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Doing Business in Singapore

You may select more than one approved GIP private equity company in which to invest. Please note, however, that each fund has a minimum deposit amount.

To close down a company in Singapore, the relevant authorities such as the Accounting and Corporate Regulatory Authority (ACRA), Central Provident Fund (CPF), Inland Revenue Authority of Singapore (IRAS) and licensing bodies would need to be notified. Please refer to the ACRA website for details on the necessary documentation needed for winding up a business in Singapore.

Capital gains are not subject to tax in Singapore.

No, it will not. There is no quota on the number of Employment Passes (EPs) a company can employ, and each EP application is assessed on its own merit.

In addition to salaries, you will need to contribute towards your employees' Central Provident Fund (CPF) accounts if they are Singaporean citizens or Permanent Residents. The CPF is a compulsory social security savings scheme that employers and employees contribute to. It is applicable only to Singapore citizens and Permanent Residents. Click here for more FAQs on CPF.

The current rate for employer's contribution for employees aged 50 and below is at 17%. The employer's contribution is capped at SGD 6,000 of the employee's salary. Medical benefits are at the discretion of the employer, although insurance might be compulsory for certain high-risk occupations. Click here for more information of employers' contribution rates for different age groups.

There is a growing base of venture capital firms in Singapore. For a listing of venture capital firms in Singapore, you could refer to the Investor Relations Asia Pacific website.

SPRING Singapore also administers several schemes which provide government funding for seed capital. They include:

  • Technology Enterprise Commercialisation Scheme (TECS) – a competitive grant to convert breakthrough technology ideas and proprietary IP into a promising business. The TECS is a competitive grant in which proposals are ranked based on the evaluation of both technical and commercial merits by a team of reviewers, and the best are funded. 
    • Proof of Concept (POC) - For applicants who wish to develop proprietary ideas at conceptualisation stage - Up to 100% of qualifying costs for each project will be supported, up to maximum of S$250,000.
    • Proof of Value (POV) - For applicants who are keen to carry out further research and development on a technology project, including the development of a working prototype - Up to 85% of qualifying costs for each project will be supported, up to maximum of S$500,000.

The Singapore Economic Development Board (EDB) has a comprehensive list of incentive schemes for companies. The evaluation is done based on the merits of the project and the strength of the application. For a list of some of the key industries in Singapore, please visit the EDB website.
 

The Singapore Economic Development Board (EDB) has a comprehensive list of incentive and development schemes to assist companies, including various financial and tax incentives.

Young start-ups can approach SPRING Singapore which offers start-ups assistance in financing, capabilities and management development, technology and innovation, and access to markets.

Visit our Investors section on Government Assistance for more information.

Setting up a business in Singapore is easy. All businesses must be registered with the Accounting and Corporate Regulatory Authority (ACRA). Visit our Investors section on Doing Business in Singapore to find out all about registering your business, finding premises and recruiting talent for your company.

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