Singapore at a glance – July 2024

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.

July 2024

  1. Corppass is the authorisation system for entities to manage digital service access for employees to perform corporate transactions, similar to 
  2. The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registrations, financial reporting, public accountants and corporate service providers. This is similar to Companies House in the UK. 
  3. Under the Companies Act, all Singapore-incorporated companies are required to file annual returns with ACRA to ensure that the company’s information on ACRA’s register is up to date.
  4. A company is taxed at a flat rate of 17% of its chargeable income and this applies to both local and foreign companies. 
  5. All taxpaying companies in Singapore will receive SGD 2,000 in cash payout if they have employed at least one local employee in 2023, whether or not the company was a tax resident. 
  6. Companies that register for GST (VAT) on a voluntary basis must remain to be GST registered for at least 2 years. 
  7. The Singapore Sling, a well-known cocktail, was first mixed and served at the Raffles Hotel in 1915. 
  8. The youngest person in the world to ever pass O-level chemistry was seven year old Ainan Celeste Cawley, a young Singaporean boy. 
  9. Singaporeans define success using the five C’s; Cash, Credit Card, Car, Condominium, Country Club. 
  10. The National Icon of Singapore is the Merlion, a mythical creature that has the head of a lion and the body of a fish. 

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. 

Back to Facts For Foreigners