Singapore offers immigration policies designed to attract High Net Worth Individuals, entrepreneurs and working professionals from around the world. Singapore personal tax rates start at 0% and are capped at 20% above S$320,000 for residents and a flat rate of 15% for non-residents. Goods and Services Tax (GST) was introduced in 1994 and is currently charged at 7%. A property tax, based on the expected rental values, is applied to owners of properties. Estate Duty was abolished in 2008.
Specialist agencies exist that are able to assist in obtaining Employment Passes (EP) for you and your staff. An EP is a type of work visa that is designed for managers, executives, specialists and other skilled professionals who wish to work in Singapore.
The Ministry of Manpower (MOM) allows you to apply for an EP once you have incorporated your company in Singapore. This visa enables you to relocate to Singapore in order to run company operations. Typically, the agent will:
- Assist with completion / submission of application forms to Ministry of Manpower (MoM);
- Coordinate registration, finger printing and collection of Employment Pass upon approval;
- Submit one appeal should an application be rejected first time round;
- Make additional applications for spouse and/or dependents.
Additional Employment Services such as drafting business plans or employment contracts may also be offered.