Singapore remains a leading destination for entrepreneurs around the world looking to incorporate their companies. This is due to its business-friendly regulations, efficient government services, and a wide range of support schemes for businesses. In May 2025 alone, about 5,000 new companies were registered in Singapore, showing there is continued interest from both local and foreign business owners.

This blog post covers key business updates and developments in Singapore from May 2025. Topics include corporate tax filing tools, digital trade agreements, sustainability initiatives, and government support programmes. Whether you’re launching a new venture or running an established company, these updates can help you stay informed and plan ahead.

Gates Foundation Sets Up Singapore Office with EDB Support

The Bill & Melinda Gates Foundation is expanding its presence in Asia with a new office in Singapore, supported by the Singapore Economic Development Board (EDB). This move aims to deepen the foundation’s collaboration with governments, philanthropies, and institutions across Southeast Asia.

According to Hari Menon, the foundation’s director for South and Southeast Asia, Singapore’s strengths in innovation and philanthropy make it a natural base for directing the foundation’s efforts in global health and development. The new office is expected to support initiatives in areas such as healthcare, education, and poverty reduction.

EDB Managing Director Jermaine Loy highlighted Singapore’s research capabilities and its role as a hub for fintech and AI. These strengths are seen as key in helping the foundation scale up solutions that can make a big impact, within the region and globally.

Government Engages Banks to Boost Business Financing

The Singapore government is in active discussions with banks to explore ways to improve financing schemes for local businesses facing economic pressure. Deputy Prime Minister Gan Kim Yong said on 16 May 2025 that the government is reviewing existing schemes and preparing additional support measures, should conditions worsen.

Local companies have raised concerns about delayed or cancelled orders, as well as difficulties in receiving payments, which are affecting their cash flow. Gan acknowledged these challenges and said that working capital concerns are being considered in the ongoing review of financing programmes.

These comments were made following a meeting of the Singapore Economic Resilience Taskforce (SERT), a group formed to address potential economic shocks and coordinate support for businesses, workers, and households. Gan also noted that households are being supported through measures such as CDC Vouchers — government-issued credits that can be used at local shops and hawkers to help with daily expenses during uncertain times.

New Sustainability Website Launched to Support SMEs

Enterprise Singapore (EnterpriseSG) has launched the SME Sustainability Hub, a dedicated website designed to help Small and Medium-sized Enterprises (SMEs) adopt environmentally sustainable practices. The hub acts as a one-stop platform, providing access to government sustainability programmes, training resources, and practical guides.

The site aims to simplify the process for SMEs that are just beginning to develop greener processes, offering information on financial schemes, including the Productivity Solutions Grant (PSG) for carbon management tools. These pre-scoped solutions support Scope 1 and Scope 2 emissions tracking, which helps businesses understand the emissions they are producing, whether directly or through their use of energy.

As SMEs improve their sustainability efforts, the hub also provides tools to measure Scope 3 emissions, set decarbonisation targets, and manage emissions that come from supply chains. Local companies, such as XCEL Industrial Supplies, say the hub can help companies reduce confusion and offer clear guidance as they align with sustainability goals.

New CSP Act Effective from 9 June 2025

The Corporate Service Providers (CSP) Act and its accompanying regulations will come into force on 9 June 2025. The new framework, administered by the Accounting and Corporate Regulatory Authority (ACRA), introduces stricter requirements for all businesses offering corporate services in and from Singapore.

Under the new law, all entities providing corporate services — such as company formation, registered address, or nominee directorship — must register with ACRA as licensed CSPs. They will be required to comply with regulations meant to fight money laundering, counter terrorism financing, and prevent financing of weapons proliferation.

Additionally, individuals acting as nominee directors by way of business must now be appointed through registered CSPs. These CSPs will be responsible for assessing whether the nominee directors are fit and proper. The law introduces penalties for CSPs and their senior management who fail to meet these compliance obligations.

ACRA Launches Sustainability Reporting Guide for Training Providers

On 19 May 2025, the ACRA launched the Sustainability Reporting Body of Knowledge (SR BOK). This guide is designed to help training providers develop high-quality programmes for professionals involved in sustainability reporting. The initiative was introduced alongside the International Sustainability Standards Board (ISSB) Preparer Readiness Training and supports Singapore’s broader Green Plan 2030.

The SR BOK outlines key knowledge areas such as greenhouse gas accounting and climate-related disclosures. It is aligned with global reporting standards like the ISSB’s IFRS S1 and S2, and the Greenhouse Gas Protocol. Training providers are encouraged to use the framework to structure their course content while tailoring it to different learning needs. ACRA is also working with SkillsFuture Singapore to offer funding support for these BOK-aligned programmes.

This launch is part of national efforts under the Green Skills Committee to grow a strong pipeline of sustainability professionals. Over 50 industry stakeholders were consulted in the development of the SR BOK, and institutions like ISCA, NTU, and Temasek Polytechnic have already voiced their support and intention to align their training courses with it. The framework is expected to play a key role in raising the standard and consistency of sustainability reporting in Singapore.

SBF Releases Guide to Help Firms Address Trade Barriers

The Singapore Business Federation (SBF) has launched a new e-book guide to help local firms better understand and manage the effects of rising global tariffs. The 20-page Tariff Playbook, released on 22 May 2025, offers practical advice on trade exposure, financing challenges, and supply chain risks. It is part of SBF’s broader efforts to support businesses as they deal with higher compliance costs, shifting credit conditions, and order slowdowns.

SBF CEO Kok Ping Soon explained that firms are already seeing tighter financing conditions and higher trade compliance burdens. In response, SBF is also pushing for more flexible government-backed financing and is asking the government to consider funding trade advisory experts to help businesses adjust legally to new trade requirements. The federation is also following up on failed applications under the Enterprise Financing Scheme to identify possible improvements.

SBF’s business sentiment survey from April 2025, covering 294 companies, found that most firms expect higher costs and weaker revenues, with many planning to pass on added expenses to customers. Despite this, a third of companies are already exploring alternative markets and supply sources, especially in Southeast Asia, Europe, and the Middle East. The playbook, developed with consultants including PwC Singapore and Rajah & Tann Asia, is available on the SBF website and ends with a checklist to guide firms through near- and longer-term action steps.

IRAS Publishes YA 2025 Corporate Tax Tools and Guidelines

The Inland Revenue Authority of Singapore (IRAS) has released its updated corporate tax tools and filing guidelines for the Year of Assessment (YA) 2025. Among these is the Basic Tax Calculator (BTC). It comes with commonly used schedules, including capital allowance schedules. Companies can use the BTC to compute their taxes and determine the tax payable for the year.

Businesses filing Form C-S are not required to submit their tax computations and schedules upfront; these documents must be retained and submitted only upon request from IRAS. In contrast, those filing Form C must submit the tax computation and relevant schedules along with the form. These distinctions help streamline the filing process depending on company size and complexity.

The corporate income tax filing season officially began on 5 May 2025. All companies must file their income tax return — whether it’s Form C-S, Form C-S (Lite), or Form C — by 30 November 2025. IRAS encourages businesses to file early and offers various support tools.

IRAS Issues Updated GST Guide for REITs and Business Trusts

Real Estate Investment Trusts listed on the Singapore Exchange (S-REITs) and their Special Purpose Vehicles (SPVs), as well as qualifying Singapore-listed Registered Business Trusts (S-RBTs), are eligible for a Goods and Services Tax (GST) concession. This concession allows these entities to claim GST incurred on business expenses, helping to ease compliance costs and support their operations.

In February 2025, the Minister for Finance announced an extension of the GST concession period. The qualifying period was originally set to expire earlier but has now been extended until 31 December 2030. This move provides certainty and continued support for S-REITs and qualifying S-RBTs, which will bolster Singapore’s position as a competitive hub for real estate and infrastructure investment structures.

What’s needed to qualify for the GST concession remains unchanged. IRAS has published a guide outlining the eligibility criteria in detail. Businesses involved in REIT and RBT structures should review the guide to ensure they continue to meet all requirements and can benefit from the extended concession.

Singapore and EU Finalise Digital Trade Agreement

Singapore has signed the European Union-Singapore Digital Trade Agreement (EUSDTA), strengthening its position as a digital trade hub. This agreement is designed to facilitate seamless digital connectivity and promote cross-border electronic commerce between Singapore and the EU.

A key element of the EUSDTA is its commitment to enabling cross-border data transfers. Businesses will be allowed to move data across borders with legal protections in place to safeguard personal information. This framework supports the growth of digital trade while maintaining trust in data governance.

The agreement also promotes open access to government data, which can be used by companies — especially small and medium-sized enterprises — to develop digital products and services. In addition, both parties agreed to adopt international standards, enhance interoperability between systems, and promote competition and innovation in digital payments and services.

Singapore Strengthens Economic Links with Brabant, Netherlands

Singapore is strengthening its economic relationship with Brabant, a key region in the Netherlands, through a new Memorandum Of Understanding (MOU) between the Singapore Economic Development Board (EDB) and the Brabant Development Agency (BOM). The partnership aims to support business collaboration, innovation, and long-term growth.

Under the MOU, the two agencies will work closely with companies, academic institutions, and investors to promote joint research, talent development, and policy exchanges. The cooperation will focus on sectors such as deeptech, digital technologies, clean energy, healthcare, and sustainable food systems.

The agreement marks the 60th anniversary of trade relations between Singapore and the Netherlands. With this initiative, both sides aim to build platforms for innovation and foster cross-border collaboration on developing industries that are built for the future.

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