Singapore’s electronics sector is one of the key pieces of the city’s economic success. The sector is thought to reach a manufacturing value-add of more than 22 billion Singapore dollars and will create more than 2,000 new jobs and opportunities for all levels of employees until 2020. Investors who want to know more about the conditions for opening a company in this field and the taxation principles can request our accounting services in Singapore.
More than 2,100 jobs and a value-add of more than 22 billion until 2020. These are the predictions for Singapore’s electronics sector, made by S. Iswaran, Singapore’s Minister of Trade and Industry. The Government official made these positive predictions during his speech held on the launch of JTC nanoSpace, a new ready-built space for companies in the electronics sector.
The Minister highlighted the fact that the electronics manufacturing sector added up to 4.4 percent of Singapore’s GDP in 2016 and it helped employ some 70,000 people. He also believes that Singapore will attract more foreign investments in this field by transforming the current regime for electronics manufacturing.
Apart from launching a new electronics manufacturing facility in Tampines, the Government also aims to attract and retain talented workers in this field through a Skills Framework for Electronics.
Investors in electronics manufacturing in Singapore are subject to the same taxation rules as other company owners. These types of companies can benefit from tax incentives for special activities, such as research and development. Start-up owners and entrepreneurs are advised to seek these opportunities. One of our accountants in Singapore can give you details on taxation and incentives for these types of corporations.
Contact us for more details on the taxation of foreign companies in the electronics industry or for specializes accounting consultancy for your company in Singapore.