Overview of the Singapore economy

Singapore, one of the smallest nations in Asia, went through a period of fast industrialization. It maintained an extraordinarily high development rate during the 1960s and the 1990s, earning it the reputation of being one of Asia’s Four Little Dragons. The economy of Singapore is highly developed, prosperous, and free market based. It has an open atmosphere devoid of corruption, relatively stable prices, and a per capita GDP more significant than most industrialized nations. In addition to this, the unemployment rate is low.

Benefits Of Singapore For Business


According to the World Bank, this country has the most accessible business environment in the world. Incorporation of a company in Singapore is simple, even if you are not physically present there.


The corporation income tax rate is at a flat rate of 17 percent on the Company’s chargeable income. All companies are eligible for tax exemption with 75 percent exemption on the first S$10,000 chargeable income, and 50 percent exemption on the next S$190,000 chargeable income. In addition, newly established companies in Singapore are eligible for a tax exemption of 75 percent on the first $100,000 chargeable income, and 50 percent exemption on the next S$100,000 chargeable income.


The low personal tax rates begin at zero percent and increase to a maximum of 24 percent for incomes over $1,000,000. There is no tax on either inheritances or capital gains.


A company that meets the criteria for being considered a small company is exempt from having to undergo audits.


There are no limitations imposed on foreign ownership of businesses in Singapore. Both the re-exportation of earnings and the introduction of new capital are permitted without restriction. Shareholders, including investors who receive dividends from business earnings, are not subject to tax in Singapore. This exemption extends to investors who receive tips out of company profits. Singapore is often regarded as one of the most advantageous locations in the world to set up a company and do business.

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