Starting 1 January 2017, the minimum qualifying monthly salary for Singapore Employment Pass holders will be raised from S$3,300 to S$3,600, announced the Ministry of Manpower on Tuesday. This change is brought about as part of the ministry’s goal of regularly updating the salary criteria in order to keep pace with increasing local wages, maintain the quality of the foreign workforce, and further improve complementarity to the local workforce. The Employment Pass is intended for … [Read more...]
Archives for July 2016
A Complete Guide to Singapore S Pass Application
Singapore is globally known as an economic powerhouse. The city-state boasts of an enterprise-friendly environment that continues to attract entrepreneurs, investors, and corporations. The Singapore start-up ecosystem has been ranked in the top 10 top ecosystems in the world according to Compass’ 2015 Global Startup Ecosystem Ranking. More than the ease of doing business in Singapore, transparent business policies, and low corporate tax rates, the productive and skilled workforce is … [Read more...]
A Guide to Hiring Employees in Singapore
Singapore is a country known for its excellent working conditions. From employment laws to competitive salaries, the city-state has gained a reputation for being a suitable environment for both local and migrant employees. Though the living expenses in the Republic is also considered one of the highest, this is offset by the fairly low income tax for both business owners and individuals, as well as work-life balance imposed by its employment laws. An Overview of Singapore’s Employment … [Read more...]
A Guide to Singapore Personal Income Tax
When it comes to personal income taxes, Singapore is among the countries in Asia that has the most favourable rates for individuals and businesses. It follows what is called a progressive income tax rate, a system which charges taxpayers with higher incomes a higher tax rate. Even with the city-state having a maximum withholding tax rate of 20%, it still ranks pretty low among other countries. In Asia alone, it bests fellow neighbours like Japan, India, Korea, and the Philippines … [Read more...]
A Startups’ Quick Guide to Corporate Tax in Singapore 2016
Among the defining factors of Singapore's open and promising environment for entrepreneurs is its corporate tax system. The city-state has a well-known reputation for having one of the world's most attractive tax rate for enterprises. The corporate tax rate of a country is a strong key point of consideration for entrepreneurs who are deciding where to register their companies. Singapore stands out not only for its easy business formation process but also and more importantly, for … [Read more...]