Singapore: Operating a Business

Enterprises Federation

Singapore Business Federation

Search a Company or a Financial Report

ACRA, Registered Entities on the Accounting and Corporate Regulatory Authority.

Business Setup Procedures

For Further Information

Consult Doing Business Website, to know about procedures to start a Business in Singapore.
Accounting and Corporate Regulatory Authority

The Competent Organization

The Accounting and Corporate Regulatory Authority of Singapore.

Recovery Procedures

Principle

As a company declares bankruptcy, an Official Assignee takes over to manage the process.
The bankrupt would be subject to several restrictions, one of which is that he/she may not travel out of the country without the Official Assignee's permission.
The bankrupt would also be automatically disqualified from acting as a Director of a company or from taking part in the management of a business, whether directly or indirectly.
Certain provisions in the Bankruptcy Act may be invoked to “claw back” assets given away or transferred by the bankrupt within qualifying periods before his/her bankruptcy. The assets clawed back would be used to repay creditors.
Provisions may seem less severe for foreign companies, since they are not required to guarantee debt in the original registration. A company may be reorganized through a scheme or arrangement, or by applying to the court for an order for the company to be placed in judicial management.
For more details, visit: Insolvency and Public Trustee' Office (PTO Online)

Minimum Debt-to-Capital Ratio Triggering Liquidation

There is no minimum debt-to-capital ratio that triggers recapitalization or liquidation. In many cases, however, foreign shareholders recapitalize in order to continue business or liquidate in order to withdraw business without dispute with local creditors.

Bankruptcy Laws

Bankruptcy Act

Reorganization and Rehabilitation Laws

A company can be re-organized after applying to the court for judicial management. For more details, consult Bankruptcy Law.

Source: Statistics Singapore

For Further Statistics

Ministry of Manpower

For Further Information About the Labor Market

Statistics, Labor, Employment and Wages

Opening Hours

 

• Legal Weekly Duration

8 hours per day and 40 hours per week with one-hour lunch break.

• Maximum Duration

44 hours

• Night Hours

11 pm – 7 am

Working Rest Day

As per the Employment Act, an employee is entitled to a rest day comprising one whole day (midnight to midnight) every week. The rest day can be on a Sunday or any other day.

Paid Annual Vacation

The Employment Act specifies that all workers are entitled to seven days of paid annual vacation during their first year of service and an additional day of paid leave for every year after that. This implies a maximum of 14 extra days, or 21 days total.

Retirement Age

62 years

Child Labor and Minimum Age For Employment

Employment Act prohibits the employment of children under the age of 12.

Informal Labor Market

Because of a higher demand for foreigners working in Singapore, a huge informal sector of illegal foreign workers exists in the country.

Pay

Minimum Wage

Singapore has no minimum wage law.

Average Wage

The average monthly gross earnings in Singapore is USD 2,500.

Other Forms of Pay

• Pay For Overtime

1,5 times the normal hourly rate.

• Pay For Rest Days Worked

Twice the normal hourly rate.

Social Security Costs

The Areas Covered

A comprehensive social security plan is provided to Singapore citizens and Singapore Permanent Residents by contributing to Central Provident Fund (CPF). It covers the following areas: retirement, healthcare, home ownership, Family Protection, asset enhancement.

Contributions

Contributions Paid By the Employer: For non-government employees: 14,5% to 5% (depending upon age)

For government employees: 10,875% to 3,75% (depending upon age)
Contributions Paid By the Employee: For non-government employees: 20% to 5% (depending upon age)

For government employees: 15% to 3,75% (depending upon age)

Competent Organization

Singapore Provident Fund Board

Recruitment

Method of Recruitment

Advertising, educational institutions, direct recruitment.

Recruitment Agencies

Employment Agencies (Private), Labor Contractors (Private).

Recruitment Websites

Association of Employment Agencies (Singapore)
Singapore Jobs Directory
Singapore Job Market

The Contract

Dispute Settlement

Social Partners

Social Dialogue and Involvement of Social Partners

Trade Union Act does not allow the unionization of government employees and uniformed personnel. The act also restricts the Trade Unions' right to select the leader and whom to employ.

Most of the Trade Unions are part of National Trade Union Congress (NTUC) which is closely associated to the government. The government grants renewable licenses to trade unions on yearly basis and strictly controls them.

 

Unionization Rate

25 % (Approximately)

Unions

National Trade Union Congress (NTUC)

Regulation Bodies

Ministry of Manpower
Singapore National Employers' Federation (SNEF)