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flag Singapore Singapore: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Company Limited by Guarantee.
Number of partners: Minimum one shareholder.
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is limited to the amount of guarantees
Company Limited by Shares and Guarantee.
Number of partners: Minimum one shareholder.
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is limited to the amount of guarantees
Private Company or Sendirian Berhad (Sdn Bhd)
Number of partners: Minimum one shareholder, with a maximum of 50.
Capital (max/min): No minimum capital imposed by the law. In practice, capital is SGD 25,000
Shareholders and liability: Liability is limited to the amount contributed.
Public Company or Berhad (Bhd)
Number of partners: Minimum one shareholder
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is limited to the amount contributed.
General Partnership
Number of partners: Minimum 2 partners with a maximum of 20.
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is unlimited.
Limited Partnership
Number of partners: Minimum 2 partners with a maximum of 20.
Capital (max/min): No minimum capital required.
Shareholders and liability: At least one person has an unlimited liability. Other partners' liability is limited to the amount they contributed.
Sole Proprietorship
Number of partners: 1 person.
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is unlimited.
Unlimited Company
Number of partners: Minimum 2 partners / shareholders.
Capital (max/min): No minimum capital required.
Shareholders and liability: Liability is unlimited.
The Competent Organization
The Accounting and Corporate Regulatory Authority of Singapore.
Search a Company or a Financial Report
ACRA, Registered Entities on the Accounting and Corporate Regulatory Authority.
 
Setting Up a Company Singapore East Asia & Pacific
Procedures (number) 3.0 7.0
Time (days) 3.0 36.0

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Singapore.
Accounting and Corporate Regulatory Authority

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The Active Population in Figures

20112013
Labor force 3,237,0003,444,000

Source: CIA - The world factbook

 
200920102011
Total activity rate -64.70%66.50%
Men activity rate 75.60%77.00%76.60%
Women activity rate 53.70%56.70%56.50%

Source: UN - United Nations

 
Employed Persons, by Occupation (% of Total Labor Force) 2013
Manufacturing 30.9%
Transport and Storage 6.5%
Real Estate, Renting and Business Activities 11.0%
Financial and insurance activities 3.4%
Hotels and Restaurants 7.1%
Professional, scientific and technical activities 5.1%
Construction 25.6%
Information and communication 5.9%
Administrative and support service activities 4.5%

Source: International Labor Organization (ILO)

 
For Further Statistics
Ministry of Manpower
For Further Information About the Labor Market
Statistics, Labor, Employment and Wages

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Working Conditions

Legal Weekly Duration
8 hours per day and 40 hours per week with one-hour lunch break.
Retirement Age
62 years
Working Contracts
However the nature of contract depends on the type of contract which could be of following types: Annual hours contract, casual workers contract, fixed-term contract, home-workers contract, job sharing contract, flexi-time contract, part-timers contract, self-employed workers contract.
Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
No minimum wage exists.
Average Wage
Gross average monthly wage in Singapore is SGD 7,570 (source: salary.sg, 2013);
Social contributions
Social Security Contributions Paid By Employers: For non-government employees: 16% to 6,5% (depending upon age)

For government employees: 12% to 4,8% (depending upon age)
Social Security Contributions Paid By Employees: For non-government employees: 20% to 5% (depending upon age)

For government employees: 15% to 3,75% (depending upon age)

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Social Partners

Social Dialogue and Involvement of Social Partners
Trade Union Act does not allow the unionization of government employees and uniformed personnel. The act also restricts the Trade Unions' right to select the leader and whom to employ.

Most of the Trade Unions are part of National Trade Union Congress (NTUC) which is closely associated to the government. The government grants renewable licenses to trade unions on yearly basis and strictly controls them.

 

Unions
National Trade Union Congress (NTUC)
Unionization Rate
24%
Labor Regulation Bodies
Ministry of Manpower
Singapore National Employers' Federation (SNEF)

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Learn more about Operating a Business in Singapore on Globaltrade.net, the Directory for International Trade Service Providers.

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Last Updates: November 2014