Are you looking for better employment opportunities or a good salary or excellent working conditions? Alternatively you give priority to overall quality of life or would like to have high level education for your kids or it is the to and efficient medical system? The good news is that you should seriously look at Singapore as the country to work in, as it offers all that and it ranks as one of the healthiest nation in the world.
The objective of this blog is to largely provide relevant and important information at one place as the Reasons Why You Should Consider Working in Singapore
Singapore at a Glance
Singapore is a world class city state and has a developed economy. Singapore is often referred to by the names like the ‘business capital of Asia’, ‘financial capital of Asia’ because it offers the most modern facilities and the excellent infrastructure for conduction business. This is further facilitated by the pro business government policies, brilliant manpower, and grand connectivity to the world. Overall Singapore is the preferred destination of the companies from world over who want to spread their wings in Asia. This is due to the tags of innovation and business excellence – this country enjoys.
No wonder, ambitious business heads from all over the world regard Singapore as an ideal springboard to tap into other emerging markets in other Asian countries.
Some more facts about Singapore
Here are some more facts which make Singapore as a global business hub and consistent choice of businessmen from all over the world for the last so many years:
- Well developed infrastructure
- Consistent political stability
- Open business policies,
- Availability of skilled workforce
- English is used as the main working language
- Respect for intellectual property rights
Almost all the multinational companies worth the name have their office or representation in Singapore, along with 185,000 small and medium enterprises.
Singapore attracts global talent
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The World Bank 2015 Report termed Singapore as the world’s easiest place to do business (out of 189 countries). Singapore ranks at the top according to the Global Competitiveness Report 2014-2015 by the World Economic Forum as being the most competitive economy in Asia. Singapore was also ranked by the Mercer 2015 Quality of Living Survey as the top Asian country for its quality of life.
Therefore, it is but natural that globally the professional will get attracted to Singapore’s work in Singapore.
Singapore is meritocratic society which long ago has embraced cultural diversity, while providing a high quality of life in a cosmopolitan environment. Thanks to pro-business government policies, modern infrastructure and an productive environment and open society, Singapore offers an ideal work environment for talented professionals who are driven to rise to the top of their careers.
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There are a plentiful of opportunities for experienced professionals in new sectors as well as established industries in such as biomedical sciences, R&D, Healthcare, Information Technology And Financial Services. Of course, you need to double check the employment potential for yourself thoroughly at the time of thinking of moving to Singapore.
Working in Singapore
As per the operating law in Singapore, there should be 44 hours of working in a week. Therefore, most companies are on a five-day work week schedule, while the vacation allowed is from 7 to 14 days.
Good Salary and Perks
Though in the beginning your salary may not be at par with the local Singaporean ( only some cases), you will still earn far more than what you will back in your own countries due to the strong Singapore dollar. Consider this:
1 Singapore Dollar equals
- 47.52 Indian Rupee
- 75.99 Pakistani Rupee
- 57.82 Bangladeshi Taka
- 98.93 Sri Lankan Rupee
- 0.75 US Dollar
No doubt if you work hard in a good paying organisation then the salary can can make you rich.
Overall, Singapore companies are offering lucrative salaries and good benefit packages to acquire talent and to retain highly-skilled overseas specialists.
An Accountant earns an median salary of Singapore $46,252 per year. While the range is S$24,322 to S$76,837 which includes basic salary, bonus and profit sharing, according to PayScale.
A Software Engineer earns an average salary of Singapore $45,034 per year. Of course, experience strongly influences income for this job and the range is S$26,598 – S$78,757 including basic salary, bonus and profit sharing
Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.
Low Rate of Personal Income Tax
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A reasonable / low personal income tax rate is one of the main reasons for the best global talent is willing to relocate to Singapore. In fact it is one of the lowest in the world.
If you have a residence permit, your personal taxes in Singapore range from 0% (if earnings are less than Singapore $ 22.000 per year) to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore.
In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.
As per the Inland Revenue Authority of Singapore website, if you have been working in Singapore for at least 183 days in a calendar year, you are considered a tax resident and will be taxed on all income that is incidental to employment in Singapore. Non-residents, who are in Singapore for less than 183 days a year, will be taxed only on income earned in Singapore.
This means that you have high disposable income in your hands and if you are a good saver and a smart investor, you shall have a tidy sum when you decide to go back to your country of origin.
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