Additional Singapore resources
Understanding how economics, politics and government intersect can help businesses navigate Singapore's market with confidence. This chapter outlines key institutions, economic zones, essential contacts and support resources for business success.
Country information
Politics and government
The Singapore government is modelled on the three branches of the Westminster system: the legislative, executive and judiciary. The President is the head of state, while the Prime Minister is the head of the government. The legislature makes laws, the executive administers the law, and the judiciary interprets the law.
The legislative branch is unicameral. Members of parliament (MP) are elected at general elections every five years. The leader of the political party that secures most seats in Parliament is asked by the President to become the Prime Minister (PM). The PM then selects Ministers from elected MPs to form the Cabinet.
Singapore is a democracy, but the electoral process has historically favoured the long-ruling People’s Action Party (PAP). The barriers to a stronger opposition include high financial requirements for candidates and legal restrictions on free speech.
Legal system
Singapore’s judicial system was originally based on the English system. While it retains many characteristics of English law, it has evolved with some unique characteristics. The Supreme Court and the State Courts are the two main judicial bodies. The Supreme Court is led by the Chief Justice and has 36 judges, including 24 international judges. There are six types of State Courts in Singapore, including District Courts, Small Claims Tribunals and Employment Claims Tribunals.
Singapore's government and judicial structure
Key government agencies
Key government agencies and industry associations will need to be consulted throughout the process of setting up a business in Singapore. Some of these agencies can also be useful for providing advice and initiating contacts.
The main agencies and their areas of authority relating to foreign businesses are:
| Government agency | Responsibilities | Website |
|---|---|---|
| Ministry of Trade and Industry (MTI) | MTI controls nine statutory boards and one government department to formulate and implement business, industry, and trade-related policies. | mti.gov.sg |
| Economic Development Board (EDB) | EDB is an MTI-controlled board responsible for overseeing industrial and economic strategy and foreign investment. EDB can provide foreign businesses with investment facilitation, industry-specific support, access to talent, and assistance in setting up operations in Singapore. | edb.gov.sg |
| Monetary Authority of Singapore (MAS) | MAS is Singapore’s central bank and financial regulator. They promote economic growth through monetary policy and economic analysis in addition to managing Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. | mas.gov.sg |
| Accounting and Corporate Regulatory Authority (ACRA) | ACRA is Singapore’s regulator for business registration, financial reporting, public accountants and corporate service providers. ACRA oversees company registrations, regulatory compliance and corporate governance proceedings. | acra.gov.sg |
| Enterprise Singapore (ESG) | ESG is the government agency championing enterprise development. They work with businesses to develop capabilities, innovate and internationalise. Foreign businesses can engage with ESG for market insights, business advisory services, access to funding and grants, and networking opportunities. | esg.gov.sg |
| Intellectual Property Office of Singapore (IPOS) | IPOS is Singapore’s national intellectual property (IP) agency responsible for the registration and protection of intellectual property rights, including patents, trademarks, copyrights, and designs. IPOS oversees IP registration and protection and assists in IP rules enforcement. | ipos.gov.sg |
| Singapore Customs | Singapore Customs is the agency responsible for facilitating legitimate trade and ensuring compliance with customs and trade regulations. They administer customs procedures, tariffs, and trade documentation requirements. | customs.gov.sg |
| Inland Revenue Authority of Singapore (IRAS) | IRAS is Singapore’s taxation authority. They oversee the tax systems, review personal and corporate filings and develop tax incentives to encourage investment and innovation. Businesses will engage with IRAS when submitting their annual filings. | iras.gov.sg |
| Singapore Land Authority (SLA) | SLA is the national land agency responsible for managing Singapore’s land resources and land-related information. They oversee land administration, land sales and leases, and property ownership. They can assist foreign businesses with land-related transactions, property information, land use planning, and land lease renewals. | sla.gov.sg |
| Ministry of Manpower (MOM) | MOM is responsible for formulating and implementing labour policies in Singapore. They regulate the employment of foreign workers, ensure workplace safety and health, and promote fair employment practices. MOM processes work pass applications, provides labour market information, ensures compliance with employment regulations, and administers training programs for employees. | mom.gov.sg |
| Competition and Consumer Commission of Singapore (CCCS) | CCCS is the competition watchdog in Singapore responsible for enforcing competition and consumer protection laws. They investigate anti-competitive practices, mergers and acquisitions, and unfair trade practices. Foreign businesses should be aware of competition law and compliance requirements. CCCS also oversees merger notifications, complaints about anti-competitive behaviour and consumer protection issues. | cccs.gov.sg |
Free trade and special economic zones
Singapore has nine Free Trade Zones (FTZ) to facilitate transhipment activities. These are designated areas where products can be produced, imported, stored and re-exported with minimal interference from Singapore Customs.
Taxes are not levied on products transported into or moved between Singapore’s FTZs. Duty and GST are only payable when goods are consumed within the FTZ, or when goods leave the FTZ and enter customs territory for sale or consumption. The full range of FTZ regulations and notifications can be found on the Singapore Customs website.
Singapore's Special Economic Zones (SEZ)
Singapore-Australia bilateral relationship
As one of the first countries to recognise an independent Singapore in 1965, the bilateral relationship between Australia and Singapore is based on strong foundation of diplomatic and economic ties. Singapore is Australia’s largest trade and investment partner in Southeast Asia and was Australia’s sixth largest trading partner in 2024, with total exports reaching AUD 23.3 billion. Since completing the Singapore-Australia Free Trade Agreement (SAFTA) in 2003, the two countries have signed supporting agreements on the digital and green economies.
Both Australia and Singapore are active members of the Asia-Pacific Economic Cooperation (APEC), the Regional Comprehensive Economic Partnership (RCEP), the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Comprehensive and Progressive Agreement on the Trans-Pacific Partnership (CPTPP). The relationship was elevated to a Comprehensive Strategic Partnership (CSP) in 2015.
The Australian and Singaporean prime ministers have met annually since 2016. There are regular ministerial-level meetings on trade, defence and foreign affairs. Further information on the bilateral relationship is available from DFAT.
Useful contacts and support resources
Government organisations
Australian Department of Foreign Affairs and Trade (DFAT)
DFAT manages Australia’s international network, including in Singapore. Australia has an Embassy in Singapore.
Austrade
Austrade is the Australian Government agency responsible for facilitating international trade and investment. Austrade can provide advice on the market, potential in-market partners and export marketing services. Austrade has offices in Singapore.
Export Finance Australia
EFA provides information, support and export finance solutions to Australian businesses looking to expand overseas.
State government agencies
Many state government agencies have representatives or offices in Singapore, including New South Wales, South Australia, Victoria and Western Australia.
Business and industry associations
AustCham Singapore
The Australian Chamber of Commerce in Singapore represents and promotes Australian businesses operating in Singapore. AustCham coordinates a regular program of business seminars, networking and social functions for the business community in Singapore.
Export Council of Australia
The Export Council of Australia is the peak industry body for the Australian export community.
Programs and support
Go Global Toolkit
Austrade's Go Global Toolkit provides information, tools and support to grow your business globally through a range of digital for every stage of the export journey.
Export Market Development Grants (EMDG)
Austrade seeks to help small to medium Australian enterprises grow their exports in international markets through their EMDG grant program.
Industry Growth Program
The Industry Growth Program supports innovative SMEs undertaking commercialisation or growth projects in the National Reconstruction Fund priority areas.
State or territory government trade and investment agencies may also run programs and provide support to businesses looking to expand into international markets. Please consult your relevant state or territory agency for more information.
Southeast Asia Investment Financing Facility (SEAIFF)
The AUD 2 billion SEAIFF will provide loans, guarantees, equity and insurance for projects that would boost trade and investment, particularly in support of the region's clean energy transition and infrastructure development.
Singapore Landing Pad
The Landing Pad helps tech scaleups to expand in Singapore through residencies, coaching, in-market connections and introductions to partners and venture capital.
Singapore Investment Deal Team
The Deal Team brings together the Australian Government’s commercial, finance and policy capability to connect Singaporean projects with Australian investors.
References
A select list of sources used in the development of this publication are included below.
Asia Law Network
Association of Banks in Singapore
Australian Department of Foreign Affairs and Trade
Australian Trade and Investment Commission (Austrade)
Dezan Shira and Associates
DBS
Economist Intelligence Unit
Euromonitor
EY
Freedom House
FitchRatings
Heritage Foundation
HSBC
IMF
International Comparative Legal Guide
International Federation of Accountants
International Forum of Independent Audit Regulators
McKinsey & Company
PWC
Tech in Asia
The Heritage Foundation
Transparency International
S&P Global
United Nations Council of Trade and Development
US Chamber of Commerce
US Department of State
US International Trade Administration
Singapore Government (various sources)
Transparency International
We Are Social
World Bank
A note on currency
All money amounts are in Australian dollars unless otherwise indicated.
Exchange rate used is the historical rate for the previous twelve months.
AUD 1 = USD 0.6482
AUD 1 = SGD 0.8589
Acknowledgements
Asialink Business gratefully acknowledges the assistance and information from the following organisations in the production of this Doing Business Guide:
Austrade Department of Foreign Affairs and Trade
Sue-Ann Wilson, AustCham Singapore
Deepinder Kaur, Sleek
Tristan Perry, RP Financial
Several businesspeople provided anonymous review. We extend to them our sincere appreciation.
Disclaimer
This publication contains country and industry general information and does not address the circumstances of any particular individual or entity. While all efforts have been made by Asialink Business to ensure that the data and information provided herein are accurate, the accuracy of the information in the future cannot be guaranteed.
Users of this document should undertake their own independent analysis and obtain appropriate professional advice, if required, before acting upon such information in any given situation. Asialink Business accepts no liability for any loss which may arise from the use of the information contained in this publication.
Reproduction of any part of this publication without prior written approval of Asialink Business is strictly prohibited. The information in this document is accurate as of September 2025.