Singapore at a glance – May 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.

May 2024

  1. Foreign registered entities and individuals without Singpass may also transact with selected government agencies in Singapore with Singpass Foreign User Account (SFA). 
  2. Singpass is a trusted digital identity for Singapore citizens and residents for secure access to government and private sector services. Singpass is similar to Gov.Uk.Verify in the UK, MyGovID in Australia  and broadly similar to the eID in the EU.
  3. The thresholds for the exemption from being audited are assessed at Group level, including the ultimate holding company and all its subsidiaries, including foreign companies.
  4. All Singapore companies must publish their financial statements with ACRA.
  5. Singapore’s company law has its roots in English company law, but today differs in many respects.
  6. Skills Development Levy (SDL) is a compulsory levy businesses have to pay for all local and foreign employees rendering services in Singapore.
  7. Singapore’s ‘territorial’ tax system has strong similarities with the territorial systems in Hong Kong and Malaysia – all having roots in the UK tax system.
  8. Singapore’s land area includes as many as 64 offshore islands surrounding the main island.
  9. Singapore’s Changi Airport was ranked first place in 2023 by aviation website Skytrax.
  10. Singapore is the only island city-state in the world where the whole country is basically just one city, without a capital.

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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