Accountancy in Singapore

Country Overview

Singapore is a small city state located at the southern tip of the Malaysian Peninsula in Southeast Asia.

Singapore is a Republic with a parliamentary system of government consisting of an elected President as head of State, a Prime Minister and a Cabinet.

Singapore’s population comprises of Chinese, Malays, Indians and several other minorities. There are four official languages: English, Chinese, Malay and Tamil which reflect Singapore’s multicultural and multi-lingual society. English is used as the working, education and business language.

Economic overview

Singapore is often ranked as being amongst the most open and competitive economies.

Singapore is also seen as stable with regards to macroeconomic factors with  no foreign debt, and often runs a  budget surplus.

Singapore’s diversified economy is driven by exports and refining imported goods, financial services, tourism, port, and logistics services. Other emerging industries that are providing significant contributions to Singapore’s economy are casinos, health-care, education, and media. Higher end manufacturing and the services sectors have become the main pillars of the Singapore economy. There is a wide range of businesses, with a particular  focus on high value-added activities.

Singapore is a member of the several work bodies including the World Trade Organisation (WTO), Association of Southeast Asian Nations (ASEAN) and  Asia Pacific Economic Cooperation (APEC).

Singapore’s total labour force is around

3.67 million and has relatively full employment. The unemployment rate stands at 2.5%. Because of the relatively strong economy and low unemployment, hiring and retaining good people continues to be a challenge.

The Singapore dollar (SGD) is the official currency. Singapore is a high-income economy with a gross national income of US$70,828 per capita according to the Department of Statistics, Singapore.

Singapore has no significant restriction on foreign exchange transactions and capital movements. Laws and regulations have been strengthened recently with regards to money laundering and tax evasion.

Singapore has negotiated double tax treaties with almost all the world’s  major countries.

Transport infrastructure

Singapore has a well-developed transport infrastructure. As one of the world’s busiest ports, Singapore serves 200 shipping lines with connections to  over 600 ports globally.

The main airport, Changi Airport, is one of Asia’s best-connected airports, with over 110 airlines flying to over 240 cities in about 60 countries and territories worldwide.

Singapore has a good and efficient system of public transport comprising of taxis, buses and the Mass Rapid Transit (MRT) rail system.

Internet access in Singapore is fast and reliable. Fibre is readily available for both homes and businesses. Mobile internet  is served through many public Wi-Fi  hotspots and via the telecos who  provide nationwide 4G connectivity.


Latest version updated 1st November 2017