Singapore at a glance – March 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.

March 2024

  1. Exempt private companies (EPC’s) are the most common type of company in Singapore where no shareholder is a corporation. 
  2. Singpass, which is similar to the European Digital Identity (eID), is the trusted digital entity in Singapore for convenient and secure access to government and private sector services. 
  3. The Central Provident Fund (CPF) is a mandatory social security savings scheme funded by contributions from employers and employees. 
  4. In Singapore, the purchase of a vehicle requires bidding for a Certificate of Entitlement (COE), and this does not include the cost of the car. The average COE price for a car in 2023 was approximately SGD 94,000 (USD 70,000). 
  5. National Service (NS) is mandatory for every Singaporean male citizen and Permanent Resident (PR) upon attaining the age of 18. 
  6. The minimum share capital to incorporate a company in Singapore is only SGD 1.00. 
  7. A Certificate of Residence (COR) for tax purposes can be obtained from Inland Revenue of Singapore (IRAS) to claim tax benefits under Double Tax Agreements (DTA) or Limited Treaties. 
  8. On 16 September 1963 Malaya united with the then British colonies of North Borneo, Sarawak, and Singapore to become Malaysia. 
  9. On 9 August 1965 Singapore separated from Malaysia to become an independent and sovereign state. 
  10. Because Singapore has no double tax treaty with the US, dividends, interest and royalties paid to a Singaporean resident are subject to 30% withholding tax in the US – even if the income is exempt from tax in Singapore. 

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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