Government Agencies Businesses Should Know
Singapore government agencies every business owner should know:
|The Accounting and Corporate Regulatory Authority (ACRA) is the government agency which every company has to be registered with.|
ACRA has a dedicated online portal called BizFile on which every company must register (some exemptions exist).
|BizFile is a very useful tool to learn more about the registration process and the regulatory compliance applying to your company depending on entity type.|
|The Inland Revenue Authority of Singapore (IRAS) is the agency responsible for all the tax matters of your business: corporate taxes, individual income taxes, and Goods and Services Tax (GST). |
IRAS offers useful information on other forms of taxes for people who live and work in Singapore, such as taxes on property, shareholding, as well as clubs and charities. They also provide information on tax schemes such as double tax treaties, the Productivity and Innovation Credit scheme, and more.
|The Central Provident Fund (CPF) is a pension fund that helps Singapore residents and permanent residents fund living costs upon retirement. |
CPF contributions are made both by employee (via salary deductions), and employer at rates prescribed by the CPF Board. The Employer’s section of the CPF official website offers an online portal to register companies and employees under CPF, as well as guides on employer obligations in respect to CPF funds and their constituents (such as the MediSave fund for healthcare expenses).
|The Ministry of Manpower (MOM) is your one-stop portal to handle all your employment needs. They notably provide Singapore companies with work visas for the foreign workforce you may need: Employment Pass, S Pass, and also the Dependent’s Pass and Long-Term Visit Pass necessary for the family of work visa holders. MOM can also be of great help to guide and advise you on employment practices, work safety, health requirements and such.|
|Enterprise Singapore is the government agency championing enterprise development. |
Formed from an amalgamation of two Singapore government agencies – International Enterprise (IE) and SPRING Singapore, Enterprise Singapore is a one-stop agency that provides enterprise support in the form of grants, loans and insurance, tax incentives, as well as non-financial assistance such as startup hubs and business toolkits.
Enterprise Singapore works with trade associations and chambers to facilitate networking and knowledge transfer sessions for businesses. It also acts as Singapore’s national standards and accreditation body, which helps promote the quality and safety of Singapore-produced products and services.
|The Singapore Economic Development Board (EDB) provides comprehensive investor support and ensures a first-rate pro-business environment in Singapore.|
EDB works closely with international businesses to seek out growth opportunities in Singapore and the region within various industries, as well as establish and deepen strategic activities within Singapore. It does so by offering a variety of investment and set-up schemes that help new businesses in Singapore hit the ground running.
EDB also assists individual investors who want to move to Singapore with the Global Investor Programme (GIP). This programme provides a fast-track route to apply and secure Singapore Permanent Residence (PR), which entitles them to benefits such as higher priority for loans and schooling.
|Skillsfuture Singapore (SSG) is a Singapore government agency that provides and facilitates lifelong learning, training and development programmes for local employees.|
When you hire local staff, you need to consult SSG to apply for the Skillsfuture Development Levy, the funds of which are used to support workforce upgrading programmes. These funds also finance grants for employers who wish to send their employees for accredited training courses available for various areas of expertise.
|CorpPass is a corporate digital identity for businesses and other entities (such as non-profit organisations and associations) to transact with Government agencies online. Managed by Government Technology Agency (GovTech), CorpPass is the single login method for G2B transactions from 1 September 2018.|
|The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. MAS also work with the financial industry to develop Singapore as a dynamic international financial centre.|
Incorporating a business in the financial industry, insurance sector, asset management, etc. requires its authorisation. There are also several ongoing compliance requirements from MAS to follow on an annual basis.
They conduct monetary policies, issue currency, supervise financial services and monitor financial stability. MAS plays a central role in making Singapore a financial hub in the Asian market.