Singapore Economy, Politics, and Culture

When naming countries that have enjoyed economic success, one cannot leave out Singapore. After separating from Malaysia over ideological differences in 1965, Singapore experienced rapid economic growth which was attributed to its workforce and external trade. Such changes have made the country a global hub of entertainment, education, manufacturing, healthcare, tourism, innovation, technology, as well as logistics. This has been attributed to good leadership, good economic policies, and a peaceful political environment. Singapore has thus experienced a tremendous transformation to become an economic hub in the globe.

With a population of fewer than six million people, the unemployment rate in Singapore is 2.02%, making it one of the lowest in the world. Such low rates have been the result of economic success experienced by the country since becoming a sovereign state in 1965.

In Singapore, culture is shaped by the language spoken by different segments of the population. English speakers tend towards the western culture like the country’s education system and holidays. The Chinese speakers prefer Chinese culture like the practice of the Taoism religion. On the other hand, the Malay speakers as expected, lean towards Malay culture. The Malay culture in Singapore includes the practice of Islam, attending religious schools called Madrasahs, and the ability to speak Javanese.

Despite these differences, Singaporeans understand that racial and religious harmony is crucial in determining the success of their country. With the country’s current political climate relatively stable, there is little doubt that Singapore will continue to flourish in the global world.

2021
April 2Good Friday
May 1Labour Day
May 13Hari Raya Puasa
May 26Vesak Day
July 20Hari Raya Haji
August 9National Day
November 4Diwali/Deepavali
December 25Christmas Day
  • LLP (limited liability partnership)
  • Pte Ltd/Sdn Bhd (private limited company/Sendirian Berhad)
  • Ltd/Bhd (public limited company/Berhad)
  • Corporate Tax: 17%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 22% (+ 20% tax on pension)
  • VAT/GST/Sales Tax: 0%
  • DBS Bank (Local Bank)
  • Oversea-Chinese Banking Corporation (OCBC) (Local Bank)
  • United Overseas Bank (UOB) (Local Bank)
  • ABN-AMRO Singapore (Commercial Bank)
  • AFC Merchant Bank (Commercial Bank)
  • ANZ Singapore (Commercial Bank)
  • Arab Bank Singapore Branch (Commercial Bank)
  • Citibank Singapore (Commercial Bank)
  • Deutsche Bank AG Singapore Branch (Commercial Bank)
  • Development Bank of Singapore (DBS) (Commercial Bank)
  • Keppel TatLee Bank (Commercial Bank)
  • Oversea-Chinese Banking Corporation Limited (OCBC) (Commercial Bank)
  • Overseas Union Bank (Commercial Bank)
  • Standard Chartered Bank (Commercial Bank)
  • United Overseas Bank (Commercial Bank)
  • American Express Bank Limited (Now under Standard Chartered Bank) (Foreign Bank)
  • Bangkok Bank (Foreign Bank)
  • Bank of America (Foreign Bank)
  • Bank of China (Foreign Bank)
  • Bank of East Asia  (Foreign Bank)
  • Bank of India (Foreign Bank)
  • Bank of Tokyo-Mitsubishi UFJ  (Foreign Bank)
  • Calyon (Foreign Bank)
  • Citibank (Foreign Bank)
  • Hongkong and Shanghai Banking Corporation (Foreign Bank)
  • Hong Leong Bank Berhad (Foreign Bank)
  • Indian Bank (Foreign Bank)
  • Indian Overseas Bank (Foreign Bank)
  • JPMorgan Chase Bank (Foreign Bank)
  • PT Bank Mandiri (Persero) Tbk. (Foreign Bank)
  • PT Bank Negara Indonesia (Persero) Tbk. (Foreign Bank)
  • RHB Bank Berhad (Foreign Bank)
  • Southern Bank Berhad **Now CIMB Bank (Foreign Bank)
  • Sumitomo Mitsui Banking Corporation (Foreign Bank)
  • UCO Bank (Foreign Bank)

Aadmi can support you with your expansion to Singapore. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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