5 June 2018
Singapore: Market Profile
- Picture: Singapore factsheet
- Graph: Singapore real GDP and inflation
- Graph: Singapore GDP by sector (2016)
- Graph: Singapore unemployment rate
- Graph: Singapore current account balance
- Graph: Singapore merchandise trade
- Graph: Singapore major export commodities (2016)
- Graph: Singapore major export markets (2016)
- Graph: Singapore major import commodities (2016)
- Graph: Singapore major import markets (2016)
- Graph: Singapore trade in services
- Graph: Singapore FDI stock
- Graph: Singapore FDI flow
- Graph: Singapore short term political risk index
- Graph: Singapore long term political risk index
- Graph: Singapore short term economic risk index
- Graph: Singapore long term economic risk index
- Graph: Singapore vs global and regional averages
- Graph: Singapore major export commodities to Hong Kong (2017)
- Graph: Singapore major import commodities from Hong Kong (2017)
- Graph: Singapore merchandise exports to Hong Kong
- Graph: Singapore merchandise imports from Hong Kong
Singapore is a high-income economy. The country provides one of the world’s most business-friendly regulatory environments for local entrepreneurs and is ranked among the world’s most competitive economies.
Source: World Bank
2. Major Economic/Political Events and Upcoming Elections
General elections held after the dissolution of parliament in August of the same year by President Tan. The People's Action Party (PAP) took 83 of the 89 available seats. Lee Hsien Loong took up his third term as Prime Minister.
After President Tony Tan's term ended in August 2017, elections were scheduled for September. Halimah Yacob was the only eligible candidate by the country's Election Department and, thus, ran unopposed. She was inaugurated as the President of Singapore on September 13. This was the first election in Singapore after the country ammended its constitution to create a provision for elections to be reserved for candidates from specific ethnic/racial groups on a rotating basis.
Singapore hosted the first of two ASEAN summits within its borders in April 2018.
Sources: BBC country profile – Timeline, BMI Political Risk Analysis
3. Major Economic Indicators
Note: e = estimate, f = forecast
Sources: IMF, World Bank
4. External Trade
4.1 Merchandise Trade
Sources: WTO, World Bank WITS database
4.2 Trade in Services
5. Trade Policies
- Singapore has been a member of WTO since 1 January 1995.
- Singapore is generally a free port and open economy, the average tariff is 0%. More than 99% of all imports into Singapore enter the country duty-free.
- For social and environmental reasons, Singapore levies high excise taxes on beer, wine and liquor, tobacco products, motor vehicles and petroleum products. Singapore also restricts the import and sale of non-medicinal chewing gum.
- Barriers to services include sectors such as pay TV; audiovisual and media services; licensing of online news websites; legal services; banking; and cloud computing services for financial institutions.
- Singapore applies a 7% Goods and Services Tax (GST) on all imports.
- For dutiable goods, the taxable value for GST is calculated based on the CIF (Cost, Insurance, and Freight) value, plus all duties and other charges. In the case of non-dutiable goods, GST will be based on the CIF value plus any commission and other incidental charges whether or not shown on the invoice. If the goods are dutiable, the GST will be collected simultaneously with the duties. Special provisions pertain to goods stored in licensed warehouses and free trade zones.
- Companies must make an inward declaration for all goods imported into Singapore. All imports require an import permit although this is largely a statistical requirement for most goods.
- The import of trade samples that is below USD275 is not subject to payment of duty and/or VAT. In addition, no permit is required for their import. Bona fide trade samples (excluding liquors and tobacco) may be imported for the following purposes: solely for the purpose of soliciting orders for goods to be supplied from abroad; for demonstration in Singapore to enable manufacturers in Singapore to produce such articles to fulfill orders from abroad or by a manufacturer for the purpose of copying; and for testing or experimenting before producing such articles in Singapore.
- Labels are required on imported food, drugs, liquors, paints and solvents and must specify the country of origin. A food label should contain core information such as the prescribed food name, list of ingredients, mandatory warning, advisory statements or allergens declarations, net weight or volume, date mark, nutritional information panel, instructions for use or storage, country of origin, the name and address of the business and manufacturer and importer. Repackaged foods must be labeled to show (in English) the appropriate designation of food content printed in capital letters at least 1/16 inch; whether foods are compounded, mixed or blended; the minimum quantity stated in metric net weight or measure; the name and address of the manufacturer or seller; and the country of origin. Illustrations must accurately describe the true nature or origin of the food. Foods having defined standards must be labeled to conform to those standards and be free from added foreign substances. Packages of food described as 'enriched', 'fortified', 'vitaminized' or in any other way that implies that the article contains added vitamins or minerals must show the quantity of vitamins or minerals added per metric unit.
- There are two levels of labeling requirements for medicinal products. Administrative labeling requirements are not statutory requirements and are specified in the Health Sciences Authority’s Guidance on Medicinal Product Registration in Singapore. Compliance is checked during the product registration process, prior to granting of marketing approval. For legal labeling requirements, these are stipulated in the legislation related to medicinal products regulation in Singapore and are subject to the Health Sciences Authority’s surveillance program. The labeling requirements include the name of the active ingredient, quantitative particulars, product license number and name and address of the dealer. Labeling and advertising legislation also applies to the sale of vitamins and dietary supplements. Generally, labeling laws require that: 1) the composition of the products is disclosed in English, 2) labels/packaging materials not contain any references to diseases/conditions as specified in the schedule to the Medicines (Advertisement and Sale) Act; and 3) the advertising/sale promotion of the product in the public media be approved by the Health Sciences Authority.
- The 'SAFETY Mark' is intended for selected electrical and electronic products as well as gas appliances which are sold to consumers for use in Singapore households. The 'SAFETY Mark' helps consumers to identify registered Controlled Goods. All registered Controlled Goods must be tested to specific international and national safety standards and certified safe by designated product certification bodies. The products are individually marked with the 'SAFETY Mark' either on the product or the packaging. The 'SAFETY Mark' is unique and traceable to the registrant and the registered models.
- The 'ACCURACY Label' covers weighing and measuring instruments intended for trade use. In Singapore, all weighing and measuring instruments used for trade purposes (like price computing scales in supermarkets, baggage weighing machines at airports and seaports as well as fuel dispensers at petrol stations) are regulated under the Singapore Weights and Measures Act and Regulations. Before an ACCURACY Label can be affixed on the instrument, it will first need to be pattern registered with SPRING (The Standards, Productivity and Innovation Board). Thereafter, every individual weighing or measuring instrument will need to be verified fit for trade use and affixed with a tamper-proof seal and the ACCURACY Label by SPRING-appointed Authorised Verifiers.
Source: WTO – Trade Policy Review
6. Trade Agreements
6.1 Trade Updates
Singapore is a member of a number of FTAs, which create a legally binding agreement between two or more countries to reduce or eliminate barriers to trade. The country first signed an FTA under the ASEAN Free Trade Area in 1992, and has since expanded its network to cover 20 regional and bilateral FTAs with 31 trading partners.
6.2 Multinational Trade Agreements
- Singapore is a member of WTO (Effective date: 1995).
- Association of South East Asian Nations (ASEAN) – other members are Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Philippines, Malaysia, Thailand and Vietnam: From 2015, almost all tariffs between member states have been removed in the ASEAN Free Trade Area. The rewards of lower tariffs within the area have been seen, with regional trade booming, especially as approximately five member states are significant trading partners of Singapore. The ASEAN Economic Community (AEC) which is currently under negotiation will also serve to strengthen regional economic ties and improve trade volumes in Singapore. The AEC creates new opportunities and makes the investment case for business in South East Asia more compelling. However, it will also bring with it unprecedented levels of competition.
- Japan and the Republic of Singapore for a New-Age Economic Parnership Agreement (JSEPA): The agreement has brought substantive benefits to Japan and Singapore by laying a solid foundation for former economic linkages and integration between the two countries. Under the existing JSEPA, Japan increased its zero-tariff commitments from 34% of total tariff lines under WTO to 77%. JSEPA also liberalised trade in services signifcantly, expanding its commitments from 103 services sectors under WTO to 135. This will be of benefit to businesses due to the high trade volumes between the two countries and potential for businesses to explore new markets in the region. The scope of the JSEPA can be categorised into mainly three areas: trade liberalisation and market access through concessions for trade in goods and services; enhanced cooperation for non-trade areas; and institutional arrangements centred on a dispute settlement mechanism. Singapore also benefits from the ASEAN-Japan Comprehension Economic Partnership (AJCEP).
- China-Singapore FTA: The China-Singapore FTA will further enhance economic cooperation between the two nations as the free trade accord will facilitate productive competition. It will also contribute to the economic integration of East Asia and the Asia-Pacifc region. Under this Agreement, the two countries will accelerate the liberalisation of trade in goods on the basis of the Agreement on Trade in Goods of the China-ASEAN FTA and further liberalise the trade in services.
- European Union (EU): The EU-Singapore Free Trade Agreement aims to eliminate duties for industrial and agricultural goods in a progressive, step-by-step approach. The agreement also creates new opportunities for market access in services and investments and includes provisions in areas such as competition policy, government procurement, intellectual property rights, transparency in regulation and sustainable development. The EU and Singapore are important trading partners and this is further reﬂected in the trade volumes between ASEAN and the EU.
- US-Singapore: Under the FTA, firms in Singapore beneft from reduced trade barriers and a large market with a high propensity for consumption of manufactured goods. Mutual trade between the two countries is high.
- Regional Comprehensive Economic Partnership (RCEP): The RCEP is a proposed FTA between the 10 member states of ASEAN and the six states with which ASEAN has existing FTAs, namely Australia, China, India, Japan, South Korea and New Zealand. This agreement is expected to speed up the economic integration of the states involved and increase Singaporean exports' competitiveness in the global market.
- The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam): The CPTPP is a deal involving 11 economies worth about USD28trn, and it aims to cut tariffs, improve access to markets and set common ground on labour and environmental standards and intellectual property protections.
Source: WTO Regional Trade Agreements database
7. Investment Policy
7.1 Foreign Direct Investment
7.2 Foreign Direct Investment Policy
- The government body that is responsible for FDI promotion, licencing and regulations - The Economic Development Board (EDB), established in 1961.
- The Productivity and Innovation Credit (PIC) scheme allows business to enjoy 400% tax deductions (up to SGD400,000) or 60% cash pay-out (up to SGD100,000) for investments in innovation and productivity improvements, with a particular emphasis on assisting small- and medium-sized enterprises (SMEs) that have been hardest hit by the ongoing labour tightening measures. The PIC scheme has been extended to run for 2018 as well.
- The country’s Intellectual Property (IP) Regime encourages the exploitation of IP arising from research & development activities of the taxpayer: for example, the government is aiming to introduce extensions to previous tax exemptions for both research & development, as well as the acquisition of intellectual property (IP) rights.
- Foreign and local firms in Singapore have equal access to the free trade zone (FTZ) facilities. Singapore has eight FTZs - six for seaborne cargo and two for airfreight.
- The media sector is also partially restricted from foreign investment (foreign ownership may not exceed 49%).
- Foreigners in Singapore face restrictions in the real estate market and are not allowed to acquire all the apartments within a building or all the units in an approved condominium apartment without prior approval. For landed homes (houses) and vacant residential land, prior approval is required. In December 2011, the GOS enacted an additional effective 10% tax on foreigners who purchase homes in Singapore. In January 2013, GOS further raised the Additional Buyer's Stamp Duty to 15%.
- There are no restrictions on foreign ownership of industrial and commercial real estate.
- Since January 2005, qualifying full banks licensed by the government have been able to open a maximum of 25 locations. Non-resident banks in the retail banking sector are not afforded national treatment. Although the government has removed a 40% ceiling on foreign ownership of local banks, it has stated that it will not approve the foreign acquisition of any local bank.
- All businesses (local and foreign) must be registered with the Accounting and Corporate Regulatory Authority. The government screens investment proposals to check if they qualify for incentive packages.
Sources: WTO – Trade Policy Review, The International Trade Administration (ITA), U.S. Department of Commerce
7.3 Free Trade Zones and Investment Incentives
|Free Trade Zone/Incentive Programme||Main Incentives Available|
|Free Trade Zones: Brani Terminal, Keppel Distripark, Pasir Panjang Terminal, Sembawang Wharves, Tanjong Pagar Terminal, Keppel Terminal, Jurong Port, Airport Logistics Park of Singapore and the Changi Airport Cargo Terminal Complex||– VAT is suspended for imported goods deposited in a FTZ, and will only be payable upon removal from the FTZ for local consumption.|
– VAT is not payable on supply made in FTZ if the goods supplied are meant for transhipment or re-export.
– The FTZs at the port facilitate various trade activities and promote the handling of transhipment cargo. They offer free 72-hour storage for import/export of conventional and containerized cargo and 140-day free storage for transhipment/re-export cargo.
– The Land Intensifcation Allowance (LIA) provides an initial tax allowance of 25% and annual tax allowance of 5% on qualifying capital expenditure incurred for the construction or renovation/extension of a qualifying building or structure. This allowance is available to businesses in industry sectors which have large land takes and low Gross Plot ratios.
– Customs procedures for movement of goods within FTZs have been simplifed, and paperwork reduced.
– A pioneer enterprise is exempt from income tax on its qualifying profts for a period of up to 15 years.
– The Development and Expansion Incentive (DEI) is available to companies that engage in high value-added operations in Singapore but do not qualify for pioneer incentive status, and to companies whose pioneer incentive DEI companies enjoy a concessionary tax rate of not less than 5% on their incremental income derived from the performance of qualifying activities. The maximum initial relief period is 10 years, with possible extensions not exceeding 5 years at a time, subject to a maximum total incentive period of 20 years.
|Tax Incentives||Tax incentives are administered by various government agencies, including the Economic Development Board, International Enterprise Singapore, the Monetary Authority of Singapore and the Maritime Port Authority of Singapore. The broad categories of activities that could qualify for tax concessions include manufacturing, services, trade and finance. Various activities in these sectors are also eligible for a wide range of incentives, such as: tax holidays, exemptions and reductions, and investment allowances on fixed assets.|
|The Regional Headquarters Award and International Headquarters Award||Provide a reduced corporate tax rate on incremental income from qualifying activities. Applicants are required to submit plans for substantive regional or global headquarters activities to be carried out in Singapore, including proposed commitments in incremental business spending and creation of professional employment. The Headquarters Programme is applicable to entities incorporated or registered in Singapore, which provide corporate support and headquarters-related services and business expertise on a regional or global basis. In order to qualify, the business must meet specific criteria. The applicant should be, or belong to a group that is, well established in its respective business sector or industry and has attained a critical size in terms of equity, assets, employees and business share. The personnel employed by the applicant for its headquarters operations should be based in Singapore, and would include management, professionals, technical personnel and other supporting staff. The applicant should be the nerve centre in terms of organisation reporting structure at senior management levels for its principal activities with clear-cut management and control for the activities. The applicant should have a substantial level of headquarters activities in Singapore that can include: strategic Business Planning and Development, general management and administration, marketing control, planning and brand management, intellectual property management, corporate finance advisory services, investment services, and research and development services.|
|The Integrated Investment Allowance (IIA)||Provides an allowance based on the percentage of approved fixed capital expenditure to be incurred on productive equipment that is placed outside of Singapore for an approved project. This allowance is granted on top of the normal capital allowance.|
|The Mergers And Acquisition Scheme||Provides an allowance of 5% of the value of acquisition, subject to a maximum of USD5mn for each year of assessment. It also provides deductibility of transaction costs and stamp duty relief. EDB's approval is required for the waiver of the condition that the ultimate holding company for the group must be incorporated and tax resident in Singapore.|
|The Pioneer Incentive||Provides a corporate tax exemption on income from qualifying activities. Applicants are required to submit plans for new, substantive economic contributions, which must include commitments in significant incremental capital expenditure, business spending and skilled jobs in Singapore, as well as anchoring leading-edge technology, skills or activities in Singapore. Factors of consideration also include the significance of the proposed investment to the development of the industries in Singapore, contributions to the growth of research and development and innovation capabilities, as well as potential spin-off to the rest of the economy.|
|The Finance and Treasury Centre Tax Incentive||Provides a reduced corporate tax rate on fees, interest, dividends and gains from qualifying services and activities. It also provides a withholding tax exemption on interest payments on loans from banks and approved network companies for FTC activities.|
|The Venture Capital Funds Incentive||Aims to encourage a thriving venture capital industry in Singapore. Gains derived from the disposal of approved investments, interest from approved convertible loan stocks and dividends derived from approved investments are exempt from tax or taxed at a concessionary rate of not more than 10% for a period of up to 10 years. Extension periods of up to five years each may be available, but the maximum total incentive period is 15 years.|
8. Taxation – 2017
- Value added tax: 7%
- Corporate income tax: 17%
Source: PwC Taxes at a Glance 2017
8.1 Important Updates to Taxation Information
- Increase in corporate tax rebate cap for year of assessment 2017 (income year 2016) from 20,000 Singapore dollars (SGD) to SGD 25,000. The rebate rate of 50% of tax payable remains unchanged. The rebate is also extended to year of assessment 2018 (income year 2017), at a reduced rate of 20% of tax payable, subject to a cap of SGD 10,000.
- Introduction of a new carbon tax (in 2019) and the restructuring of the tax and fees on water and diesel use.
8.2 Business Taxes
|Type of Tax||Tax Rate and Base|
|Corporate income tax||17% on operating profits|
|Branch tax (non-resident companies)||Withholding tax of 17%|
|Royalties (non-resident companies)||Withholding tax of 10%|
|Interest (non-resident companies)||Withholding tax of 15%|
|Value added tax||7% on value of the products, some products are zero-rated|
|Social security contributions||Statutory rate of the employee's contribution is 20%; employer's contribution is 17% on taxable earnings|
9. Foreign Worker Requirements
9.1 Employment Pass (EP)
Applicable to foreign individual employed as managers, executives, and skilled professionals. Valid for two years, and may be renewed thereafter for up to three years at a time. Generally applicable to individuals with a minimum monthly salary of SGD6,000 (as of January 1 2018). Applicants may also apply for a pass for their dependents - such spouses and unmarried children under the age of 21. The EP must be applied for by the employer on behalf of the individual. The average time needed to obtain an EP is five weeks and falls under the auspices of the Ministry of Manpower.
9.2 S Pass
Identical to the EP, but is applicable to individuals with a minimum monthly income of SGD2,200 (and maximum SGD6,000). The average time needed to obtain a SP is three weeks and falls under the auspices of the Ministry of Manpower.
9.3 Documentation needed for EP and S Pass
- Personal particulars page of the applicant’s passport
- Company’s latest business profile or instant information registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA)
- Details of the applicant’s academic certificates
Applicants from India and China are required to furnish additional documents:
- Indian applicants – transcripts and marksheets
- Chinese applicants – certificate of graduation and verification proof in English from sources recommended by the MoM
9.4 Personalised Employment Pass (PEP)
Applicable to high-earning individuals and who already have an EP or is an overseas foreign professional. The minimum monthly income for an applicant already in possession of an EP is SGD12,000, whereas foreign professionals require a mimum monthyl income of SGD18,000 to qualify. The PEP allows holders to switch jobs without the need for reapplication for a pass, and permits the individual to stay in Singapore for an additional six months before securing their next job. The PEP is only valid for three years. After the three years, the individual needs to obtain either an EP or S Pass. The process to obtain a PEP takes roughly eight weeks and falls under the auspices of the Ministry of Manpower.
9.5 Entrepreneur Pass (EntrePass)
Applicable to foreign individuals who wish to start a business in Singapore. The pass is valid for two years. The applicant may apply for it themselves. The EntrePass may be renewed if the applicant's company: obtains funding from an accredited source; holds intellectuak property (registered with a recognised IP institution); does research with a recognised institution; or is being incubated by a government-supported incubation programme. The following businesses are not covred by the EntrePass: coffee shops, hawker centres, food courts, bars, night clubs, karaoke lounges, massage parlours, and employment agencies.
- Copy of the personal particulars page of the applicant’s passport
- Past employment testimonials in English
- A business plan in English
9.6 Work Permit
Applies to semi-skilled jobs in manufacturing ang construction, as well as jobs in the services sector. A Work Permit is valid for up to two years and is only applicable to companies which: pay a levy and security bond, meet the quota crieria, and provide the applicant with healthcare. Work Permits do not allow for dependents and take up to seven working days to be processed.
9.7 Training Emplyment Pass (TEP)
Valid for three months and applicable to indivdiuals undergoing practical training for jobs of a professional, managerial, executive, or specialist nature in Singapore. The applicant must also earn a minimum of SGD3,000 a month. The TEP is not renewable.
9.8 Training Work Permit (TWP)
Applicable to unskilled or semi-skilled foreign trainees or students on practical training in Singapore for up to 6 months. Students are subject to a levy. An employer may only have 5% of its total workforce or 15 employees (whichecer comes first) working under TWP regulations.
9.9 Miscellaneous Work Pass
Non-renewable, one-time pass for projects lasting up to two months.
10.1 Sovereign Credit Ratings
|Rating (Outlook)||Rating Date|
|Standard & Poor's||AAA (Stable)||06/03/1995|
Sources: Moody's, Standard & Poor's, Fitch Ratings
10.2 Competitiveness and Efficiency Indicators
|Ease of Doing Business Index ||3/190||2/190||2/190|
|Ease of Paying Taxes Index||10/189||7/190||7/190|
|Logistics Performance Index ||5/160||N/A||N/A|
|Corruption Perception Index||7/176||6/180||N/A|
|IMD World Competitiveness||4/63||3/63||N/A|
Sources: World Bank, IMD, Transparency International
10.3 BMI Risk Indices
|Economic Risk Index ||29/202|
|Short-Term Economic Risk Score||74||73.3||73.3|
|Long-Term Economic Risk Score||74.5||72.5||72.6|
|Political Risk Index ||28/202|
|Short-Term Political Risk Score||94.8||94.8||94.8|
|Long-Term Political Risk Score||80.6||80.2||81.1|
|Operational Risk Index||1/201||2/201||1/201|
|Operational Risk Score||81.5||81.5||82.9|
Source: BMI Research
10.4 BMI Political and Economic Risk Indices
BMI Risk Summary - Q2 2018
Singapore is likely to see an extremely busy 2018 on both the external and domestic front. Externally, the republic's position as ASEAN chair will see it seek to further encourage regional integration. Domestically, the process of identifying the next generation of leaders ahead of the next general elections will likely dominate the political stage.
Singapore's strong fundamentals suggest that the city-state will remain a top choice for investment due to its business friendly environment. Key supporting factors will be the government's sound economic policy, a highly skilled workforce, a superior business environment and financial services industry as well as the city-state's strategic location in Asia. Key constraints include the economy's reliance on the external sector and Singapore's ageing demographic profile.
Singapore is one of the most appealing destinations for investment in the world. This is largely because the government has successfully developed the city-state into a major global hub for trade, investment and finance by providing a highly productive workforce, a stable and secure operating environment, world-class logistics connections, and an open economy with policies that are highly conducive to foreign direct investment. There are limited risks facing businesses located in Singapore, with the main concerns stemming from increasing restrictions on the employment of foreign nationals, moderate cybercrime risks and significant exposure to economic headwinds.
Note: Higher score = Lower risk
Sources: BMI Economic, Political Risk Indices, BMI Country Risk summaries
10.5 BMI Operational Risk Index
|Operational Risk||Labour Market Risk||Logistics Risk||Trade and Investment Risk||Crime and Security Risk|
|East and Southeast Asia Average||55.3||56.5||54.4||55.7||54.7|
|East and Southeast Asia Position (out of 18)||1.0||1.0||5.0||1.0||1.0|
|Asia Position (out of 35)||1.0||1.0||5.0||1.0||1.0|
|Global Position (out of 201)||1.0||2.0||21.0||1.0||6.0|
Note: 100 = Lowest risk, 0 = Highest risk
Source: BMI Operational Risk Index
|Country||Operational Risk ||Labour Market Risk||Logistics Risk||Trade and Investment Risk||Crime and Security Risk |
|Singapore||82.9||77.8 ||74.7 ||89.9 ||89.3|
|Emerging Markets Averages||46.8||48||45.8||47.5||46.1|
|Global Markets Averages||49.8||49.8||49.3||50||49.9|
Note: Higher score = Lower risk
Source: BMI Operational Risk Index
11. Hong Kong Connection
11.1 Hong Kong’s Trade with Singapore
|2017||Growth rate (%)|
|Number of Singapore residents visiting Hong Kong||627,612||-6.9|
|Number of Singapore residents in Hong Kong||10,033||N/A|
Sources: Hong Kong Tourism Board, Hong Kong Immigration Department
|2017||Growth rate (%)|
|Number of South and East Asia residents visiting Hong Kong||N/A||N/A|
|Number of South and East Asia residents in Hong Kong||2,784,870||N/A|
11.2 Commercial Presence in Hong Kong
|2016||Growth rate (%)|
|Number of Singapore companies in Hong Kong||382||N/A|
|- Regional headquarters||40|
|- Regional offices||102|
|- Local offices||240|
Source: Hong Kong Census & Statistics Department
11.3 Treaties and Agreements between Hong Kong and Singapore
- Air Services Transit Agreement
- Mutual Legal Assistance Agreement
- Surrender of Fugitive Offenders Agreement
- Double Taxation Avoidance Agreements (DTAs)
Singapore has double taxation agreements (DTA) with China (mainland) and concluded the DTA with Hong Kong on 19/11/2004. Being a member of ASEAN, Singapore is part of the ASEAN-Hong Kong Free Trade Agreement signed on 12/11/2017.
Source: Hong Kong Department of Justice
11.4 Chamber of Commerce (or Related Organisations) in Hong Kong
Singapore Chamber of Commerce (Hong Kong)
Initiated by a group of Singaporean businessmen in Hong Kong, the Singapore Chamber of Commerce (Hong Kong) was incorporated in Hong Kong in September 1995 with the support of the Singapore Consulate-General, the then Singapore Trade Development Board, the Singapore Economic Development Board and the Singapore Tourism Board.
Consulate-General of the Republic of Singapore in Hong Kong
Address: Unit 901, 9th floor, Admiralty Centre Tower I, 18 Harcourt Road, Hong Kong
Hours of Business: Monday to Friday, 9:00 a.m. - 12:30 p.m.; 2:00 p.m. - 5:30 p.m.
Honorary Consul: Ms Foo Teow Lee
Tel: (852) 2527 2212
Fax: (852) 2866 1239
11.5 Visa Requirements for Hong Kong Residents
Hong Kong SAR passport holders have been granted visa-free or visa-on-arrival for Singapore. This visa-free arrangement is valid for 30 days from entering into the country.
Source: Visa on Demand