Singapore Fact Sheet

  • SingaporeSingapore

About

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.

5.6 mil

5.6 mil

Population size

34.9 years

34.9 years

Median age

Singapore

Singapore

Capital

Singapore dollar (SGD)

Singapore dollar (SGD)

Currency unit

81%

81%

Internet penetration rate

144%

144%

Mobile penetration rate

Economy


US$64,829

2020 estimated
GDP per capita

-3.5% | 3%

Real GDP growth projection

(Annual per cent change, 
2020 & 2021)


AAA

S&P global ratings

Labour


3.4 mil

Total labour force (2019)


97.3%

Literacy rate (2018)

US$148.50

Average daily wage for
manufacturing employee
(2016)

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


17%

Corporate tax


88

Number of DTAs


0%

Dividend withholding tax


0%

Interest withholding tax


0%

Capital gains tax


Not regulated

FX control

Trade

Exports
US$390 bil
Imports
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

Others

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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The Global Investor Programme accords Singapore Permanent Resident status to eligible global investors who intend to drive their businesses and investment growth from Singapore.

 

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, Inland Revenue of Singapore (IRAS), Singapore Economic Development Board (EDB), Enterprise Singapore, World Economic Outlook (October 2019 and April 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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