Singapore is a premier global financial and logistics hub known for its stable government, pro-business policies, and strong IP protection. Ranked among the easiest places to do business globally, Singapore is ideal for companies expanding into Southeast Asia. Its economy is driven by services, trade, and high-value industries like fintech, biotech, and advanced manufacturing. As of 2024, Singapore’s GDP stood at approximately USD 500 billion, with forecasted growth of 2.4% in 2025.
Unlock growth opportunities in Singapore with Cerity Global as your trusted partner. We offer end-to-end support for establishing your legal entity, navigating Singapore’s often complex regulatory landscape with clarity and efficiency.
From company registration to ongoing back-office support, including HR, payroll, benefits, accounting, tax and compliance, Cerity Global simplifies the process so you can focus on growing your business.
Need to hire quickly before your entity is set up? We offer interim EOR services in Singapore, enabling you to onboard talent fast. Once your entity is established, we ensure a smooth transition of your employees from the EOR Structure to your own legal entity, without disrupting payroll or compliance.
Our experts stay ahead of regulatory changes to keep your operations aligned with Singapore’s employment and tax laws, helping you scale confidently and compliantly.
The most common entity type in Singapore, a private limited company offers limited liability protection, ease of transferability, and tax incentives. It can be 100% foreign owned and requires a minimum of one shareholder and one resident director.
A branch office is an extension of a foreign company; not a separate legal entity. It can conduct profit-generating business in Singapore.
A representative office is a temporary setup for non-commercial activity such as market research or liaison purposes. This type of entity structure cannot generate revenue or enter contracts and is valid for up to three years.
Must appoint at least one director who is a resident of Singapore. This can be a Singapore citizen, permanent resident, or EntrePass/Singapore Employment Pass holder.
Must appoint one authorized representative who is a Singapore resident.
Must appoint a Chief Representative residing in Singapore under an eligible work pass.
Singapore bank account setup requires specific documentation and follows strict regulatory compliance procedures:
Bank Account Setup in Singapore: What’s Possible and When
Before Incorporation:
After Incorporation:
Note:
Singapore banks adhere to strict AML/CFT and MAS (Monetary Authority of Singapore) compliance requirements.
Required documents include business profile, constitution, proof of registered address, directors’ ID, and tax registration (CorpPass/UEN).
Cerity Global supports companies in their global expansion plans and helps in legal entity setup, registration and ongoing support services. With us, you can quickly set up a legal entity, operate compliantly, and expand globally. The process typically takes a few days to a week, depending on the bank.
Employment in Singapore is primarily governed by the following laws:
Employment contracts should be in written form, though verbal contracts are legally valid for certain circumstances.
Some of the standard details mentioned in the written contract include:
The different types of employment relationships are:
Permanent Employment
Permanent employment provides full-time employees with long-term contracts and access to full statutory benefits including CPF, paid leave, and job protection measures.
Part-Time Employment
In part-time employments, employees working fewer than 35 hours per week are entitled to pro-rated statutory benefits.
Fixed-Term Employment
Fixed-term employment contracts are for a specific period or project and statutory protections apply depending on the length and terms of employment.
In Singapore, a probationary period typically ranges from three to six months.
The regular working hours in Singapore are 44 hours a week.
Overtime
The maximum allowable overtime is 72 hours per month unless exempted by MOM.
Notice periods vary based on length of service:
Retrenchment benefits are not mandated but guided by Tripartite Guidelines. Employers may offer severance pay for redundancy cases.
Foreign nationals require appropriate work authorization to work in Singapore. Singaporean citizens and permanent residents can work freely without restrictions.
Work Visa & Permit Options in Singapore
1. Employment Pass (EP)
For professionals, managers, and executives sponsored by Singaporean employers.
2. S Pass
For mid-skilled technical workers in approved sectors.
3. EntrePass
For foreign entrepreneurs starting innovative businesses in Singapore.
4. Work Permit
For semi-skilled or unskilled workers in construction, marine, manufacturing, and services.
Key Notes:
Visa options and eligibility criteria are regularly updated by Singapore’s Ministry of Manpower; ensure you consult the latest requirements before proceeding.
Employees receive a minimum of 7 days after 12 months of service, increasing by one day per year of service, up to 14 days.
Female employees receive 16 weeks for working mothers who are Singapore citizens. Non-citizens may receive 12 weeks depending on eligibility.
Male employees receive 2 weeks of government-paid paternity leave.
Employees receive 14 days paid sick leave and up to 60 days with hospitalization (after 3 months of service).
The following statutory national holidays are observed in Singapore:
Payroll frequency in Singapore is typically monthly with payment made within 7 days after the end of the salary period. Itemized payslips are mandatory.
There is no legal requirement for a 13th month salary or bonus. However, Annual Wage Supplement (AWS) and performance bonuses are common practices in Singapore.
The Singapore employment system includes mandatory social security and statutory contributions.
The mandatory benefits in Singapore include:
Note: CPF applies only to Singapore citizens and permanent residents, not to EP/S Pass holders.
Additional voluntary benefits may be provided by employers
Singapore accounting follows Singapore Financial Reporting Standards (SFRS) based on IFRS, administered by the Accounting and Corporate Regulatory Authority (ACRA).
All Singapore-incorporated companies must file annual returns and tax returns.
Audit exemption applies to small companies that meet any 2 of the following:
Audits must be performed by a public accountant registered with ACRA.
The standard corporate tax rate is 17%.
The GST rate in Singapore is 9% on most goods and services.
Corporate tax returns for the Year of Assessment (YA) must be filed by November 30 (paper) or December 15 (e-filing) of the following year.
Non-compliance penalties range from monetary fines to prosecution. Late filing penalties may range from SGD 200 to SGD 1,000.
Singapore has comprehensive transfer pricing rules aligned with OECD guidelines:
Singapore implements CbC reporting requirements:
Transfer pricing documentation is required for Singaporean entities that are part of multinational groups above certain thresholds.
Master File
Local File
Deadline: Documentation must be prepared by the due date for filing the corporate income tax return and submitted to the Inland Revenue Authority of Singapore (IRAS) within 30 days of request.
Singapore’s privacy framework is governed by the Personal Data Protection Act (PDPA).
Singapore’s AML framework is governed by the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Terrorism (Suppression of Financing) Act, and the Monetary Authority of Singapore (MAS) Notices and Guidelines.
Obligated entities: Banks, finance companies, insurance providers, securities brokers, fund managers, money changers, and other designated financial institutions.
Key requirements:
Penalties: Regulatory breaches can result in fines of up to SGD 1 million per breach and, in serious cases, criminal prosecution including imprisonment for responsible individuals.
Reasons you should setup legal entity in Singapore:
Cerity Global ensures your business expansion in Singapore is fast, compliant, and future-ready, so you can focus on growth while we manage the back-office tasks.
Economic figures are subject to change based on quarterly reports and market conditions.
Cerity Global combines deep local knowledge with proven expertise to make your Singapore business establishment effortless and compliant. Whether you’re looking for legal entity setup and registration or ongoing support, we’re your trusted partner for sustainable global expansion in Singapore.
Disclaimer – The information provided is for informational purposes only and does not constitute legal, business, or tax advice. Entity setup requirements, tax rates, and economic data are subject to change and may vary by location.
To discuss your needs and how we can help you achieve a compliant and efficient expansion.