Singapore Fact Sheet

  • SingaporeSingapore


Despite its diminutive size – the country's main island is only about 50 km wide – Singapore punches well above its weight economically. It is the region's wealthiest country, with a GDP per capita of S$88,991 (2019), consistently ranking in the top two positions in the World Bank's Doing Business reports. Given its lack of natural resources, Singapore has continually leveraged on technology to improve its competitiveness and productivity, and aims to lead the region in Industry 4.0.

5.8 mil

5.8 mil

Population size

35.6 years

35.6 years

Median age




Singapore dollar (SGD)

Singapore dollar (SGD)

Currency unit



Internet penetration rate



Mobile penetration rate



GDP per capita projection
(Current prices, 2025)


Real GDP growth projection
(Annual percent change, 2025)


S&P global ratings


3.5 mil

Total labour force (2020)


Literacy rate


Nominal wage (2019)

Key Sectors

  • Aerospace
  • Consumer business
  • Creative industries
  • Electronics
  • Energy and chemicals
  • Information and communications technology
  • Logistics and supply chain management
  • Medical technology
  • Natural resources
  • Oil, gas equipment and services
  • Pharmaceuticals and biotechnology
  • Precision engineering
  • Professional services
  • Urban solutions and sustainability

Tax Profile


Corporate tax


Number of DTAs


Dividend withholding tax


Interest withholding tax


Capital gains tax

Not regulated

FX control


US$390 bil
US$359 bil
  1. Hong Kong
  2. China
  3. United States
  4. Malaysia
  5. India
  1. China
  2. United States
  3. Malaysia
  4. Japan
  5. South Korea

Based on 2019 data


Government agencies and business chambers

Government agencies and business chambers

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Key government initiatives and incentives

Key government initiatives and incentives

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Tech.pass is a targeted visa programme to attract established tech entrepreneurs, leaders or technical experts from around the world to contribute to the development of Singapore’s tech ecosystem.


International Headquarters (IHQ) Award, Pioneer Certificate Incentive (PC) & Development and Expansion Incentive (DEI)

  • Corporate tax exemption or a concessionary tax rate of 5 per cent or 10 per cent, respectively, on income derived from headquarters/qualifying activities.


Finance & Treasury Centre (FTC) Incentive

  • Reduced 8 per cent corporate tax rate on income derived from qualifying FTC services to approved network companies as well as qualifying FTC activities carried out on its account with funds obtained from qualifying sources.


IP Development Incentive

  • Reduced corporate tax rate of either 5 per cent or 10 per cent on a percentage of qualifying IP income derived by it during the incentive period.
  • Concessionary tax rate will also increase by 0.5 per cent at regular intervals.


Global Traders Programme

  • Reduced corporate tax rate of 5 per cent or 10 per cent on qualifying trading income for three or five years.
  • Qualifying trading income includes income from physical trading, brokering of physical trades and derivative trading income.



Sources: UOB Global Economics & Markets Research, Central Intelligence Agency’s The World Factbook, Inland Revenue of Singapore (IRAS), Singapore Economic Development Board (EDB), Enterprise Singapore, World Economic Outlook (October 2020); World Bank; UNESCO Institute of Statistics

This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.

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