Singapore has consistently been ranked as one of the world’s best places to start and operate a business. Its strong legal framework, ease of doing business, digital infrastructure, and open economy make it especially attractive to entrepreneurs, startups, and international companies. A clear sign of this ongoing interest is the number of new businesses registered — just in March 2025 alone, 4,886 new companies were incorporated in Singapore.

That same month, Singapore was also once again recognised as one of the top performers in the Global Financial Centres Ranking, reinforcing its reputation as a stable and forward-looking financial hub. We’ll take a closer look at this ranking in the sections below and explain what it means for businesses.

This blog post will also highlight key updates relevant to companies operating in or expanding into Singapore. You’ll find information on the new GST InvoiceNow requirement for GST-registered businesses, a guide on record-keeping for non-GST businesses, and newly released e-learning tools to help multinational groups understand the GloBE rules and top-up tax obligations. Whether you’re running a local firm or part of a global group, staying updated on these developments is essential.

Singapore Holds Strong at 4th in Global Financial Centres Ranking

Singapore has maintained its fourth-place position in the latest Global Financial Centres Index (GFCI 37), behind New York, London, and Hong Kong. The report, which assesses 121 financial hubs around the world, highlights Singapore’s consistent performance across key factors such as business environment, human capital, infrastructure, and reputation. The city also placed fifth in financial sector development.

In a breakdown by industry sector, Singapore showed particular strength in professional services, ranking first globally. It also ranked in the top three in the trading, government & regulatory, and fintech fields. These results reflect Singapore’s ability to attract a wide range of financial and business services, especially among mid-sized firms. It was the preferred centre for professionals in companies with 500 to 1,000 employees.

Looking ahead, survey respondents expect Singapore to continue growing in importance as a global financial centre over the next two to three years. This steady outlook supports its role as a hub not only for financial activity, but also for innovation, regulation, and talent development within the sector.

Singapore Secures 2nd Spot Worldwide for Cross-Border Land Investments in 2024

Singapore was ranked number two globally for cross-border investments in land and development sites in 2024, with close to S$2 billion (US$1.5 billion) invested over the year, according to Colliers. This places the city-state among the top global destinations for such investments, underscoring its key role in the international property market.

Although Singapore saw a 5.7% decline in capital outflows in the second half of 2024, it still held its position as the fourth-largest global source of outbound capital. The city remained one of seven Asia Pacific locations in the global top 10 for land and development investments—alongside China, Australia, India, Malaysia, Vietnam, and Japan.

The Asia Pacific region as a whole continued to perform well, attracting 72% of the five-year average investment volume. Singapore’s strong standing within this trend highlights its importance in regional and global capital flows, especially in key sectors like office, industrial, and retail real estate.

Government Commits S$1.2B to Boost Enterprise Expansion

Singapore’s government has announced a S$1.2 billion commitment to support the expansion of local enterprises through two new funding initiatives. The Private Credit Growth Fund (PCGF) and the Long Term Investment Fund (LTIF) are designed to address the financing needs of businesses at different growth stages.

The PCGF, backed by a S$1 billion government injection, will provide non-dilutive financing for high-growth enterprises. This funding option is targeted at companies looking to scale without giving up equity, and more details, including eligibility criteria and fund manager selection, are expected by Q3 2025.

In addition, more than S$200 million will be allocated to the LTIF. This fund is aimed at businesses with longer development cycles, which require patient capital that extends beyond the usual three- to seven-year investment horizon. Full details of the LTIF are set to be shared in the second half of the year.

New Scheme Launched to Preserve Singapore’s Heritage Businesses

The National Heritage Board (NHB) has launched the SG Heritage Business Scheme, aimed at recognising and supporting long-standing local businesses that contribute to Singapore’s cultural identity. The pilot phase runs from 20 March to 18 May 2025 and is initially open to eligible businesses located in the Central Area.

Businesses that qualify will receive various forms of support, including the use of an SG Heritage Business mark for branding and marketing purposes. They will also be offered consultancy services tailored to help with business development and transformation while maintaining their heritage value.

To be eligible, businesses must have been registered and operating in Singapore for at least 30 years, with a minimum of 30% local equity and no operational break longer than two years. Nominations, which can be submitted by business owners or third parties, will be reviewed by NHB and an evaluation panel, with successful businesses to be announced in the third quarter of 2025.

S Pass Salary Threshold Rises to S$3,300, Levy Increases to S$550 from September

Starting 1 September 2025, the minimum qualifying salary for new S Pass applicants will rise to S$3,300. This increase is part of a series of adjustments first announced in Budget 2022. Renewals for existing S Pass holders will reflect the new threshold from 1 September 2026. For older workers in their mid-40s, the salary bar will go up progressively to S$4,800. In the financial services sector, which commands higher wages, the new minimum will be S$3,800, going up to S$5,650 for older applicants.

At the same time, the monthly Tier 1 S Pass levy will increase from S$550 to S$650, aligning it with the Tier 2 levy. These changes aim to ensure that S Pass holders remain comparable to the top third of local associate professionals and technicians. Since 2022, the minimum qualifying salary for S Pass holders has been adjusted upwards every year.

Separately, enhancements were announced for the Manpower for Strategic Economic Priorities (M-SEP) scheme. From 1 May 2025, eligible firms will benefit from a longer support period of three years, up from two. A new option will also be added to the local workforce commitment requirement, allowing companies to qualify by sending local employees on overseas training or leadership programmes.

Singapore and Vietnam Elevate Ties with Comprehensive Strategic Partnership

Singapore and Vietnam have officially upgraded their bilateral ties to a Comprehensive Strategic Partnership (CSP), marking the highest level of diplomatic relationship between the two countries. The announcement was made during a joint press conference by Prime Minister Lawrence Wong and Communist Party of Vietnam General Secretary To Lam, who was on a three-day official visit to Singapore.

The CSP will expand cooperation into several areas such as the digital economy, renewable energy, carbon credits, and subsea cable connectivity. It builds on the Strategic Partnership signed in 2013, which focused on trade, investment, defence, and training. Both governments outlined six areas of cooperation under the CSP, covering topics from economic ties and energy collaboration to digital innovation and regional cooperation.

The leaders also oversaw the exchange of eight memoranda of understanding and agreements, including those focused on wind power trade, fintech, and financial innovation. Two new Vietnam-Singapore Industrial Parks (VSIPs) were announced, bringing the total to 20 across 14 provinces. As of the end of 2024, bilateral trade in goods had reached S$31.6 billion, and Singapore remained Vietnam’s largest foreign direct investor. The partnership is expected to strengthen economic links while opening more opportunities in both established and emerging sectors.

Bizfile iShop Expands Access to Business Information Products

ACRA has expanded the range of business information products available through the Bizfile iShop. Two new categories can now be purchased directly by users: the Register of Members (ROM) and extracts of key corporate filings.

The ROM is now available for S$20 per copy. Buyers are advised to wait up to 60 minutes after filing any share allotment or transfer to ensure the latest information is reflected. For transactions submitted under General Lodgement (Shares), access to the ROM is only possible once the transaction is approved. Updates to share-related filings made under General Lodgement (Others) will be reflected after a refiling, unless ACRA advises otherwise.

In addition, extracts for several types of filings made from 9 December 2024 are now available for purchase. These include name applications, entity registrations, annual returns, annual declarations, and charges. Extracts for other types of transactions will be added over time. Purchases can be made through the “Buy information” tab on Bizfile.

New Guidelines Equip Employers for Weather-Related Workplace Safety Challenges

To help companies manage weather-related risks, the Ministry of Manpower (MOM) and the Workplace Safety and Health (WSH) Council have issued new guidelines covering conditions such as strong winds, floods, lightning, heat stress, and haze.

The guidelines are broad to suit different industries and business sizes, and were shaped with input from WSH committees across the construction, marine, and chemical sectors. They are meant to serve as a starting point for companies to build their own specific plans for responding to adverse weather events. Employers are encouraged to conduct drills, set up communication systems, and take steps to secure temporary structures and equipment.

Although the guidelines are not mandatory, MOM reminded employers of their duty under the WSH Act to maintain safe work environments. MOM may carry out checks and will take action if safety lapses are found. Coordination between employers and contractors is also expected to ensure readiness during such events.

Mandatory InvoiceNow for GST-Registered Businesses: What You Need to Know

IRAS will make it mandatory for GST-registered businesses to transmit invoice data through InvoiceNow-Ready Solutions using the InvoiceNow network. This requirement will start progressively, beginning with newly incorporated companies registering for GST voluntarily from 1 November 2025. From 1 April 2026, it will apply to all new voluntary GST registrants. A soft launch for early adoption begins 1 May 2025, and IRAS encourages businesses registering from that date to start using InvoiceNow.

InvoiceNow is an e-invoicing system based on the Peppol standard, first introduced by IMDA in 2019. It allows businesses to send and receive invoices in a structured format, which helps reduce manual data entry and errors. Businesses using InvoiceNow-Ready Solutions will automatically transmit invoice data to IRAS. Even if an invoice is issued outside the network (e.g., via POS), it still needs to be recorded and submitted using these systems.

The goal is to improve tax compliance and reduce audit risks. Using InvoiceNow can also speed up GST refunds, lower the chance of invoice errors, and simplify record-keeping. While the initial rollout targets new voluntary GST registrants, the requirement may later be extended to other businesses. IRAS and IMDA will publish more details, including a list of supported solutions and free packages, by May 2025.

IRAS Releases Record-Keeping Guide for Non-GST Businesses

IRAS has released a new e-Tax Guide to clarify the record-keeping duties of businesses that are not registered for GST. These businesses must maintain proper records for income tax compliance, regardless of whether their transactions are done via cash, card, e-commerce platforms, or mobile payment services like PayNow or BNPL systems.

The records required under the new tax guide include source documents such as invoices, receipts, and bank statements; accounting ledgers and journals showing income, expenses, and profits; and any other written evidence of business transactions. These rules apply across all business types and industries.

Since 1 January 2014, simplified record-keeping rules have been available to small businesses. Businesses that meet the qualifying criteria can follow a shorter checklist under the simplified guide instead. The aim is to make it easier for small businesses to comply while maintaining necessary standards for income tax reporting.

IRAS Unveils e-Learning Videos on GloBE Rules and Domestic Top-up Tax

IRAS has launched a set of e-learning videos to help MultiNational Enterprises (MNEs) understand Singapore’s Global Anti-Base Erosion (GloBE) Rules and the Domestic Top-up Tax (DTT). These online resources are intended to guide MNE groups that fall under the new Multinational Enterprise Top-up Tax (MTT) framework.

The first video module focuses on the scope and charging rules for the GloBE and DTT. It is split into two parts, with accompanying slides available in PDF format. These free videos are hosted on the IRAS YouTube channel.

This initiative will help businesses comply with the latest international tax developments. The videos break down complex tax topics into digestible lessons, helping corporate taxpayers understand how the rules apply to their situations.

How We Can Help

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