PERMANENT RESIDENCE (PR)
Cost of Living
Singapore Incorporation - General Factsheet
Relocating any complicated business to a distinct nation requires significant thing to consider and preparing. There are a multitude of variables to think about from tax rates to lawful standing. Singapore has turn into of the most welcoming country in phrases of supporting business and entrepreneurship because of to its low tax rates and relieve of environment up a company and turning into integrated. Under is a quick factsheet on what to think about when contemplating about transferring an existing organization or a new Singapore incorporation in the global business hub in Southeast Asia.
Authorized: Firms are included under the Singapore Businesses Act, Chapter 50. It is also registered with the accounting and Company Regulatory Authority or ACRA. The company is independent from its house owners, thus investors and shareholders in most situations are not liable if the organization is not fiscally productive. The only legal responsibility is for original expense in private restricted companies by its shareholders.
Business name: When placing up a personal constrained organization under Singapore Incorporation laws, the business have to use the Pte.Ltd or Ltd which acknowledges constrained legal responsibility. Anything at all connecting the enterprise to one more sovereign nation is not permitted. Professional phrases denoting regulated pursuits such as bank, finance, insurance policy, university and other individuals are only permissible when the essential accreditation has been confirmed satisfactory the appropriate monitoring company. Offensive names or individuals that plagiarize on present makes as well intently will be rejected.
Incorporation Process: In get for your business to move Singapore Incorporation techniques, an application must be made to the Registrar of Organizations. The Memorandum and Content articles of Association also must be equipped to the Registrar. The Memorandum should set out explicitly what the company's operation entails with the Articles or blog posts giving governance and the management composition within the organization.
Shareholders: There need to be at the very least 1 shareholder that will be on file and community. Nonetheless, some factor of anonymity can be afforded with a nominee shareholder.
Share Cash: Though there is no least necessity for share funds, it is advised that there should be at the very least $a thousand invested. This has been in impact considering that one April 2004.
Directors of the company: The director demands to be a resident of Singapore, which can either be a Singapore nationwide or an personal with the relevant visa or employment permit. The Director will also be on public file, although the specific can stay nameless with a comparable system as that of the shareholder nominee. The only restriction on the director is that they also cannot be the firm secretary.
Registered Workplace: To keep tax standing for Singapore Incorporation, each company should have a registered workplace and secretary in the region. This need to be included with info offered to the Registrar.
AGMs: Not all meetings have to be executed in the place. Nevertheless, any new business that has Singapore Incorporation must have an in country AGM inside of the very first eighteen months of being set up. AGMs should be held per annum and not exceed more than fifteen months from the very last AGM.
Time to Singapore Incorporation: The process for Singapore Incorporation is very rapidly, amongst 1 and 5 working times on typical.
There are four types of Singapore work permit for foreigners:
Employment Pass (EP)
For skilled employees who earn a fixed monthly salary of at least $3,000 (w.e.f. 1 January 2012)
Validity: typically 1-2 years.
Entrepreneur Pass (EntrePass)
For owners of newly incorporated Singapore companies who wishes to relocate to Singapore to operate
their new business.
Validity: typically 1-2 years.
For mid-skilled employees who earn a fixed monthly salary of at least $2,000 (w.e.f. 1 July 2011)
Validity: typically 1-2 years and subjected to quota system.
Personalized Employment Pass (PEP)
A special type of Employment Pass that is not tied to a specific employer. You can switch jobs without
re-applying for a new employment pass provided that you are not unemployed for more than six months.
Validity: 5 years and non-renewable.
PERMANENT RESIDENCE (PR)
Eligible for a range of perks
Ability to travel in and out of the country freely
Priority entry to Singapore's public education system for school-going children
Eligible for Employer's CPF contribution
Can change jobs without re-applying for a work permit
Compulsory on your sons (if they are also PRs) once they reach 18 years old to attend military service
PR scheme for individuals working in Singapore (PTS Scheme) - estimated 95%
PR scheme for capital investors - invest at least $2.5 million in business or GIP-approved fund.
PR scheme for artistic talent for arts, photography, dance, music, theater, literature and film.
Singapore landed permanent residence scheme (LPR) - individuals with top notch education or professional background.
Singapore passport travel freedom
No dual citizenship
Singapore ranks high on the international scale for business in term of workforce, economy, business climate,
trade and investment, and technology and infrastructure.
World's easiest place to do business. Ranked 1st for the world's easiest place to do business
(Doing Business 2010 Report, World Bank)
Most transparent country in the world and Asia. Ranked 1st for the most transparent country in the world and Asia
(IMD World Competitiveness Yearbook 2009)
Best business environment in Asia Pacific and is 3rd worldwide. Ranked 1st for the best business environment in
Asia Pacific and is 3rd worldwide (Business Environment Rankings, Economic Intelligence Unit)
World leader in foreign trade and investment. Singapore is the world leader in foreign trade and investment
(The Globalisation Index 2009, Foreign Policy and A.T. Kearney)
The city with the best investment potential for 15 consecutive years. Ranked 2nd worldwide as the city with the best
investment potential for 15 consecutive years (Profit Opportunity Recommendation (POR) 2009-‐III)
Most open economy for international trade and investment. Ranked 1st for having the most open economy for
international trade and investment (The Global Enabling Trade Report 2009, World Economic Forum)
The world most "network ready" country. Ranked 3rd for the world most "network ready" country (The Global Information
Technology Report 2008/09, World Economic Forum)
Most globalized city. Ranked 1st as the most globalised city (The Globalisation Index 2009, Ernst & Young and Economic
Most competitive country. Ranked 1st for the most competitive country in the world
(IMD World Competitiveness Yearbook 2010)
Best labour-‐employer relations in the world. Ranked 1st for the best labour-‐employer relations in the world (The Global Competitiveness Report, 2010-‐2011, World Economic Forum)
Most motivated workforce in Asia. Ranked 1st for the most motivated workforce in Asia and 3rd in the world (IMD World Competitiveness Yearbook 2008)
Most attractive environment for highly skilled foreigners. Ranked 2nd for the most attractive environment for highly
skilled foreigners (IMD World Competitiveness Yearbook 2010)
Having the least corruption in its economy. Ranked 1st in Asia and 4th in the world for having the least corruption in its
economy (IMD World Competitiveness Yearbook 2009)
Best protection of intellectual property. Ranked 3rd in the world for having the best protection of intellectual property.
(The Global Competitiveness Report 2010-‐2011, World Economic Forum)
COST OF LIVING
Singapore is one of the best countries to live, with high standards of living and quality of life.
Quality of Life
According to the Mercer 2011 Quality of Living Survey, Singapore topped the list for quality of life in Asia. A survey by human resources consultancy ECA International in 2010 comparing 254 international locations found that Asian expatriates ranked Singapore as their preferred city to live in.
Cost of living calculator: click here
Consumer Price Index
Based on the 2011 survey by the Economist Intelligence Unit, Singapore is ranked 10th worldwide in terms of cost of living and 3rd in Asia, behind Tokyo and Osaka . The annual inflation rate in Singapore is among the lowest in the world, even if it has risen during the past few years.
Singapore ’s Consumer Price Index (CPI) reflects trends in the prices of mainly basic food items. The CPI and Singapore’s inflation rate can be tracked at the Department of Statistics Singapore’s website.
Climate: Tropical. Average maximum of 31 degrees Celcius and a minimum of 23 degrees Celcius
New Year’s Day
Chinese New Year
Hari Raya Puasa
Hari Raya Haji
Ethnic Groups: Chinese 74.2%, Malay 13.4%, Indian 9.2%, other ethnicities 3.2%
Language: English is the language of business and instruction. Malay is the official language. Most Singaporeans are bilingual in English and a second language, commonly Mandarin, Tamil or Malay.
Religions: Main religions are Buddhism, Islam, Christianity, Taoism and Hinduism.
Country Name: Republic of Singapore
Location: An island and islets in the heart of Southeast Asia, between Malaysia and Indonesia
Area: 710.3 sq km
Government: Parliamentary republic
Labour Force: 3.2 million as at June 2011
Major Industries: Electronics, chemicals, financial services, IT and professional services, biomedical sciences & research, oil drilling equipment, petroleum refining, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade
Currency: Singapore Dollar
Population: 5.18 million as of 2011
Median Age: 38 years
Life Expectancy: 81.48 years
Population Growth Rate: 2.1%
Literacy: 96.1% of those 15 years old and above.
Internet: 190.8% household broadband penetration rate
Mobile Phone: 149.6% penetration rate in 2011
International country code: +65
Internet Country Code: .sg