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.
Aspect | Singapore | Australia |
Population | 5.7 million | 25.9 million |
Territory | 724.2 sq km | 7.69 million sq km |
GDP | $340 billion | $1.3 trillion |
Unemployment Rate | 2.4% | 4% |
FDI Inflow | $87.4 billion | $19.6 billion |
GDP per Capita | $59,797 | $51,692 |
Business Environment (World Bank Rank) | 2 | 14 |
Protecting Minority Investors (Rank) | 3 | 57 |
Enforcing Contracts (Rank) | 1 | 6 |
Starting a Business (Rank) | 4 | 7 |
Corporate Income Tax | 17% | 30% |
Personal Income Tax | 0%-24% (Residents) | 0%-45% (Residents), 32.5%-45% (Non-Residents) |
GST | 9% | 10% |
Capital Gains Tax | 0% | 30-45% |
Dividend Tax | 0% | 30% |
Interest Tax | 15% | 10% |
Royalty Tax | 10% | 30% |
Government Assistance | Various tax incentives, aid programs | Grants, tax incentives, R&D tax incentive, regional support programs |
Workforce Education | 47% with degree or diploma | 43% with degree or diploma |
Maximum Weekly Working Hours | 12 hours a day | 38 hours per week |
Minimum Wage | No minimum set | AUD 17.70 per hour |
Business Language | English (Primary), various ethnic languages | English (Majority), European and Asian languages |
Business Incorporation Categories | Private limited companies, subsidiaries, representative offices, sole proprietorships | Subsidiary companies, registered foreign companies |
Setup Steps | 2 steps | 3 steps |
Filing Requirements | Annual financial reports, filing of annual return and tax return | Annual financial reports, audited reports, PAYG tax collection system |
Immigration Requirements | Employment Permit, EntrePass | Skilled visa, subclass 457 working visa |
Infrastructure | Strong digital connection, well-connected to global markets | Vast territory, potential logistics challenges |
Intellectual Property Protection | Strong IP protection laws, government support programs | Federal and common law protection, international agreements |
Quality of Life | High quality of life with safe cities | Greater quality of life with safe cities |