Singapore at a glance – November 2023

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.

November 2023

  1. Singapore is often rated in the top three countries in the world for ‘Ease of Doing Business’.
  2. Singapore’s legal system is common law (based on English common law).
  3. Singapore law requires that every company has at least one director who is resident in Singapore.
  4. The Prime Minister is Lee Hsien Loong. Mr Lee has been Prime Minister of Singapore since 2004.
  5. GST (similar to VAT) in Singapore is only 8%.
  6. Businesses can choose their financial year end in Singapore; 31 December is common.
  7. Amongst other languages, Singaporeans speak Singlish (a variation of English) – a complicated creole that many foreigners have difficulty understanding.
  8. Tharman Shanmugaratnam is Singapore’s ninth President; he took office on 14 September 2023.
  9. Foreigners can be tax resident in a year even if they spend less than 183 days in Singapore in that year.
  10. All Singapore companies must have a local company secretary.

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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