A recent government study found that nine out of ten foreign employees were happy with their situation in Singapore. Singapore has received numerous accolades for its general standard of life, outstanding schooling standards, and effective medical system, making the nation the healthiest in the world. This is in addition to being identified best for numerous criteria, including the best laws governing the protection of intellectual property and the easiest nation to do business in. Advantage Corp Services can assist you with the incorporation of a secretary firm in Singapore. What, precisely, is it about the City of Lions that makes it such a perfect site to launch a new company or advance an existing one? If you need any more convincing, here are only 12:
When compared to other economies throughout the globe, Singapore is among the most globalized
Singapore is the world’s second-most prosperous economy, according to the Global Competitiveness Survey of 2014-2015. The study asserts itself as the definitive evaluation of the country’s prosperity and well-being by defining “competitiveness” as the institutions, policies, and circumstances that influence the level of production. So, how does it affect both of us? High pay, low unemployment, favorable working conditions, and an encouraging environment for company growth and investment.
The pay is substantial
Companies in Singapore are eager to hire foreign professionals due to the country’s flourishing economy, and therefore they are willing to pay above-average wages and provide generous benefits to do so. According to PayScale, software engineers have a median compensation of $3,500 per month and may make up to $72,000 yearly, while general practitioners typically earn approximately $80,000 per year. The median annual salary for elementary school teachers is $34,000, whereas the median monthly salary for a waitress is $1100.
Income tax brackets that increase over time
Singapore’s tax system is streamlined to the point that filing an online return takes no more than 30 seconds. If you have a valid Singaporean resident visa and an annual income of less than S$22,000, you will pay no personal income tax in Singapore. All income earned in Singapore by a non-resident is subject to a uniform 15% tax rate. In addition, you don’t have to pay taxes on any money you make abroad and then bring it back into the nation.
It’s simple to get a work or resident visa
Singapore, with its small population of five million and falling fertility rates, is keen to increase its economic output by attracting new residents and workers. You may apply for a work visa with just a matter of clicking on the government website, and you’ll find out the status of your application within a day if you have submitted a job offer in hand. There will be no waiting in line, paper forms to fill out, or a long list of prerequisites that are only mentioned. If you are an established firm looking to expand into Singapore, or a secretary company filling service Singapore, you will find their process to be streamlined and easy to navigate. The renewal procedure is quick and easy, and you may be granted a longer validity period for your work visa. In most cases, the duration of your work visa and your residence permit will coincide.