Of course, before opening a local business in Singapore, you must have the right to live and work in Singapore. You will need to secure a proper visa (i.e., an EntrePass). You can contact Singapore's Ministry of Manpower for details regarding work permits. What's more, you must decide on your business structure, which determines the liability of your business debts and tax obligations.

Singapore has several business structures: sole proprietorship, limited liability partnership (LLP), limited partnership (LP), and company. You must contact the Accounting & Corporate Regulatory Authority (ACRA) to register your company.

Singapore Savings Bonds (SSB) are virtually risk-free, as the Singapore government backs the bonds, and there are no penalties for early withdrawals (with one month's notice). Of course, such low risk is ideal for expats and investors. You can report the interest income from your SSB in the Passive Income section of the Tax Questionnaire.

The Central Provident Fund (CPF) is an account-based social security system that enables working Singapore Citizens and Permanent Residents to set aside funds for retirement. Expatriates are not mandated to pay into the CPF unless they gain permanent residency in Singapore. Both employers and employees make contributions to the CPF.

The employer and employee contributions are allocated to various accounts, including an Ordinary Account (O.A.), Special Account (S.A.), Medisave Account (M.A.), and Retirement Account (R.A.). The OA can be used for property acquisition, insurance, investments, and education. The S.A. is the CPF account for pensions, as its primary purpose is retirement savings (old age and investment-related financial products) for individuals under the age of 55. Once the participant reaches the age of 55, the S.A. becomes an R.A. M.A. is basic medical insurance.

In addition to the CPF, Singapore also has the Supplementary Retirement Scheme (SRS). This voluntary scheme is utilized to save for retirement above and beyond the CPF. Although salaried income earners use the SRS, self-employed expats can also utilize the SRS to build their pension funds. The SRS contributions may be used to purchase various investment instruments, including unit trusts, ETFs, shares, and bonds, and to exercise company stock options.

Singapore Form IR8A (provided by your employer) indicates your income and the amount of taxes paid for the year.

To report the total amount of the annual gross salary in the Tax Questionnaire:

Bonus payments received during the tax year should be reported in the Tax Questionnaire under the same question Gross wages/salary earned with this employer during the tax year? as a component of gross wages. For further details, please click More info next to this question in your Tax Questionnaire. 

Your director's fee should be reported as self-employment income only if you are self-employed. To report it, navigate to Income > Self-employment tab and enter the amount under the question Gross Income from the Self-employment.

If you are an appointed director in the corporation, this income is added to wages.

If you own 10% or more shares in the corporation, this income is still reported as wages. You also must file Form 5471. Ownership in the foreign corporation should be reported in the TQ on Income > Corporation & Trust > Entity List. To display this tab, click the Configure Life & Income button at the left, and select Yes next to the statements: I have a corporation or trust and I have ownership in a non-US corporation or partnership.

If your employer provided the allowance on top of direct salary (car, education, home leave, etc.), report it in the TQ under Income > Wages, click Yes under the question Did your employer provide an allowance on top of direct salary (car, education, home leave, etc.)?

Contributions made to a foreign employer pension plan are considered by the IRS as a part of the annual compensation unless there is a country-specific Treaty Exemption (for example, U.K., Belgium, and the Netherlands).

In the Tax Questionnaire, navigate to Income > Wages > Did you receive payments during the tax year from a non-U.S. Employer? > Were contributions made to a non-U.S. pension plan (whether yourself or by your employer)? > Did your employer contribute to your pension plan?

The Central Provident Fund (CPF) is the statutory authority that administers Singapore's public pension system. Voluntary retirement savings complement the Central Provident Fund, with no Social Security system in Singapore. Expatriates are not mandated to pay into the CPF unless they gain permanent residency in Singapore. Mandatory CPF contributions are tax-exempt for both the employer and employee in Singapore. The same applies to pre-retirement and retirement withdrawals from the accounts.

Contributions to CPF go to three accounts:

Contributions to the Social Security fund should be reported in the Tax Questionnaire under Taxes And Deductions > Taxes Paid. Click Yes to the question Did you pay any tax to any non-U.S. country on any of your income this year?

To report the income taxes you paid during the calendar year, navigate to Taxes And Deductions > Taxes Paid, and click Yes to the question Did you pay any tax to any non-U.S. country on any of your income this year?

If you participate in a company Employee Ownership Plan and are issued matching shares for your contribution, these shares are considered stock-based compensation. They are reported separately from your regular income.

To report your employee stock ownership, navigate to Income > Wages and click Yes under the question Did you receive stock-based compensation from your employer? (If you do not see the Wages tab, refer to these instructions).