Singapore
4. Singapore: labor force The educational profile of labor force in Singapore is quite balanced in terms of highly skilled to low-skilled labor ratio. 2 Source: Singstat
4. Singapore: labor force The highest median gross wage can be seen in financial and professional services, info& communications, retail, depends on occupational group 3 Source: Singstat
4. Singapore: labor force The number of non-residents is increasing in Singapore’s labor force. 4 Source: Singstat
7. Singapore: trade balance Singapore economy relies on purchasing of intermediate goods and exporting of high-value added products. Main exports are: electronic goods, fuel and chemicals. Main imports are: fuel , electronic components, machinery, chemicals and manufactured goods. 5 Source: Singstat
7. Singapore: trade balance Main trading partners are Malaysia, China, Indonesia and Hong Kong. Others include: United States, EU, South Korea and Japan. 6 Source: Singstat
7. Singapore: trade balance Singapore is generally a free port and an open economy. More than 99% of all imports into Singapore enter the country duty-free. That is why Singapore is a major transshipment hub for the Asian market. Re-exports constitute 44% of all exports. 7 Source: Singstat
10. Singapore: business immigration Singapore Work Pass Schemes Employment Pass (EP) fixed monthly salary more than S$3, 000 degree holder from a reputable university Entrepreneur Pass (Entre. Pass) S Pass Business owners who have at least 30% of company shares. fixed monthly salary of at least $2, 000 Only for private limited company and not as a sole proprietorship or partner ship employer’s quota eligibility The company will have a minimum paid-up capital of S$50, 000 Personalized Employment Pass not tied to a specific employer PEP pass holders are not allowed to start their own business For current EP holders: minimum salary of S$12, 000 monthly Overseas professionals –fixed monthly salary of at least S$18, 000 8 Source: guidmesingapore. com
11. Singapore: taxation system Corporate Tax Rates Income Tax Rate Tax rate on corporate profits for up to 300, 000 SGD 8. 5% Tax rate on corporate profits above 300, 000 SGD 17% Tax rate on capital gains accrued by the company 0% Tax rate on dividend distribution to shareholders 0% Tax rate on foreign-sourced income not brought into Singapore 0% Tax rate on foreign-sourced income brought into Singapore Source: guidmesingapore. com 0 – 17% subject to conditions 9
11. Singapore: taxation system Personal Tax Rates Income Tax Rate Tax rate on first 20, 000 0% Tax rate on next 10, 000 2% Tax rate on next 10, 000 3. 5% Tax rate on next 40, 000 7% Tax rate on next 40, 000 11. 5% Tax rate on next 40, 000 15% Source: guidmesingapore. com 10
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