KNOWLEDGE|
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The Advantages of Singapore | |
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(1) |
Extensive Double Tax Treaties Singapore has an extensive network of double tax agreements (DTA), with more than 80 counties across the global. The key benefits of a DTA will be: (a) The avoidance of double taxes; (b) Lower withholding taxes; and (c) Preferential tax regime. This extensive DTA network, coupled with the absence of capital gains and dividend tax, makes Singapore a very attractive jurisdiction for business investment through a Singapore incorporated holding company. |
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(2) |
Straightforward and Attractive Tax Regime Singapore’s tax system is straightforward, easy to understand and investor friendly. The main attractiveness of the tax system is i) corporate income tax rate is at a flat rate 17% (one of the lowest in Asia), ii) no capital gain tax, and iii) dividend income received from Singapore resident company is exempted from tax. For foreign investors that establish a Singapore holding company to acquire share or assets in (or outside) Singapore. The primary tax advantages that could arise are as follows:
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(3) |
Robust Economy Singapore is one of the best financial hub in the world with highly developed free-market economy. Singapore’s per capita GDP reached approximately USD65,000. On top of that, Singapore is considered as one of the least corrupt country. |
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(4) |
First-Class Infrastructure Singapore possessed a strategic geographical location to position itself as the connecting hub that connects Asia to the world. As a result of this, Singapore has one of the most bustling international trade ports in the world. Singapore also developed a top-notch and comprehensive public transportation systems that enable its resident to travel to every parts of the country at ease without the need of motor vehicle. |
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(5) |
Availability of Skilled and Multilingual Workforce As one of the most affluent and safest city in Asia, a lot of skilled and enthusiastic individual from across the globe has relocated to this metropolitan. The ability to attract foreign talent has made Singapore to be in possession of one of the most productive and motivated workforces in the region. The population of Singapore originate from diverse racial backgrounds, giving it the capacity to offer workforce solutions requiring multilingual and multicultural sensitivities. |
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(6) |
Stable Political Environment Among its neighbors in the Southeast Asia or even Asia, Singapore is renowned for having one of the most stable political environment, clean and corruption-free image, as well as its transparent and efficient bureaucracy. |
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(7) |
Efficient Judicial System Corruption in Singapore is generally recognised as one of the lowest in the world, thus allowing business owners to conduct business without fear of bureaucratic manipulation. Aside of low corruption, Singapore is well known for its persistently low crime rate and high personal safety. |
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(8) |
Smart Immigration Policies In line with the liberal immigration policies of Singapore, a variety of visa schemes have been introduced to attract foreign entrepreneurs and working professional in order to strengthen its local workforce with high level of talent from across the globe. |
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(9) |
Retirement Benefits Central Provident Fund (CPF) is a social security scheme in Singapore, unlike pension systems in other countries, CPF is a 3-in-1 system which helps Singaporean save for retirement income, housing and healthcare. CPF only eligible for Singapore citizens and Singapore permanent residents. The minimum retirement age in Singapore is 62 years, however employers must offer re-employment to eligible employees who turn 62, up to age 67, to continue their employment in the organisation. This is to help older workers who wish to continue working as long as you are willing and able. |
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2. |
Housing in Singapore |
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Generally, housing in Singapore is divided into two broad categories which are private property and government-subsidised property (referred as “HDB”). There are no restrictions on non-citizens renting a residential unit (except for HDB flats which have a minimum occupation period). Engaging a local property agent who can protect your interests and help in finding a house is always a good idea. If you are in Singapore for short-term, serviced apartment are a convenient alternative. Generally, popular residential areas in Singapore are district that close to the Central Business District or close to MRT station (Mass Rapid Transit). These areas may offer higher monthly rental. If you are planning to make Singapore your long-term home, buying a house can also be a consideration. While HDB flats are sold only to citizens and permanent residents, there are no restrictions on non-citizens buying a private apartment or condominium unit. Renting in Singapore has always been straight forward and fairly easy. Before engaging a local agent, it would save both of you time and effort if you understand and communicate your requirements. |
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Healthcare in Singapore |
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Singapore has first-class medical expertise and cutting-edge medical equipment. There over 1,400 private medical clinics spread across the island and 8 public hospitals. Singapore healthcare system was ranked 6th according to WHO’s research. Singapore was renowned as the first medical destination in Asia when it comes to complex medical operations such as organ transplantation. As regards to medical insurance, citizens and permanent residents enjoy the benefits of government backed insurance policy (Medisave, Medifund and MediShield Life). Foreigner may consider buying private health insurance or their company’s group health insurance. |
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The Procedures for Relocating to Singapore | |||||||||
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(1) |
Migrate to Singapore The Singapore Economic Development Board introduced difference scheme to encourage foreign investor to migrate to Singapore.
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(2) |
Work in Singapore
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Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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