Business Administration in Singapore

Overview by Globlatrade.net:

Setting Up a Company

Legal Business Entities

Types of Companies and Capital (Max/Min) Number of Partners/Shareholders and Liability Registration Fees
Company Limited by Guarantee.
 
 
No minimum capital.
Minimum 2.
 
 
Liability is limited to the amount of guarantees
Around SGD 600
Company Limited by Shares and Guarantee.
 
 
No minimum capital.
Minimum 2.
 
 
Liability is limited to the amount of guarantees
Between SGD 1,200 and 35,000.
Private Company or Sendirian Berhad (Sdn Bhd)
 
 
No minimum imposed by the law, in practice, capital is SGD 25,000
Minimum 2. Maximum 50 shareholders.
 
 
Liability is limited to the amount contributed.
Between SGD 1,200 and 35,000.
Public Company or Berhad (Bhd)
 
 
No minimum capital.
No minimum
 
 
Liability is limited to the amount contributed.
Between SGD 1,200 and 35,000.
General Partnership
 
 
No minimum capital.
Minimum 2. Maximum 20
 
 
Liability is unlimited.
Around SGD 600
Limited Partnership
 
 
No minimum capital.
Minimum 2. Maximum 20.
 
 
At least one person has an unlimited liability. Other partners' liability is limited to the amount they contributed.
Around SGD 600
Sole Proprietorship
 
 
No minimum capital.
1 only person.
 
 
Liability is unlimited.
Around SGD 600
Unlimited Company
 
 
No minimum capital.
Minimum 2.
 
 
Liability is unlimited.
Around SGD 600
 
Business Setup Procedures
The company's founders in Singapore have to register the company's name and pay registration fees. Investors have then to register their company with the Registry of Companies and Businesses (RCB) which delivers a registration certificate.
The Competent Organization
The Accounting and Corporate Regulatory Authority of Singapore.
Search a Company or a Financial Report
ACRA, Registered Entities on the Accounting and Corporate Regulatory Authority.

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Working Conditions

Legal Weekly Duration
8 hours per day and 40 hours per week with one-hour lunch break.
Retirement Age
62 years
Working Contracts

However the nature of contract depends on the type of contract which could be of following types: Annual hours contract, casual workers contract, fixed-term contract, home-workers contract, job sharing contract, flexi-time contract, part-timers contract, self-employed workers contract.

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Cost of Labor

Minimum Wage
Singapore has no minimum wage law.
Average Wage
The average monthly gross earnings in Singapore in 2007 was USD 2,500.
Social contributions
Social Security Contributions Paid By Employers: For non-government employees: 14,5% to 5% (depending upon age)

For government employees: 10,875% to 3,75% (depending upon age)

Social Security Contributions Paid By Employees: For non-government employees: 20% to 5% (depending upon age)

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

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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.

Unions
National Trade Union Congress (NTUC)
Unionization Rate
25 % (Approximately)
Labor Regulation Bodies
Ministry of Manpower
Singapore National Employers' Federation (SNEF)

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