As a small island economy, premium commercial and private property leases are in short supply in Singapore.

The Singapore labor market is highly competitive. Labor costs should also consider CPF contributions, insurance and other allowances. CPF contributions are a mandatory social security savings plan for all employers and employees based in Singapore.

An efficient and affordable public transport system makes it easy to get around Singapore. Travel to and from international destinations are also convenient. Private car ownership, though not essential, is a convenient way to travel around Singapore. Apart from purchasing the car, owners also need to obtain a Certificate of Entitlement.

Business and individual tax rates are managed by the Inland Revenue Authority of Singapore. Corporate tax rates currently stand at 18%. Startup companies setting up in Singapore also receive partial tax incentives. Personal income is taxed at progressive rates. All income derived by an individual in Singapore is taxable.

The quality of life in Singapore largely depends on your budget. There are many options towards spending prudently or splurging on your expenses.