Singapore is an investor’s dream.
An integrated series of incentives and programmes has been tailor-made to welcome investors into both the business community as well as local society. These efforts have earned us the reputation for being the world’s easiest place to do business, as well as the most competitive Asian economy.
Grants and Tax Incentives
A slew of financial incentives are offered to investors ready to expand their businesses, covering areas from equipment and technology, to business development, R&D and intellectual property, headquarters management, and industry development. Keep up-to-date at the Economic Development Board incentives page.
SPRING Singapore also offers startups assistance in financing, capabilities and management development, technology and innovation, and access to markets.
You will enjoy one of the lowest corporate tax rates in the world when you do business in Singapore. Resident companies enjoy additional benefits including protection from double taxation, tax exemption on foreign-sourced income and tax exemption for new start-up companies. Visit the Taxation section here and the Inland Revenue Authority of Singapore (IRAS) website for further details.
Assistance from government agencies
Singapore is famed for its smooth-running bureaucracy, which sees inter-agency co-operation working seamlessly to help businesses grow. The following are some government outfits which you can rely on to support your company’s growth in the Republic.
The Economic Development Board (EDB) is the lead government agency responsible for planning and executing strategies to enhance Singapore’s position as a global business centre and grow the Singapore economy. It dreams, designs and delivers solutions that create value for investors and companies in Singapore. In doing so, it generates economic opportunities and jobs for the people of Singapore, and help shape Singapore’s economic future.
SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. It aids enterprises in financing, capabilities and management development, technology and innovation, and access to markets. It is also the national standards and accreditation body.
International Enterprise (IE) Singapore under the Ministry of Trade and Industry spearheads the development of Singapore’s external economic wing, and at the same time works to position Singapore as a base for foreign businesses to expand into the region, in partnership with Singapore-based companies.
The Accounting & Corporate Regulatory Authority (ACRA) oversees the registration and regulation of business entities and public accountants, and also provides information on new business structures, compliance requirements, and corporate governance practices.
The EnterpriseOne (One Network for Enterprises) portal is a one-stop site for enterprises looking to start, sustain and grow their businesses. Its extensive features link to government information and services and include industry help and how-to guides.
The Monetary Authority of Singapore (MAS) is the central bank of Singapore. Its mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre.
The Infocomm Development Authority (IDA) of Singapore’s strategic goal is to cultivate a vibrant and competitive infocomm industry in Singapore – one that attracts foreign investment and sustains long-term GDP growth through innovative infocomm technology development, deployment and usage in Singapore – in order to enhance the global economic competitiveness of Singapore.
The Media Development Authority (MDA) aims to develop Singapore into a vibrant global media city as well as foster a creative economy and a connected society. It spearheads initiatives that promote industry growth in film, television, radio, publishing, music, games, animation and Interactive Digital Media. It also ensures clear and consistent regulatory policies and guidelines, and helps foster a pro-business environment for industry players and increase media choices for consumers.
The Maritime and Port Authority of Singapore’s (MPA) mission is to develop Singapore as a premier global hub port and international maritime centre, and to advance and safeguard Singapore’s strategic maritime interests. MPA is the driving force behind Singapore’s port and maritime development, and partners the industry and other agencies to ensure safety, security and environmental protection in our port waters, facilitate port operations and growth, expand the cluster of maritime ancillary services, and promote maritime R&D and manpower development.
Singapore Tourism Board (STB) is an economic development agency for one of Singapore's key service sectors - tourism. The mission of the Board is to develop and champion tourism, so as to build the sector into a key driver of economic growth for Singapore. While the STB continues to perform its tourism promotion functions, it will also fulfil a much broader economic development role for the tourism sector.