 1966 and the Employment Act in 1968. The former was to gain direct and indirect control on the trade union in order to control the workers. The latter led to the lengthening of working hours from 39 to 44 hours per week, reduction of public holidays from 14 to 11 days, and stricter criteria for employment benefits...
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...Malaysia-Singapore Interconnectivity Issue Malaysia Singapore only has one bridge connecting it together since 1998. The first connection was a causeway which was opened in 1923 during the imperial British era. The Johor-Singapore causeway has been the main portal for entering and exiting Singapore for Malaysian ever since. During Tun Dr Mahathir’s administration, there was a plan to demolish the causeway to enable passing of small ships at the straits of Johor which is also known as Selat Tebrau by locals. Due to legal issues and future possible implications, the project has been scrapped under his successor, Tun Abdullah Badawi. Meanwhile...
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...Singapore – Country Analysis Vineet Khattar; Group Work 9/29/2012 Contents Country Background: .......................................................................................................................... 3 Cultural Aspects of Singapore: ............................................................................................................ 3 Political context................................................................................................................................... 3 Economic policies of Singapore .......................................................................................................... 4 Institutional Framework ..................................................................................................................... 5 Labor Policies of Singapore ................................................................................................................. 7 Objectives of the country: .................................................................................................................. 8 Corresponding Policies Implemented by the Government ................................................................ 8 Performance ....................................................................................................................................... 9 Opportunities, Challenges and Risks......................................................................................................
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...Abstract Singapore’s one-party-dominant system, which has been in place since 1959, remains dynamic and robust. Citizens took part and voted for the Singapore General Election on 11 September 2015. Election results were surprising. The incumbent, People’s Action Party (PAP) returned to power, won its best results since 2001, and regained its electoral dominance from the previous election in 2011. It was an unexpected blown away for the opposition parties as it was expected for the opposition’s presence in parliament to improve. Worker’s Party, the most successful opposition party in Singapore suffered too as many voters feared that it might outperform itself to the detriment of the incumbent party. This essay aims to study the factors that results in the ruling party’s landslide victory and regain its electoral dominance in GE2015, where electoral dominance refers to two thirds of the seats won by a party. Keywords Singapore, General Election 2015, PAP, WP, Lee Kwan Yew, Opposition parties, Introduction A political party is a group of people who has or wants political power by appealing to the masses with to support their campaigns, differentiating themselves from other parties by having disparate views, stands and focus. The Parliament of Singapore is unicameral which includes three types of Members of Parliament: elected Members of Parliament (MPs), Non-constituency Members of Parliament (NCMPs), and Nominated Members of Parliament (NMPs). Of these, MPs are chosen by universal...
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...comparing 2 companies, namely CapitaLand and Automobile Association of Singapore (AASingapore). The core businesses of CapitaLandare hospitality and real estate financial services, having its footage in both Asia Pacific and Europe. It is one of Asia's largest real estate companies, with its’ headquarter located in Singapore(“About CapitaLand”, 2014, para 1)1. Automobile Association of Singapore (AASingapore) is a leading motor association which serves its members mainly in roadside recovery services and providing other services(“About AA”, 2008, para 2)2. 2. Evaluate The Opportunities, Threats, Strengths And Weaknesses Of The Organisations Using Strategic Models In order to analyse the two significantly different organisations, an evaluation on their external & internal environments was made using various strategic models to compare and contrast their opportunities and threats they face, as well as their strengths and weaknesses. 2.1 An Organization's External Environment (Coulter, 2013)3 2.1.1 General Environment The general environment, according to Coulter (2013)3, includes economic, demographic, socio-cultural, political-legal and technological sectors. Each of these aspects is evaluated to determine if an opportunity or threat is posed to CapitaLand and AA Singapore. An Organization's External Environment (Coulter, 2013) 3 a. Economic The growing affluence of both the Singapore and China market, which boast a large number of millionaires (Hannah...
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...The general environment is the dimensions in the broader society that influence an industry and the firms within it. It is a business measurement tool for understanding market growth and decline. The Munchy’s general environment is grouped into four segments which is political, economic, social and technology. Political Munchy’s have always recognized the important of manufacturing for Halal product since the government of Malaysia was focusing on turning the nation into an international Halal Hub. That is a reason why Munchy’s have a dedicated committee that deals with all Halal things. The committee is made up of representatives from each key section that contributes to the making of the products. Munchy’s is setting its sights on a greater share of the regional pie while the tariff and trade barriers are trimmed with the formation of the ASEAN Free Trade Area (AFTA). In fact of this, Munchy have been opened a new branch offices in ASEAN neighbors. Economic Munchy’s sales in ASEAN have seen is a clear uptrend because of the proactive approach of Munchy’s done in sales and distribution. For instance, the Munchy’s reveals that sales in Singapore have grown by more than 50% since 2003, making the island Munchy’s third largest export market. Besides that, the company has experienced double-digit growth not only within Malaysia but also in Japan, Singapore and other Asian countries. It still, Muchy’s export growth has been broad-based and their exports have been grown...
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...picture is so compelling, so painfully clear, that it simply cannot be ignored. Faced with it, all one can do is carefully explore the contours of the ancient and the new, hoping to retain enough responsibility to open his eyes to the differences when they manifest themselves. This is what the current paper sets out to do. Though hundreds of years and thousands of miles stand between 16th century Italy and 20th century Singapore, between the writings of Niccolò Machiavelli and the statecraft of Lee Kuan Yew, the similarities are extraordinary. This paper will argue that the political views and actions of Singapore’s ruling elite – more precisely, those of the country’s ‘founding father’ Lee Kuan Yew – can be powerfully interpreted through an application of Machiavellian principles. This interpretation takes place on two levels. First, the political actions of Singapore’s ruling People’s Action Party (PAP) can be shown to consistently reflect Machiavelli’s prescriptions for maintaining an authoritarian regime, diffusing discontent and crushing opposition. Singapore is a country where human rights have come to be seen as nonessential in the race towards national economic excellence. Riding on the wave of modernity and capitalism, the government provides...
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...Racial Harmony in Singapore Name: Lerong Ke Due Date: 12/02/11 Instructor's Name: Trang Cao Course Code: SSEASN R5A "I think the Muslims socially do not cause any trouble, but they are distinct and separate." This quote, found in the latest publication Hard Truths to Keep Singapore Going, by ex-Minister Mentor Lee Kuan Yew sent shock waves throughout the society. Lee called for Muslims to be less strict on Islamic observances, which enraged the Muslims, who feel that they have already compromised on many grounds, an example being the illegality of the practice of polygamy in Singapore’s constitution, a practice allowed in Islamic Law[1] Singapore's society is primarily made up of four different races: Chinese (74% of the population), Malays (13% of the population), Indians (9.2% of the population), and Eurasian (3.8% of the population)[2], and as acknowledged by Githu Muigai, UN Special Rapporteur on Contemporary Forms of Racism, Racial Discrimination, Xenophobia and Related Intolerance during his visit to Singapore from 21st to 28th April 2010[3], has always been thought to be in a unique social state of racial harmony, Ever since the 1964 Sino-Malay riots and the 1969 racial riots, Singapore has not seen any significant violence between the various ethnic groups. However, while it might look as though Singaporeans live in harmony, inherent differences exist and a certain degree of racial discrimination remains prevalent. Despite the...
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