These 10 points are designed for those investing into Singapore and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.
August 2024
- The Singapore passport has the top spot in the world ranking, allowing visa-free entry to 195 destinations in the world.
- The average unemployment rate in Singapore for 2023 was 2.9%. This compares favourably to 2019 (3.3%) and 2020 (4.2%).
- Foreign dividends received in Singapore by resident individuals, except those received via a partnership in Singapore, are tax-exempt.
- All foreigners who plan to work in Singapore must have a valid work pass (more commonly known as a work visa) before they start work. The most common work passes are Employment Passes for professionals, S Pass for skilled workers and Work Permits for migrant workers.
- The Local Qualifying Salary (LQS) determines the number of local employees who can be used to calculate a firm’s Work Permit and S Pass quota entitlement. The LQS is SGD 1,600 with effect from 01 July 2024.
- Singapore celebrates its 59th year of independence on 09 August 2024. 09 August is a public holiday in Singapore and celebrations are held throughout Singapore during that day.
- In Singapore, each private and public company must appoint a corporate secretary. The role of the corporate secretary must not be left vacant for more than six months following the incorporation of the company.
- Businesses can choose their financial year end in Singapore; 31 December is common.
- Singapore law requires that every company has at least one director who is a resident of Singapore.
- The Skills Development Levy is a compulsory levy that employers have to pay for all employees, including foreign employees working in Singapore. The levy is capped annually at SGD135.
This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice.