Doing Business in Singapore

Singapore is a high-income economy with a robust service sector contributing over 70% of its GDP. It consistently ranks among the top 3 globally in ease of doing business and attracts significant FDI due to its tax incentives, free trade agreements, and world-class infrastructure.

Financial Services: Singapore is a global financial hub with over 200 banks and financial institutions operating within its borders. The Monetary Authority of Singapore (MAS) ensures a well-regulated and transparent financial system. This stability attracts international investors and supports regional economic activity.

Technology and Startups: The city-state boasts a vibrant startup ecosystem supported by initiatives like Startup SG and government-backed accelerators. Innovation hubs such as SGInnovate and Block71 foster collaboration and tech development. Singapore is a preferred base for fintech and deep tech companies in Asia.

Biotechnology and Healthcare: Singapore’s biotech and healthcare industries are rapidly expanding under the Biomedical Sciences Initiative. Leading pharmaceutical firms like Novartis, Pfizer, and GSK have significant operations here. The sector benefits from R&D funding, infrastructure, and skilled talent.

Logistics and Maritime: With one of the world’s busiest ports and award-winning Changi Airport, Singapore is a key logistics and maritime center. Its location enables efficient trade across Asia and beyond. The sector supports supply chain management, warehousing, and international shipping.

Real Estate and Construction: Singapore’s limited land space drives ongoing demand for smart, high-density development. Real estate investment remains strong in commercial, residential, and industrial segments. Urban planning and infrastructure projects ensure sustainable growth in this sector.

Incorporating a business in Singapore is a fast and efficient process, typically completed within 1 to 3 days. Most businesses register as Private Limited Companies (Pte Ltd) through the Accounting and Corporate Regulatory Authority (ACRA). Key steps include reserving a company name, registering with ACRA, appointing a local director and a company secretary, opening a corporate bank account, and registering for GST if the annual turnover exceeds SGD 1 million. To ensure a smooth and compliant setup, we offer comprehensive Company Registration Services tailored to your needs. Learn more about our Company Registration services.

Accounting Standards:Companies are required to hold an Annual General Meeting (AGM) and file annual returns with ACRA. They must also maintain accounting records and prepare financial statements in accordance with Singapore Financial Reporting Standards (SFRS). Corporations must file corporate taxes with the Inland Revenue Authority of Singapore (IRAS) and submit  GST filings if applicable. Our Accounting and Tax Services can ensure that all companies remain fully compliant with local regulations. Explore our Accounting and Tax services for comprehensive support.

Australia’s taxation system includes several key taxes for businesses:

Singapore actively promotes innovation, foreign investment, and entrepreneurship through various government agencies. Enterprise Singapore provides grants and funding schemes for SMEs and startups, while the Economic Development Board (EDB) offers incentives to foreign investors. The Monetary Authority of Singapore (MAS) supports fintech through a regulatory sandbox. Additionally, policies under the Smart Nation initiative aim to drive digital innovation and AI integration, transforming the economy. Our Business Visa and Work Permit services can assist you in leveraging these opportunities.

Intellectual Property: Singapore has strong and well-established intellectual property laws. Businesses can register patents, trademarks, and designs with IPOS (Intellectual Property Office of Singapore). This helps protect innovations and ensures competitiveness in the market. Utilize our Trademark Registration services to ensure your assets are secure.

Labor Laws: Singaporean labor laws are comprehensive, covering Employment Contracts, working hours, minimum wages, and employee benefits.The regulations aim to ensure fair working conditions and protect employees’ rights.

Environmental Regulations: Environmental standards in Singapore are strictly enforced by the NEA (National Environment Agency). These regulations promote sustainability and minimize the ecological impact of businesses. Companies must comply with stringent guidelines to protect the environment. We offer Business Contracts and Compliance Services to help you meet these standards.

Singapore’s strategic position in the Asia-Pacific region makes it a pivotal hub for trade and commerce. Key infrastructure includes:

Singapore’s workforce is highly educated, multilingual, and skilled in technology. The city-state is home to top universities, including the National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU). The government also offers pathways for foreign professionals to work and eventually settle in Singapore through various employment passes and residency options.

Singapore’s property rental market is competitive, particularly in central areas like Orchard, Raffles Place, and Tanjong Pagar. Both residential and office spaces offer stable yields, supported by a high demand from expatriates and multinational companies. Explore our Property Management services to secure your investment.

Foreigners can purchase residential condominiums in Singapore, but there are restrictions on buying landed property or land. Property prices are regulated by the Urban Redevelopment Authority (URA), and taxes like the Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD) apply, especially for foreign buyers.

1. PatSnap: Founded in 2007 in Singapore by Jeffrey Tiong, PatSnap revolutionized the way companies access patent data. By leveraging artificial intelligence and big data, PatSnap provided businesses with valuable insights into intellectual property. The company quickly gained traction and expanded internationally. By 2021, PatSnap raised over USD 100 million in funding and became a leader in the IP analytics industry. With a valuation surpassing USD 1 billion, the company has over 10,000 customers across 40 countries, serving industries like technology, pharmaceuticals, and manufacturing. PatSnap’s success is attributed to its ability to transform a traditional process through innovation and technological advancement.

2. Red Dot Payment: Founded in 2011 in Singapore by Koo Yuen Kim and Eugene Lim, Red Dot Payment capitalized on the increasing demand for e-commerce in Southeast Asia. It developed a payment gateway solution for local SMEs, enabling them to easily accept payments online. In 2017, Red Dot Payment was acquired by Network International for USD 100 million, marking a significant achievement for the company. The acquisition helped it scale rapidly across the region. By 2020, Red Dot Payment had processed more than USD 4 billion in transactions, becoming one of the leading payment service providers in Southeast Asia. This success was driven by its ability to understand regional payment challenges and adapt its solutions accordingly.

3. Naiise: Founded in 2013 in Singapore by Dennis Tay, Naiise was created as an online marketplace for locally designed and crafted products, from home décor to fashion and gifts. Naiise quickly captured the growing demand for sustainable, locally made products. By 2017, Naiise had grown its product range to over 500 brands, with more than 2 million customers. In 2018, Naiise secured SGD 10 million in Series A funding to further expand its operations. The platform’s ability to build strong relationships with local artisans, along with its focus on quality, allowed it to scale significantly. Naiise’s success is attributed to its commitment to supporting Singaporean designers and its innovative e-commerce platform, which attracted a loyal customer base both locally and internationally.

These local startups, founded in Singapore, achieved remarkable success through their focus on solving unique market problems, leveraging technology, and staying true to the local culture. Their ability to innovate, grow rapidly, and scale internationally serves as an inspiration to aspiring entrepreneurs.

Economic Forecast and Development Projects: Singapore’s economy is projected to grow by approximately 3.5% annually over the next decade, driven by major infrastructure projects like the Tuas Mega Port and the Jurong Lake District development. These initiatives are expected to improve the city’s connectivity, enhance its global trade capabilities, and strengthen its status as a business hub in Asia (Singapore Economic Development Board).

Challenges and Opportunities: While businesses in Singapore may face challenges such as rising labor costs and increasing competition, there are significant growth opportunities in sectors like fintech, biotechnology, clean energy, and digital transformation. These industries are supported by government policies and initiatives such as the Smart Nation program and Singapore’s focus on sustainability (Singapore Government).

By understanding the local landscape and leveraging the right support, entrepreneurs can thrive in this vibrant city. Contact us to start your business journey in Singapore today.