What different types of Free Trade Agreements or FTAs are offered by Singapore?
Till now, Singapore offers up to 18 FTAs, each covering key market representing 60% of the total global GDP. For more information (full list of FTAs), you can visit the Singapore FTA Network. Additionally, if you don’t know how much your business will benefit through reduced import tariffs that result from the FTAs, please visit their site.
If I am an employer, what do I need to remember regarding the remuneration of employees?
In addition to paying salaries to your employees, you will also contribute to your employees’ Central Provident Fund or CPF accounts. Your employees have to be either Singaporean or its Permanent Residents (PRs). The CPF contribution which goes for a social security savings is a must for both employers and employees.
The contribution rate for employees who are aged 50 or below is currently 16%. Likewise, medical benefits and insurance may be required for high-risk occupations.
In terms of sponsoring for Employment Passes or EPs for foreign employees, will you (small business) be disadvantaged?
The answer is: No. There is no specific fixed number of EPs a firm can employ as each EP application is assessed on its own merit.
Are capital gains subject to tax in Singapore?
No, there is no capital gains tax imposed on companies operating in Singapore.
I want to close down my business in Singapore, what are important things I need to be aware of?
You must inform all concerned authorities before closing down your business, including the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF), and any other licensing bodies.
For more information on necessary steps and documentation you need to take in order to wind up a business in Singapore, please visit the online website of ACRA.