ABOUT SINGAPORE 

Amongst all the countries in Southeast Asia, Singapore, officially the Republic of Singapore, is a sovereign island city-state located at the southern tip of the Malay Peninsula. Renowned for its strategic location, world-class infrastructure, and highly skilled workforce, Singapore has transformed into a global financial hub, a leading trade and logistics center, and a major player in innovation and technology. The entire nation is a city-state, with Singapore City serving as its capital. Singapore is consistently ranked among the world’s most competitive and business-friendly economies. According to the World Bank, Singapore is classified as a High-Income Economy.

The currency of Singapore is the Singapore Dollar (SGD). As of today’s exchange rates (June 2025), 1 Singapore Dollar is approximately 66.43 Indian Rupees. The population of Singapore is estimated at approximately 6.04 million in 2024, which includes a significant expatriate community that contributes to its diverse talent pool. Singapore is geographically close to Malaysia (separated by the Straits of Johor) and Indonesia (across the Singapore Strait). It holds a critical position along major international shipping lanes, including the Strait of Malacca and the Singapore Strait, linking the Indian Ocean to the Pacific Ocean. Singapore has four official languages: English, Malay, Mandarin Chinese, and Tamil. English is widely used as the language of business and administration. Singapore is a secular state with a diverse religious landscape, including Buddhism, Christianity, Islam, Taoism, and Hinduism. The main international airport is Singapore Changi Airport (SIN), consistently ranked among the world’s best. The Port of Singapore is one of the world’s busiest and most important seaports, facilitating global trade and logistics.

The standard corporate income tax rate in Singapore is a flat 17% on chargeable income. Singapore’s highly competitive tax regime is designed to support substantive economic activities and attract foreign investment. The Economic Development Board (EDB) is the lead government agency responsible for strategizing and implementing investment promotion. EDB and other agencies offer various incentives, including:

• Tax Exemptions & Concessions: Partial tax exemption scheme and corporate income tax rebates for qualifying companies. Targeted incentives for specific industries or activities (e.g., pioneer status for high-value-added activities, development and expansion incentive for growing companies).
• Grants & Funds: Grants for research & development (R&D), innovation, productivity enhancement, and human capital development.
• Double Tax Deduction for Internationalization: Allows qualifying expenses incurred for international market expansion to be deducted twice.
• Accelerated Depreciation: For certain capital expenditures.
• Global Trader Programme (GTP): Concessional tax rates for qualifying international trading companies. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Singapore is renowned for its simplicity, efficiency, and transparency. The Accounting and Corporate Regulatory Authority (ACRA) oversees business registration. The most common and preferred legal structure for foreign investors is a Private Limited Company (Pte. Ltd.). Other options include a Branch Office or a Representative Office (for market exploration). Singapore maintains an open-door policy towards foreign investment, allowing for 100% foreign ownership in almost all sectors. This liberal approach, combined with a robust legal framework, strong intellectual property protection, and political stability, makes Singapore a premier global business destination.

In case an investor is planning to establish a Private Limited Company or a corporate business setup in Singapore, Opesh Group will be helping you in taking the right decision for setting up your business in Singapore and we will also guide you about how to follow the procedure while formulating your company in Singapore.

Types of Business which can be started in Singapore:

• Financial Services: A global financial hub, offering opportunities in banking, insurance, FinTech, asset management, and wealth management.
• Digital Economy: Leading the charge in AI, cybersecurity, data analytics, cloud computing, e-commerce, and advanced software development.
• Advanced Manufacturing: High-value manufacturing in areas like semiconductors, precision engineering, aerospace, medical technology, and chemicals.
• Bio-medical Sciences: A strong ecosystem for pharmaceuticals, biotechnology, medical technology, and healthcare services, with significant R&D capabilities.
• Logistics & Supply Chain Management: Leveraging its port and airport capabilities to innovate in global logistics, supply chain solutions, and e-commerce fulfillment.
• Green Economy & Sustainability: Growing focus on carbon services, clean energy solutions, sustainable finance, and urban sustainability technologies.
• Urban Solutions & Smart Cities: Development and export of solutions for smart infrastructure, water management, sustainable living, and urban planning.

Advantages of Starting Business in Singapore:

• Strategic Global Hub: Excellent connectivity and access to ASEAN and Asia-Pacific markets.
• Highly Competitive & Pro-Business: Consistently ranked among the easiest places to do business globally.
• Attractive Tax Regime: Low corporate and personal tax rates, no capital gains tax, and extensive tax treaties.
• Skilled & Productive Workforce: Highly educated, multilingual, and adaptable talent pool.
• Robust Legal & IP Framework: Strong protection for intellectual property rights and a stable regulatory environment.
• World-Class Infrastructure: Advanced transportation, telecommunications, and digital infrastructure.
• Political Stability & Reliability: A safe and secure environment for long-term investments.

Imports & Exports: Singapore’s economy is highly reliant on international trade, serving as a key re-export hub and a significant manufacturer of high-value goods.

Major items which are exported from Singapore:

• Electronic Integrated Circuits
• Refined Petroleum Products
• Machinery and Equipment
• Pharmaceutical Products
• Chemicals
• Optical and Medical Instruments
• Telecommunication Equipment

Major items which are imported in Singapore:

• Electronic Integrated Circuits
• Crude and Refined Petroleum
• Machinery and Equipment
• Chemicals
• Food and Live Animals
• Manufactured Goods

Major items traded between Singapore and India (as of 2023-2025 data):

• Exports from Singapore to India: Include Petroleum Products, Electronic Components, Machinery, Organic Chemicals, and Gold. Singapore often serves as a re-export hub for goods entering India.
• Imports in Singapore from India: Diverse range including Petroleum Products, Jewellery, Electronic Components, Organic Chemicals, Pharmaceuticals, Cereals (e.g., rice), Iron and Steel, and Marine products. Indian IT services and talent are also a significant import.

Manufacturing: Manufacturing remains a critical pillar of Singapore’s economy, contributing significantly to its GDP. The sector has evolved to focus on high-value, technology-intensive activities. Key segments include:

• Electronics: Singapore is a global leader in semiconductor manufacturing, data storage, and other electronic components.
• Chemicals: A major chemicals hub, particularly in petrochemicals and specialty chemicals, located on Jurong Island.
• Biomedical Sciences: Strong presence in pharmaceuticals, biologics, and medical technology manufacturing.
• Precision Engineering: Supports the electronics, aerospace, and medical technology sectors with high-precision components and systems.
• Aerospace: Maintenance, Repair, and Overhaul (MRO) services, as well as manufacturing of aerospace components.
• Transport Engineering: Including marine and offshore engineering, although this sector has faced recent challenges. Singapore continues to invest heavily in advanced manufacturing technologies, automation, and R&D to maintain its competitive edge.

Mining: Singapore has virtually no natural mineral resources, and therefore, the traditional mining sector is non-existent. Its economy is built on trade, manufacturing, and services. Any “mining” related activities would be negligible, perhaps limited to some quarrying for construction materials if any land reclamation activities involve local extraction. The focus is entirely on value-added industries and services.

• GDP = $532.32 billion (nominal, 2024 est. World Bank)
• GDP Growth = 2.1% (2024 forecast, IMF); 1.7% (2025 forecast, IMF)
• Ease of doing business rank = The World Bank’s ‘Doing Business’ report has been discontinued. In its last published report (2020), Singapore consistently ranked among the top economies globally (often 2nd), reflecting its highly efficient and transparent regulatory environment for businesses. The government continues to prioritize policies that foster a pro-business ecosystem.
• GDP per Capita = $89,174 (nominal, 2024 est. World Bank)

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