Singapore has one of the most startup-friendly tax environments in the world. New companies pay 0% on the first SGD 100,000 of chargeable income for the first 3 years under the Start-up Tax Exemption scheme.
Banking in Singapore on a EntrePass
Singapore EntrePass holders are self-employed entrepreneurs. Open both a personal bank account and a corporate account for your Singapore company immediately after incorporation.
Best Banks for EntrePass Holders
| Bank | Type | Key Benefit | Fee |
|---|---|---|---|
| DBS Business | Business | Most established, corporate banking suite | 38 SGD/mo |
| OCBC Business | Business | Digital-first, startup-friendly | 28 SGD/mo |
| Aspire | Neobank | Zero fees, fast onboarding for startups | 0 SGD |
| Airwallex | Multi-currency | Global payments, multi-currency | 0 SGD |
Taxes for EntrePass Holders in Singapore
Singapore has one of the most startup-friendly tax environments in the world. New companies pay 0% on the first SGD 100,000 of chargeable income for the first 3 years under the Start-up Tax Exemption scheme.
| Income Band | Tax Rate |
|---|---|
| Corporate: first 100k SGD (first 3 years) | 0% (Start-up Tax Exemption) |
| Corporate: next 100k SGD | 8.5% |
| Corporate: above 200k SGD | 17% |
| Personal salary drawn | 0-22% progressive (same as PRs) |
Sending Money Home from Singapore
Transfer money internationally with real mid-market rates and low fees. Trusted by 16M+ customers.
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Receiving foreign investment or paying overseas contractors? Singapore has world-class multi-currency infrastructure for startups.
| Service | Rate | Fee | Speed |
|---|---|---|---|
| Airwallex | Mid-market multi-currency | 0.5% | 1-2 days |
| Wise Business | Mid-market | 0.4-1% | 1-2 days |
| DBS Remit Corporate | Near mid-market | 0-5 SGD | 1-2 days |
| Bank Wire | 2-3% markup | 15-25 SGD | 3-5 days |
Cost of Living in Singapore on a EntrePass
Singapore startup costs and living expenses for a founder family:
| Expense | Central Singapore | East/West | Remote/Co-living |
|---|---|---|---|
| Rent 2-bed | 3,500-5,500 SGD | 2,800-4,200 SGD | 2,500-3,800 SGD |
| Office/co-working | 500-1,500 SGD | 400-1,200 SGD | 300-800 SGD |
| Living expenses | 1,500-2,500 SGD | 1,500-2,500 SGD | 1,500-2,500 SGD |
| Total per month | 5,500-9,500 SGD | 4,700-7,900 SGD | 4,300-7,100 SGD |
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Download FreeFrequently Asked Questions
How much funding do I need for the Singapore EntrePass?
You need at least SGD 100,000 in funding from a Singapore government body, accredited investor, or incubator. Alternatively, you must demonstrate significant entrepreneurial track record or hold IP registered in Singapore.
What is the corporate tax rate for EntrePass startup companies in Singapore?
New Singapore companies pay 0% on the first SGD 100,000 and 8.5% on the next SGD 100,000 for their first 3 years under the Start-up Tax Exemption. After that the standard 17% corporate tax rate applies above SGD 200,000.
Can EntrePass holders bring their family to Singapore?
Yes. EntrePass holders can apply for Dependent Passes for their spouse and children. The spouse may apply for a Letter of Consent to work for a specific employer in Singapore.
Does the Singapore EntrePass lead to PR?
Yes. After operating your business successfully for 2 or more years with substantial economic contribution (revenues, hiring Singaporeans), you can apply for Singapore PR. The EntrePass track has a strong PR conversion rate for successful founders.