SINGAPORE

When you are moving to Singapore as a foreigner, opening a bank account is one of the first things you should do. This section will cover everything from opening a bank account to understanding Singapore’s Credit system, as well as Sinapore’s taxation system

Before opening a bank account, here is the documents you need to open one:

• Valid passport

• Employment pass (EP), S Pass, Dependent’s Pass or Student Pass

• Proof of Address (Rental agreement, utility bill, or official letter)

• Initial Deposit (Varies by bank, usually around SGD 1,000 - SGD 5,000 (600 - 3500 euro)

• Bank reference letter (Sometimes required from your home country bank)

Now that you have all the documents in place, here is a quick step-by-step guide on how to open a bank account:

• Visit a local bank branch

• Provide all the documents mentioned above

• Fill out the account opening forms given to you

• Make the initial deposit (if needed)

• Get your debit card, internet banking details and account number!

In Singapore, the credit is tracked by the Credit Bureau Singapore (CBS). CBS tracks peoples credit histories, including loans and credit cards. When you move to Singapore, banks use CBS to check your creditworthiness for loan and credit card applications. A good credit history makes it easier to get approved.

If you are moving to Singapore as a foreigner, it is crucial to understand the tax system. Singapore is known for its low personal income tax, no capital gains tax and no inheritance tax.

When moving to Singapore, you will not have any credit built up, so here is an easy quick step-by-step to get a jump start on building a good credit score:

• Open a credit card and pay your bills on time

• Pay your rent, phone and utility bills consistently

• Avoid any sort of overdrafts and keep your dept low

• Apply for small personal loans, like a small loan to buy a computer and repay it on time

In Singapore, your employer does not deduct your income tax from your salary. Instead employees file an annual tax return with the Inland Revenue Authority of Singapore (IRAS) to pay taxes based on their total income.

Employers do deduct contributions to the Central Provident Fund (CPF), which is a savings scheme, but this is not a tax.

How do I file taxes?

1. Receive an IRAS Tax Notification

2. Log into myTax Portal using SingPass or Foreign ID

3. Check your pre-filled tax form

4. Declare additional income (if any freelance work)

5. Submit tax return by April 13th

6. Pay tax by May 31st

How to apply for a SingPass:

1. Visit the official SingPass website

2. Click on “Register for SingPass” and follow the instructions

3. Provide your personal details

4. After registration, you will receive an activation code via SMS or email

How to apply for ForeignID:

1. Your ForeignID is issued automatically when your work pass is approved

2. Employers typically handle the application process for foreign workers

3. After approval, you will receive your ForeignID card

How to apply for CPF:

For employers, CPF registration is usually handled by your employer

For self-employed Individuals, you can apply for a CPF registration online through the CPF website

For foreign workers, CPF contributions are generally generally not applicable unless they become a Singapore Permanent Resident