Singapore at a glance – June 2024

These emails 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.

June 2024

  1. The threshold for compulsory GST registration in Singapore is SGD 1 million. This is assessed based on the total value of standard-rated and zero-rated supplies made in a calendar year.
  2. Singapore Airlines (abbreviated to SIA or SQ) is the flag carrier of Singapore, widely renowned as one of the world’s best carriers. SIA was named best airline in the prestigious Skytrax World Airline Awards 2023.
  3. The Cloud Fountain, located in the Cloud Forest, is one of the world’s tallest indoor waterfalls.
  4. Only certain imported goods are subjected to customs duty in Singapore. The four broad categories of dutiable goods in Singapore are; intoxicating liquors, tobacco products, motor vehicles and petroleum products.
  5. However, all imported goods are subjected to import GST regardless of the GST registration status of the importer.
  6. Exempt private companies (EPC’s) are the most common type of company in Singapore where no shareholder is a corporation.
  7. Singapore law requires that every company has at least one director who is resident in Singapore.
  8. Lawrence Wong was appointed as Singapore’s fourth Prime Minister on 15 May 2024.
  9. The minimum share capital to incorporate a company in Singapore is SGD 1.00.
  10. The National Anthem of Singapore is written in micro text on the back of the SGD 1,000 note.

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. 

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