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GuideMeSingapore Blog

Filing your personal tax return in Singapore
2010-03-11

This is a friendly reminder to all resident and non-resident individuals who have earned income in Singapore during 2009 calendar year that you must file your personal income tax return by April 15, 2010. The amount of income tax that will need to pay depends on your tax residency in Singapore.

Singapore ranks as the seventh most innovative economy in the world
2010-03-10

According to the latest Global Innovation Index released by Insead and the Confederation of Indian Industry, Singapore is the seventh most innovative economy in the world - ahead of economies such as Japan and USA that have been traditionally associated with innovation. Singapore's high ranking in the Index has been attributed to its high degree of market and business sophistication; corrupt free environment; strength of its public sector institutions; and free-market economy. 

Singapore Budget 2010: Raising Productivity to Build an Innovative and Globally Competitive Economy
2010-02-22

With the Singapore government aiming for increased investment inflows and sustained economic growth in the future, the Singapore Budget 2010, which was unveiled on 22 February 2010, focused on measures that will help raise productivity and aid Singapore's transformation into an advanced economy. 

Cayman competes with Singapore by offering million dollar residency to investors
2010-02-17

According to this recent report in USAToday, wealthy individuals who have a net worth over KY$10 million (appox. US$12 million) can now secure permanent residency in the Cayman Islands, for a one-time fee of KY$1 million (appox. US$1.2 million). The move was cited as one of the proposed amendments to the territory's immigration legislation, in a bid to ensure Cayman's competitiveness in the global financial services sector.

Janus launches GuideMeHongKong.com
2010-02-13

Janus Corporate Solutions Pte Ltd - the parent company of this website has recently launched a new portal www.GuideMeHongKong.com that aims to provide comprehensive, accurate and up-to-date business-oriented information about Hong Kong. The site has special sections oriented towards (a) business professionals who may be interested in starting a business in Hong Kong (b) immigrants who want to learn about the options and process for immigration to Hong Kong, and (c) expatriates who need information about living in Hong Kong.

Singapore aims for S$12 Billion investment inflow in 2010
2010-01-27

According to a recent Bloomberg Report, Singapore's Economic Development Board expects nothing short of S$12 Billion in investments and a resulting creation of 21,000 new jobs in 2010. According to the Board's Chairman "EDB will seek to expand the investment flows from global and Asian companies making Singapore their home for business, for innovation and for talent. With this ‘Home’ strategy and the economic recovery, we expect investment commitments to be generally higher in 2010.” 

Legal requirements for setting up a business in Singapore by foreigners
2010-01-26

Given the fact that Singapore is rated as the easiest place to do business in the world as per the World Bank's "Doing Business Report 2010", it's not difficult to imagine that foreigners find it very easy to setup and do business in Singapore. In fact, in almost all aspects, foreigners are subject to the same legal requirements as the local residents.

Singapore introduces new regulatory regime for private education sector from 2010
2010-01-23

The Singapore government has introduced new regulations in the private education sector in order to regularize the existing market players and new entrants who wish to set up and operate a private education institute in or from Singapore. The rationale behind the new regulations is to ensure that any new education institute set up by private players is credible, delivers quality education and is not a fraudulent venture engaging in misrepresentation.

Hedge funds fleeing West and heading to Asia
2010-01-21

According to a recent news report, "Bank of America Merrill Lynch is helping more than a dozen multi billion dollar international hedge funds set up or reestablish a presence in Hong Kong and Singapore as the U.S. and Europe increase industry regulations." 

UK's "bonus tax" drive may drive its bankers to tax friendly jurisdictions
2010-01-14

Every employee, especially bankers, looks forward to one event in the year - bonus payouts. Not anymore. Definitely not in UK and US at least. The British government recently announced that it will impose a 50% tax on bonuses in excess of £25,000 on employees of financial institutions. Furthermore, there has been an increase in the top personal income tax rate from 40% to 50%. Following UK's lead is US, which also plans to introduce similar punitive tax measures in a bid to curb bank bonuses.