Expand Business in Singapore
Global Upside assist you to expand business in Singapore by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution to help you establish your business and optimize your operations, all while maintaining compliance with Singapore laws and regulations.
The hiring and incorporation processes in Singapore are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies this process and lifts the compliance burden for your business. Our teams have the experience and expertise required to help you establish a legal entity in Singapore. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Singapore, also known as the Republic of Singapore, is a multi-cultural city-state in southeast Asia. It has a population of over 5.6 million and is globally recognized as a financial and commercial business hub. Singapore is considered a thriving ground for multinational companies with foreign business investment encouraged by the national government. Singapore is the world’s most competitive economy and also one of the best countries to develop business relations with. The list below outlines additional facts about Singapore.
- It is the richest economy, in terms of GDP per capita, in Southeast Asia.
- Ranks on top in the global list for easiest countries to start a business with
- Low corruption rates and pro-business setting
- Radical infrastructure
- Exceedingly trained workforce
- Viable policies to handle the finances
- Apparent legal agenda to accelerate the country’s success
The Singapore government, with immediate effect, has declared a country-wide lockdown. The residents have been advised to maintain social distancing and all prospective infected patients have been asked to stay in home quarantine. Additionally, all employees have been permitted to work remotely and few of them will work from the office to reduce social interaction. With this situation in progress, Global Upside is providing assistance to the clients on how to be productive while telecommuting and retaining the employees.
Singapore has a legal system that is based on the system of English common laws, however, there are certain differences. The legal authority is the Constitution of the Republic of Singapore.
- Court procedures in Singapore are similar to legal proceedings in England
- Remote decisions from few Commonwealth authorities are laterally enforceable in agreement with the Reciprocal Enforcement of Commonwealth Judgments Act
- The Reciprocal Enforcement of Foreign Judgments Act has listed the Hong Kong SAR judgments under it
- Negotiation and settlement are available as modes to resolve any form of dispute that is applicable to both domestic and cross-border differences
In the past few years, Singapore has proven to be a prime location for all international conciliation and is also reputed in the Asia-Pacific region. Alliances that are looking for legal resolutions can present their disputes to the Singapore International Commercial Court (SICC).
A branch office is registered as an expansion of the parent company and not as an independent entity. Nevertheless, the legal responsibilities are taken care of by the parent company.
A representative office is listed as an interim arrangement that conducts all marketing and R&D activities. There is no legal status and a representative office should not engage in any kind of profit yielding activities.
The parent company is a shareholder in an LLC. This is the most favored choice when it comes to registration in the country.
A sole proprietorship is not an independently incorporated entity. Instead, the business and the owner are seen as the same entity under the law. As a result, the business owner legally owns all the assets and liabilities of the firm.
A partnership allows a group of two or more individuals to form and co-own the business.
The time of establishment of a legal entity setup in Singapore usually takes around two weeks to two months.
As per the Employment Act of Singapore, employees who have been hired after April 1, 2016 need to be provided with key employment terms (KETs) by the employers. The key employment terms must be issued to the employees within two weeks of their joining. This documentation includes the following details:
- Name of the employer in full
- Name of the employee in full
- Date of joining
- Job title and description along with the responsibilities
- Extent of the employment agreement, if relevant
- Remuneration and bonus
- Working hours and overtime
- Probation or training clause, if relevant
- Perks and benefits for the employee
- Leaves and public holidays
- Insurance and medical benefits
- Termination policy
The accounting standards are recognized as Singapore Financial Reporting Standards (SFRS) and are based on the International Financial Reporting Standards (IFRS).
Data Privacy/ GDPR
The Personal Data Protection Act (PDPA) is important legislation that ensures the protection of personal and consumer data. As per the PDPA, an employer cannot collect, use, or disclose employee details without a valid reason (such as the termination of an employment contract as long as the employee is aware of the reason).
Anti-bribery & Anti-corruption Law
The Prevention of Corruption Act (PCA) is the primary law for anti-corruption in Singapore. Corruption has been defined as a bribe that is offered in return for any kind of favor. Bribes have been classified into 2 forms – monetary and non-monetary – as described below:
- Any gifts, loans, rewards, commissions, fees, money, or any other property
- Any form of office contract or employment
- Any kind of release, liquidation, or discharge of loan, or payment of any other liability
- Any favor, advantage, or service
- Any promise, undertaking, or offer of gratification.
Furthermore, there are penalties that can be issued if anyone is found guilty of any wrongdoing. Individuals found guilty can receive a fine of $100,000 as well as a forcible detention of 5 years.