Q: Where can I change my money to Singapore currency?
Banks and hotels can change money and most shopping complexes have a licensed money changer. Visitors are advised not to change money with an unlicensed operator. Most banks open from 9.30am to 3pm on weekdays and 9.30am to 11.30am on Saturdays.
Q: How do I open a bank account in Singapore?
Each bank has different requirements for opening an account.The minimum balance and account charges may differ from bank to bank.
Apart from filling an account application form, you have to present your passport and Employment Pass for identification.Each bank has different requirements for opening an account. The minimum balance and account charges may differ from bank to bank.
Before opening an account, it is advisable to check for the bank’s specific services and associated fees. Services usually include:
- Savings accounts
- Fixed deposits
- Mutual funds or trusts
- NETS (cash withdrawal) cards that allow for electronic payment for goods and services
- Credit card facilities
- Crediting foreign checks
Q: Who is eligible to apply for an Employment Pass?
Any foreigner may apply for an Employment Pass to be employed or to do business in Singapore if he fulfils the eligibility criteria. For details please see the MOM Homepage .
Q: What must I do if my spouse or child is relocating to Singapore with me?
An Employment Pass holder may apply Dependant's Passes for his / her spouse, unmarried or legally adopted children under 21 years of age.
Q: Who is eligible to apply for Dependant's Pass?
An Employment Pass holder may apply for Dependant's Passes for his wife and unmarried children under 21 years of age.
Q: Can a Dependant's Pass holder work in Singapore?
A Dependant's Pass holder can apply for a Letter of Consent from the MOM if he wishes to work in Singapore. The application form can be downloaded from the MOM Homepage.
Q: Who are required to apply for a Professional Visit Pass?
The ICA Homepage has a list of foreigners who are required to apply for Professional Visit Passes.
Q: I am a professional/specialist. Which Singapore agency should I write to if I wish to seek employment in Singapore?
You may wish to look at the Contact Singapore website for detailed information. You may also get in touch with the Contact Singapore Centres overseas or surf the EDB website.
Q: How can I find out more about terms & conditions of employment in Singapore?
You can look up the Ministry of Manpower Homepage for a list of common questions on terms & conditions of employment in Singapore.
Q: I am an Employment Pass holder, do I have to pay income tax?
If you are here on short term employment lasting not more than 60 days and /or are under the Avoidance of Double Taxation Agreement between Singapore and your country of residence, your earnings are exempted from tax. Otherwise, for a non-resident, the short-term (60 days or less) employment income is exempted from tax. Non-residents who have stayed in Singapore for more than 60 days but less than 183 days will have their employment income taxed at 15%, or at resident rates ranging from 2-28%, whichever gives a higher tax. Only days when non-residents are physically present or working in Singapore are taken into account.
For details Check Inland Revenue Authority of singapore
Q: Are my savings accumulated abroad taxable?
Nope. Savings accumulated overseas are considered capital gains and are therefore non-taxable. However, savings in any of the local banks other than the Post Office Savings Banks (PosBank) are interest rate taxable.
Q: Is my property overseas taxable?
If you are a permanent resident, the rental you receive from your property overseas is taxable.
Q: What is Central Provident Fund (CPF)?
CPF is a comprehensive social security savings scheme to which both employers and employees have to contribute. CPF takes care of members' needs in retirement, healthcare, home ownership, family protection and asset enhancement.
Q: Do foreigners have to contribute to the CPF?
Foreigners only need to begin their monthly contributions to the CPF after having assumed permanent resident status. During the first two years as a permanent resident, contribution rates to CPF are reduced.
For Details check out CPF homepage
Q: Can permanent residents withdraw their Central Provident Fund savings?
PR can withdraw their savings at age 55, after a Minimum Sum in their Retirement Account is set aside. Members can also withdraw their CPF savings if they are permanently incapacitated or will leave Singapore and West Malaysia permanently. If members do return to Singapore, they must reimburse the CPF Board for the amount they had withdrawn with interest.
For more details Check CPF homepage.
Q: I am a foreigner who used to work in Singapore. I have now returned to my own country. How can I apply to withdraw my CPF contributions?
If you have left Singapore and West Malaysia permanently and have no intention of returning for further employment or residence, you may apply for the withdrawal of your CPF savings. To do so, you have to complete the CPF Withdrawal form (CPF-LM) and return it to CPF Board. You can make your request for the form via the CPF Homepage. For details of the application,
you may wish to contact CPF at Tel: (65) 6227-1188 (press 5) or email: Retirement@cpf.gov.sg.
Q: Starting up business. Who is eligible, and the procedures?
If you are a Singapore citizen or permanent resident, or hold an employment pass, you can apply to start a business in Singapore. Individuals and companies registering business firms need not be Singaporeans or incorporated in Singapore. The Registry of Companies and Businesses will be able to advise prospective applicants of the necessary procedures. Application forms can be obtained at RCB.
RCB 10 Anson Road #05-01/15 International Plaza Singapore (079903)
Telephone : 1-800-2226266 Fax : (65) 62251676
For more details visit RCB homepage
CALL: +65 9100 6623 or EMAIL:
Jasper@sghousehub.com For Further Discussion
