START A BUSINESS IN SINGAPORE
The best place to do business is Singapore, says a World Bank index which ranks economies on their ease of doing
business. The most recent rankings come from the
Doing Business 2012 report. Singapore topped the ranking on Ease of Doing Business for the sixth year.
Among others in the Top 10 are Hong Kong, New Zealand, United States, Denmark, Norway, United Kingdom, South Korea, Iceland and Ireland.
Overall, doing business remains easiest in the high-income economies of the Organisation for Economic Co-Operation
and Development (OECD) and most difficult in Sub-Saharan Africa and South Asia.
The elements that were taken into account to assess an economy were: Ease of Doing Business, Starting a Business,
Dealing with Construction Permits, Registering Property, Getting Credit, Protecting Investors, Paying Taxes,
Trading Across Borders, Enforcing Contracts, Closing a Business.
FIND OUT MORE ON Private Limited Company | Sole Proprietor | Limited Liability Partnership (LLP)
LATEST NEWS
02 March 2012 - Director of Metal Stamping Company Jailed for His Role in Tax Evasion
Mr Lim Bee Hua (“LBH”), director of Global Harvest Precision Pte Ltd (“GHPPL”), a company that produces and sells
metal stamping parts, was sentenced to two weeks’ jail for assisting GHPPL to evade $ 73,853 in taxes. LBH was
also ordered to pay a penalty of $221, 558, being three times the total amount of tax evaded; in default, five
month’s jail. Both LBH and GHPPL had omitted income totalling $405,791 from GHPPL’s Income Tax Returns for the
Years of Assessment (YA) 2006 and 2007. Read More
SINGAPORE BUDGET 2012
Singapore’s Deputy Prime Minister and Finance Minister Mr. Tharman Shanmugaratnam delivered his 2012
budget address to the Parliament today (17 Feb 2012). The government aims at achieving an inclusive
society and a stronger Singapore. In order to do so, various measures were unveiled this time to upgrade
our economy and develop deeper skills, so as to sustain growth, create better jobs in every vacation and
enable Singaporeans to earn better incomes and build up their savings for retirement.
The key measures introduced and enhanced in this year’s budget includes:
- 1. Increase the cash payout of Productivity and Innovation Credit (“PIC”) to ease businesses with their cash flows;
- 2. Extension of cash grant for another year to help SMEs cope with rising costs;
- 3. Significant package for lower-income, elderly and disabled Singaporeans such as Special Employment Credit,
increase in CPF contribution rates, increase in Earned Income Relief, enhancement of medical and healthcare
subsidies, Silver bonus scheme for housing, GST vouchers, etc.
Overall, this 2012 budget is a very prudent, caring and generous handouts in terms of grants and subsidies for the
poor, aged and disabled – those who need it most!
Business Tax | Personal Income Tax | Good and Services Tax & Stamp Duty
