Moving to Singapore

Before moving business to Singapore it’s essential for expat entrepreneurs to be aware of taxes for expats in Singapore.

Singapore’s corporate tax rate is just 17 percent, making it one of the lowest in the world. This is the major reason expat entrepreneurs move their businesses to Singapore in increasing numbers.

Taxes in Singapore for expats work on a progressive scale. There is no capital gains tax or taxes on inheritance. Taxes on incomes are only for money earned in Singapore, change depending on where the income was made in Singapore, and taxes do not apply to individuals working overseas. The progressive tax rates are:

• 0% on the first 20,000 earned
• 2% on the following 10,000 (30,000)
• 5% at 40,000
• 7% at 80,000
• 5% at 120,000
• 15% at 160,000
• 18% at 200,000
• 19% at 240,000
• 5% at 280,000
• 20% at 320,000
• 22% on any income after 320,000

The best expat banks account in Singapore are ones that have reasonably good interest rates which include savings accounts from CIMB FastSaver, DBS Multiplier, UOB One, OCBC 360, Maybank Save Up, SCB Bonus Saver, and BOC Smart Saver. Some of these account types have interest rates of up to 2.75% and best fit a wide variety of goals and customers.

Check our “Moving to Expatland: The Journey to Singapore” podcast and get an overview of the tax considerations in moving to Singapore as well as get professional tips on relocating business to Singapore, living and doing business in Singapore, taxation nuances and cultural differences shared by our Singapore E-Team leader.

When moving to Singapore keep in mind that affordable residences are usually unfurnished, so, while moving your business to Singapore,  moving your furniture is recommended. If you find the prices of shipping furniture untenable, know that popular furnishing outlets like IKEA operate in the city-state. Leave the heavy winter clothing behind when you move to Singapore, as the temperature rarely drops below 77 degrees Fahrenheit.

The land border is busy so shipping by sea is preferable and usually quicker. Air freight is also possible, but not recommended as costs quickly mount when moving heavier items like furniture.

Be sure to investigate any hidden costs from cheaper relocators, as shipping companies often surprise Singapore expats with these fees after documentation is finalized.

Finally, your goods will face a Goods and Services Tax (GST) though expats moving to Singapore can apply for GST Relief to mitigate this cost.

Before relocating to Singapore be sure you are aware of some things that are prohibited in Singapore or restricted for import.

• Tobacco, drugs, and chewing gum cannot be brought from outside the country.
• Items created from ivory, rhino horn, or other endangered animals are prohibited.
• Some breeds of animal are banned including pit bulls, Akita, other large dogs, Bengal cats, and savannah cats.

Most vaccinations are not required for Singapore, but when traveling to Asia some are recommended, including:

• Rabies
• Covid-19
• Japanese Encephalitis
• Tuberculosis
• Hepatitis B
• Typhoid

Expats need to apply for visas to move to Singapore or to move a business to Singapore.

There are three main entry routes for expats trying to figure out how to move to Singapore; Employment passes, Entrepreneur Passes, and Student Passes.

• Employment Passes require an employer to apply on behalf of the expat and the expat will need to meet certain requirements including a monthly salary of at least S$4,500 ($3,250). If expat is moving to Singapore with a family, spouses and children of the expat can join through a Dependent’s Pass but the expat earning requirement increases to S$6,000 ($4,412).
• Entrepreneur Passes and Personalized Employment Passes allow expat entrepreneurs to enter or apply directly to Singapore without employer sponsorship.
• Student Passes are available to students who are already accepted by an educational institution to pursue full-time study. Students must meet different requirements depending on what institution they attend and what studies they pursue.

Expats in Singapore typically apply for Employment and Entrepreneur passes before relocating to Singapore.

Singapore’s housing market is largely owned by the Housing and Development Board with around 80% of residences sold by the government agency. There are four types of general housing.

• Condominium – Condos are mostly found in the many highrises in Singapore and have facilities like pools, gardens, playgrounds, gyms, and more. These can come fully furnished for a higher price and usually rent between S$3,000 to S$12,000 a month.
• Landed property – These residences consist of detached houses, terraced homes, and bungalows. Maintenance is usually higher for these types of property. They typically rent for between S$8,000 and S$35,000 a month.
• Serviced apartments – Targeted at short term stays, these are a favorite among expats newly relocated to Singapore. They are fully furnished and may share the same amenities as the condos. They usually consist of a single bedroom and rent prices for an apartment in Singapore are between S$7,000 and S$14,000 per month.
• Public housing – Also known as HDB houses, they are built and maintained by the Singapore government. The monthly rent price for these is comparatively cheap, between S$2,200 and S$3,000. They are built close to public amenities like banks, malls, clinics, and public transport, but do not have the luxury amenities of condos or apartments.

Singapore is a contemporary and modern Asian city with influences from South Asian, East Asian, and Eurasian communities. The primary language is Singaporean English, though most people in Singapore are bilingual and speak Mandarin Chinese, Malay, or Tamil.

The city has its fair share of popular culture including music, media, and creative writing, but in recent years the government has made efforts to increase the number of murals in the city. Parks are common, and the performing arts are encouraged, including a growing stand-up comedy scene. Festivals are common, and cuisine is traditionally seafood centric.

Singapore does maintain a tight grasp on cultural performances however, and the Singapore government must vet most work in advance or face a penalty.

Singapore’s average life expectancy is among the best in the world sitting between 81 and nearly 86 years old on average.

Sport Singapore sponsors an all inclusive movement for sports for all residences of the city-state. They claim to have more than 1,600 free workout sessions for nearly 150,000 residents, Move It programs, virtual exercise programs, a national steps challenge, and a well networked health service through their HealthHub service.

Singapore has universal healthcare in the form of their MediShield Life insurance system. Residents pay premiums and deductibles but large bills from hospital care are covered via this system.