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.
May 2025
- A company is only a tax resident of Singapore if it is managed and controlled in Singapore. This is the case even if the company was incorporated in Singapore.
- Singapore is ranked the least corrupt country in the Asia-Pacific region and third in the world according to a report by global anti-graft watchdog Transparency International’s Corruption Perceptions Index.
- Singapore Airlines has clinched the top spot as an airline and ranked 28 overall in Fortune magazine’s list of the most admired companies globally.
- As announced in Budget Speech 2025, a Corporate Income Tax Rebate of 50% of the corporate tax payable will be granted to all taxpaying companies, whether tax resident or not, for the Year of Assessment (YA) 2025. This is a reduction of tax payable, with a maximum rebate of SGD 40,000.
- Active companies that have employed at least one local employee in 2024 are also entitled to a rebate of SGD 2,000.
- The National Productivity Fund provides financial support to businesses, helping them enhance productivity, invest in new technologies, and upskill workers.
- Resident and non-resident companies are taxed at a flat rate of 17% of its chargeable income.
- A so-called ‘S-Pass’ is a work visa for skilled workers.
- From September 2025, the qualifying salary for employees on an S-Pass will be SGD 3,300 (currently SGD 3,150), with higher increases for the financial services sector (from SGD 3,650 to SGD 3,800).
- Singapore has no double tax treaty with the US, therefore 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.