Currency, Singapore Dollar

5.92 million


531 billion



Ease of Doing Business

English/ Mandarin




Grow your team in Singapore

Benefits of hiring in Singapore

Singapore is one of the Four Asian Tigers and a top market for growing tech companies. The World Bank ranks it second for ease of doing business, only behind New Zealand.

Singapore’s geography places it within a six-hour radius of any Southeast Asian country, creating a feasible hub for accessing the region’s quickly growing consumer market.

Singapore is one of the world’s top exporters of products and services. Singapore has no foreign debt but maintains high government revenue and a persistent surplus. The Singaporean economy remains one of the world’s most stable.

Singapore has an English-speaking population with proficiency levels surpassing all other Asian markets. The city-state’s census data shows English is the country’s predominant language, and a majority of Singaporeans use English as their primary language at home.

Singapore has no foreign debt but maintains high government revenue and a persistent surplus. The Singaporean economy remains one of the world’s most stable.

Challenges of hiring in Singapore

Singapore is hugely dependent on imports due to the country’s relatively small size, which disallows agricultural growth and an abundance of natural resources. In 2021, imported goods accounted for 95% of GDP.

In recent years, competition in the Singaporean market has become intense, as global powers are highly attracted to the country’s economy.

Rental and operating costs are known to be excessive, making promotional marketing a challenge for foreign businesses.

In recent years, competition in the Singaporean market has become intense, as global powers are highly attracted to the country’s economy.

Cultural nuances of doing business in Singapore

Business meetings in Singapore are typically formal and slow-moving.

Be punctual for meetings and apologize for tardiness if late.

Receiving a business card with respect is representative of the deference given to the person who provides the card. Use both hands when receiving and giving business cards.

Singaporeans generally respect authority, and asking questions can be perceived as challenging that. Actively encourage questions to receive feedback.

Use an indirect approach while making a corrective proposition to steer clear of causing your Singaporean colleagues to lose face.

Allow moments of occasional silence for your Singaporean colleagues to contemplate a response to what has been said, as it may take up to 10 seconds for them to speak when given the opportunity.

Singaporean business culture is hierarchical by age and position. In meetings, discern the most senior colleague and show attentiveness by asking their point of view throughout.

Singaporean business culture heavily rewards personal relationships. Building trust is essential to fulfilling a successful business partnership.

One of the major religions in Singapore is Islam. Meetings may be interrupted by practicing Muslims for their prayer sessions. It’s wise to schedule meetings that are cognizant of Muslim prayer times and holidays.

Singaporean business culture heavily rewards personal relationships. Building trust is essential to fulfilling a successful business partnership.

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Hiring in Singapore

  • Employment agreements in Singapore

    Employers must issue employees a written contract of the key employment terms no later than 14 days after an employee begins work. The key employment terms include the following:

    • Job title and work description
    • Employment start date
    • Daily work hours, work days per week, and rest days
    • Salary and pay period
    • Types of leave
  • Probationary periods in Singapore

    There is no legal requirement for a probationary period in Singapore, but they are permissible and usually set between three and six months.


Easily navigate payroll laws, contributions, and requirements in Singapore


Tax due date in Singapore

 Tax returns need to be filed by April 15 for hardcopy filing and by April 18 for electronic filing.


Payroll cycle in Singapore

Singapore’s Employment Act designates that an employee’s salary must be paid at least once a month within seven days after a salary period’s end.


Average weekly working hours in Singapore

The Singaporean Employment Act describes normal working hours as not exceeding eight hours daily or 44 hours weekly.

  • Minimum wages and salaries in Singapore

    According to the Singaporean Ministry of Manpower, there is no prescribed minimum wage for local or foreign employees in Singapore.

  • Bonus payments in Singapore

    There is no legal obligation under the Employment Act of Singapore for employers to reward employees with a contractual or discretionary bonus. However, a 13-month bonus is customary at the inclination of the employer.

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Taxes and social security in Singapore

Regardless of resident status, all Singapore-sourced income is taxable. Income from outside Singapore is only taxable if it’s received within the country by a Singaporean resident through a partnership in Singapore.

Non-resident individuals are taxed at a flat rate of 22% in 2022 and 24% in 2024. However, employment income is taxed at a flat rate of 15% or at resident rates with personal relief, whichever is higher.

Tax thresholds in Singapore

The Singaporean income tax brackets for 2022 to 2024 are:

  • Up to SGD 20,000: 0%
  • From SGD 20,000 to SGD 30,000: 2%
  • From SGD 30,000 to SGD 40,000: 3.5%
  • From SGD 40,000 to SGD 80,000: 7%
  • From SGD 80,000 to SGD 120,000: 11.5%
  • From SGD 120,000 to SGD 160,000: 15%
  • From SGD 160,000 to SGD 200,000: 18%
  • From SGD 200,000 to SGD 240,000: 19%
  • From SGD 240,000 to SGD 280,000: 19.5%
  • From SGD 280,000 to SGD 320,000: 20%
  • From SGD 320,000 to SGD 500,000: 22%
  • From SGD 500,000 to SGD 1,000,000: 22% in 2022 and 2023. 23% in 2024.
  • Above SGD 1,000,000: 22% in 2022 and 2023. 24% in 2024.

Health benefits in Singapore

Through a mixed financing system, Singapore’s healthcare system is universal with a multiplayer healthcare financing framework. Multiple schemes and payers typically overlap and cover a single medical treatment. The 3Ms system includes the following programs:

  • MediShield Life: Singapore’s public statutory insurance system covers large bills from hospital services
  • MediSave: Singapore’s national medical savings scheme helps cover out-of-pocket medical payments
  • MediFund: Singapore’s national government welfare program caters to the most at-need residents who cannot afford out-of-pocket medical payments

Pension in Singapore

Employees in Singapore are subject to eligibility requirements for the state’s old-age retirement pension. When employees reach 55 years of age, savings from contributions made to their Central Provident Fund’s (CPF) Special account and Ordinary account will be transferred to their Retirement account. Employees 55 years of age are eligible to receive their savings as a lump sum. Employees 65 years of age are eligible to withdraw up to 20% of their Retirement account savings. Additionally, 65 years is the eligibility age for receiving monthly payouts from a CPF account.

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Leave entitlements in Singapore

  • Annual leave in Singapore

    Employees are entitled to annual leave if they are covered by Singapore’s Employment Act and have at least three months of service. Employees are entitled to a minimum of seven days and receive an additional day of leave after each year of service, limited to a maximum of 14 days.

  • Parental and maternity leave in Singapore

    Employees in Singapore are guaranteed 16 weeks of paid maternity leave upon the condition of having worked for at least three months, and the child is a citizen of Singapore. If the child is not a Singaporean citizen, maternity leave consists of 12 weeks.

    Employees in Singapore are eligible for two weeks of Government Paid Paternity Leave (GPPL) after meeting the following conditions:

    • The child is a citizen of Singapore
    • The employee has been legally married to the child’s mother between conception and birth
    • The employee has worked for his employer for at least three months prior to childbirth

    Adoptive fathers are eligible for paternity leave if the child is a citizen of Singapore.

  • Sick leave in Singapore

    Employees are eligible for sick leave if:

    • They are covered under the Singaporean Employment Act
    • They have worked for their employer for at least three months
    • They have informed or tried to inform their employer of their absence within 48 hours

    The Singaporean Employment Act designates sick and hospitalization leave depending on an employee’s length of service. The leave entitlements are as follows:

  • National and regional holidays in Singapore

    Singapore has 10 public holidays in a calendar year, which are not included in the minimum paid leave entitlement and are taken in addition to annual leave. The following holidays are national holidays recognized by all of Singapore:

    • New Year’s Day (January 1)
    • Chinese New Year (January or February, the specific days fluctuate each year)
    • Good Friday (March or April, the specific day fluctuates each year)
    • Labor Day (May 1)
    • Hari Raya Puasa (March, April, or May, the specific day fluctuates each year)
    • Vesak Day (May or June, the specific day fluctuates each year)
    • Hari Raya Haji (May, June, or July, the specific day fluctuates each year)
    • National Day (August 9)
    • Deepavali (October or November, the specific day fluctuates each year)
    • Christmas Day (December 25)

Employment benefits in Singapore

The Ministry of Manpower provides overall administration of labor relations, workforce needs, and old-age retirement procurement assistance.

The Ministry of Health regulates the country’s public healthcare system.

The Central Provident Fund (CPF) is a mandatory social security savings scheme funded by contributions from employers and employees. The CPF is an integral part of the Singaporean Social Security system, as it maintains all employees’ old-age retirement pensions, housing needs, and healthcare coverage.

The CPF funds are classified into three separate accounts: the Ordinary account, the MediSave account, and the Special account. The Ordinary account is used to purchase housing, make investments, or pay for education. The MediSave account is used for medical expenses and health insurance. The Special account is used for retirement savings and pension.



Termination and notice period in Singapore

If an employee is covered under Singapore’s Employment Act:

  • The notice period’s length must be the same for both the employer and employee
  • If the employment contract doesn’t include a notice period, the employer must comply with the Employment Act’s minimum notice periods, which depend on an employee’s length of service and span between one day to four weeks
  • Payment in lieu of notice is permissible by either employer or employee
  • Either employer or employee may immediately terminate the employment relationship due to a willful breach of contract by the other party

Singaporean law does not have any statutory requirements for severance payments. The employment contract must address any entitlement to severance payments.


  • What is an employer of record in Singapore?

    An employer of record (EOR) in Singapore is a third-party organization that becomes the full legal employer of your in-country workforce. The EOR compliantly handles employer-related responsibilities like onboarding, pay, and benefits while enabling you to continue managing the day-to-day operations of your team.

  • How does an employer of record in Singapore help hire talent?

    An EOR enables you to hire in Singapore without going through the complexities and restrictions of setting up a legal entity. As an EOR, Velocity Global acts as the legal employer, hiring your new team members through local, compliant employment contracts—you get back the time and flexibility to focus on your growing business.

  • Can an employer of record run payroll in Singapore?

    When you work with Velocity Global’s EOR solution in Singapore, our experts compliantly handle all payroll and benefits for each of your team members in the country.

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