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Singapore – A Snapshot Comparison | Singapore vs Australia

A Snapshot Comparison | Singapore vs Australia

A Snapshot Comparison | Singapore vs Australia 

Explore the business landscapes of Singapore and Australia with this comparative summary. Gain insights into key factors, from population and GDP to tax structures, workforce, and quality of life. This table highlights essential aspects, helping you make informed decisions on where to establish and grow your business.

AspectSingaporeAustralia
Population5.7 million25.9 million
Territory724.2 sq km7.69 million sq km
GDP$340 billion$1.3 trillion
Unemployment Rate2.4%4%
FDI Inflow$87.4 billion$19.6 billion
GDP per Capita$59,797$51,692
Business Environment (World Bank Rank)214
Protecting Minority Investors (Rank)357
Enforcing Contracts (Rank)16
Starting a Business (Rank)47
Corporate Income Tax17%30%
Personal Income Tax0%-24% (Residents)0%-45% (Residents), 32.5%-45% (Non-Residents)
GST9%10%
Capital Gains Tax0%30-45%
Dividend Tax0%30%
Interest Tax15%10%
Royalty Tax10%30%
Government AssistanceVarious tax incentives, aid programsGrants, tax incentives, R&D tax incentive, regional support programs
Workforce Education47% with degree or diploma43% with degree or diploma
Maximum Weekly Working Hours12 hours a day38 hours per week
Minimum WageNo minimum setAUD 17.70 per hour
Business LanguageEnglish (Primary), various ethnic languagesEnglish (Majority), European and Asian languages
Business Incorporation CategoriesPrivate limited companies, subsidiaries, representative offices, sole proprietorshipsSubsidiary companies, registered foreign companies
Setup Steps2 steps3 steps
Filing RequirementsAnnual financial reports, filing of annual return and tax returnAnnual financial reports, audited reports, PAYG tax collection system
Immigration RequirementsEmployment Permit, EntrePass

Skilled visa, subclass 457 working visa

InfrastructureStrong digital connection, well-connected to global marketsVast territory, potential logistics challenges
Intellectual Property ProtectionStrong IP protection laws, government support programsFederal and common law protection, international agreements
Quality of LifeHigh quality of life with safe citiesGreater quality of life with safe cities