An Introduction to Doing Business in Singapore 2022 – New Publication from Dezan Shira & Associates
With its favorable taxation policies and strategic position within Southeast Asia, Singapore offers foreign investors competitive and unprecedented access to the Asian market. Businesses operating in Singapore enjoy over 80 double taxation avoidance agreements, significant tax deductions, and numerous free trade agreements with neighboring Asian nations.
In addition to its political and economic stability, Singapore stands as a prominent financial center within the ASEAN region. The city-state has sought to mirror international business and trade standards, such as those presented by the World Trade Organization and the Organization for Economic Cooperation and Development.
However, this status was tested at the height of the pandemic, which saw the economy shrink by 5.8 percent in 2020, resulting in the worst recession since independence. In response, the government injected over S$109 billion (US$80 billion) into the economy, providing a variety of fiscal and non-fiscal incentives to cushion the economic impact.
The economy is expected to rebound between three to five percent in 2022, although recovery is expected to be uneven, particularly for the tourism and aviation industry, which will take longer to recover.
For foreign investors, Singapore continues to offer direct access to the global market as it has emerged resilient despite COVID-19 related risks. The country’s outward-oriented sectors, such as manufacturing and wholesale trade, remain strong. Additionally, growth in information and communications and finance remain healthy, driven by increasing demand for digital solutions and payment processing services.
For corporate entities hoping to establish a holding company, branch office, or regional headquarters, Singapore offers a powerful advantage in terms of business opportunities, government incentives, and trade relations benefits. This publication, designed to introduce the fundamentals of investing in Singapore, was compiled by Dezan Shira & Associates, a specialist foreign direct investment practice providing corporate establishment, audit, business advisory, tax advisory and compliance, accounting, payroll, due diligence, and financial review services to multinationals and small- and medium-sized enterprises investing in emerging Asia.
An Introduction to Doing Business in Singapore 2022 covers the following:
- Corporate establishment;
- Free trade agreements;
- Human resources and payroll;
- Incentives for businesses; and
- Audit and compliance.
ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, Munich, and Esen in Germany, Boston, and Salt Lake City in the United States, Milan, Conegliano, and Udine in Italy, in addition to Jakarta, and Batam in Indonesia. We also have partner firms in Malaysia, Bangladesh, the Philippines, and Thailand as well as our practices in China and India. Please contact us at firstname.lastname@example.org or visit our website at www.dezshira.com.