8 vital Singapore governement agencies for your company operations

1.2. Central Provident Fund (CPF)

The Central Provident Fund (CPF) was instituted in 1955 with the primary aim of aiding workers in saving for their retirement. Over time, it has continuously evolved to adapt and cater to the changing needs of each succeeding generation of Singaporeans.

It is a mandatory savings scheme that enables working Singaporeans and their employers to set aside a portion of their income to fund their retirement, healthcare, and housing needs. CPF is contributed by both the employees (through payroll deduction) and employers at the regulated rate by the CPF Board. 

The “Employer” option at the official website of CPF offers:

• A web portal to register CPF for companies and employees.
• Guidance on the responsibilities of the employers towards CPF and its associated funds (for example, MediSave fund for healthcare).

1.3. Economic Development Board (EDB)

The Economic Development Board (EDB) is the governmental body that provides information on the emerging industrial sectors, as well as information for enterprises researching business opportunities in Singapore to serve the idea of enhancing Singapore's position as a global business hub and a prime destination for investments.

Business owners can engage with the Economic Development Board (EDB) in several ways to support and enhance their business operations in Singapore.

• Investment opportunities, and industry insights, in various fields for start-ups;
• Incentives and support schemes are available for businesses. These can include grants, tax incentives, or programs to facilitate research and development.
• Networking and collaboration with various stakeholders, including local businesses, international corporations, government agencies, and research institutions.

Global Investor Programme – GIP for individual investors wishing to relocate to Singapore. This program designs development plans for the investor to execute and secure Singapore Permanent Residence status (PR), granting benefits such as loans and education.

1.4. Enterprise Singapore (ES)

Enterprise Singapore (ES) is a government agency in Singapore dedicated to championing enterprise development. It was formed through the merger of International Enterprise (IE) Singapore and SPRING Singapore to provide integrated support to local businesses in their various growth stages.

You can leverage Enterprise Singapore (ES) for various forms of support, guidance, and resources that are essential for different stages of business growth and development such as

• Start-up support: you can gain access to guidance, mentorship, and valuable resources to help in the initial phases of business development
• Standards and Quality Enhancement: ES guides you to meet international standards and assists in obtaining certifications to boost credibility and market access.
• Access to funding and grants: ES administers various grants and financial assistance schemes for businesses

1.5. Inland Revenue Authority of Singapore (IRAS)

The Inland Revenue Authority of Singapore (IRAS) is one of the most vitally important Singapore agencies. 

IRAS is the primary tax authority in Singapore responsible for administering and enforcing tax policies in the country. Singapore companies are obliged to declare all taxes related to their business activities. Some of the main tax types are:

• Corporate Income Tax,
• Withholding Tax,
• Goods and Services Tax (GST),
• Personal Income Tax

Moreover, IRAS also provides useful resources and knowledge for tax - tax-tax-accounting aspects. For instance, you can learn about taxes on property or shares, taxes on charities and non-profit organizations, etc.; and information on the Double Tax Avoidance Agreement between Singapore and other countries.

Besides, IRAS is the only body through which you can handle tax-related matters and submit important annual returns.

1.6. Ministry of Manpower (MOM)

MOM or Ministry of Manpower is a government organ administering all the issues relating to residence and employment and fostering a conducive work environment for both employers and employees.  

MOM is also in charge of processing visa applications for work, study, or living in Singapore and Long term visit pass or Dependent pass for family members of working visa holders in Singapore.

MOM also provides useful information and guidance on labor employment, health, and safety requirements at workplaces, as well as detailed employment situations in Singapore (for example, employment rate, blacklist of training centers and employers).

Therefore, you can reach out to MOM for various services and support related to workforce management, employment regulations, employment service and work pass applications such as 

1. Employment Pass
2. S Pass
3. Personalized Employment Pass
4. EntrePass

Besides, you can access MOM's Job Bank to post job vacancies or get insights into industry trends and labor market demands.

1.7. SkillsFuture Singapore (SSG)

SkillsFuture Singapore (SSG) is a statutory board in Singapore that oversees the SkillsFuture movement, which aims to encourage lifelong learning and skill development for individuals to enhance their employability and remain adaptable in the ever-evolving job landscape

When hiring any local employees, business owners must refer to SSG to register the SkillsFuture Development Levy (SDL). SDL funds will be transferred to the Skills Development Fund to aid labor resource improvement programs. SDL funds also offer grants for employers to send their employees to certified training courses in different fields.

Businesses with training and development branches in Singapore can also register with SSG to be certified SkillsFuture Training Providers, offering local employees better networking opportunities with new enterprises.

In addition, SkillsFuture opens up opportunities for new businesses to organize practical internship and training programs for students in universities and colleges.

1.8. Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) is Singapore's central bank and financial regulatory authority. It is responsible for formulating and implementing monetary policies, ensuring the stability of the financial system, and regulating financial institutions and markets in Singapore.

MAS is what business owners, especially entrepreneurs working in the financial sector, need to remember ber to navigate regulatory frameworks and benefit from various services

You can engage with the Monetary Authority of Singapore (MAS) in several ways:

• Licensing and Approvals: If you seek to operate in the financial services industry, such as banks, insurance firms, or capital market entities, you need to obtain a license from MAS.
• Fintech and innovation Support: For businesses involved in financial technology (fintech) or innovation, MAS provides support through initiatives like regulatory sandboxes and collaboration opportunities,
• Guidance on Monetary Policies: You can stay informed about Singapore's monetary policies and their potential impacts on business operations and financial planning. 

2. How can we help you work with these 8 crucial Singapore government agencies?

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you

• Register a company in Singapore;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for Singapore business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

3. FAQs about Singapore government agencies?

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

Our areas of expertise include:

• Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
• Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
• Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
• Opreation support:
• Registered adress;
• Foreign consular legalization;
• Trademark and patent protection registration in Singapore and the US;
• Employment Pass application in Singapore and Hong Kong;
• Website design, international SIM number provision;
• DUNS registration.

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