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12 Reasons Why You Should Consider Working in Singapore

12 Reasons Why You Should Consider Working in Singapore

Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!

1. Singapore ranks second as the most globalized economy in the world

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    The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.

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    2. Salaries are extremely lucrative

    As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.

    3. Progressive personal tax system

    Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 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.

    4. Getting a work/residence permit is really easy…

    With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.

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    5. …And the same with permanent residence status

    If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.

    6. The adaptation process goes easy

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      As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.

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      7. Top notch higher education

      If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.

      8. It takes three days to open a business

      Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.

      9. Singapore is rated #1 as the best labor force in the world

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        As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.

        10. Low crime rates and zero corruption

        Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.

        11. You can become a millionaire in less than 10 years

        According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.

        12. Absolute political stability

        Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.

        Featured photo credit: Financial District at Marina Bay…/William Cho via flickr.com

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        Elena Prokopets

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        Published on December 18, 2018

        How to Brand Yourself and Make Your Business Stand Out

        How to Brand Yourself and Make Your Business Stand Out

        You’ve been in business for years and have finally hit your plateau.

        The tactics you’d implemented for your customers aren’t working as they’ve used to. You feel like your business has fallen out of the spotlight and now you’d have to settle for any business you get. It’s how businesses work, right?

        The truth is that some brands will fade off the business world–while others will adapt well and continue to grow. You shouldn’t be too hard on yourself for where your business currently stands. After all, you’d kept applying tactics that provided predictable results.

        Instead, decide to not settle for average results and spend more time building your brand. To make your business stand out from your competition, you need to be unforgettable. But how can you?

        In this article, I’ll cover timeless tactics that have worked for other businesses. If you apply these tactics correctly your competition won’t be able to copy them. Here’s how to brand yourself and make your business stand out:

        1. Win Your Audience’s Hearts with Authenticity

        The truth has always shined.

        Even without the technology we have today, people always had a way of finding out if someone was lying. And, with everyone engaging in social media today, it’s hard to hide from the truth. Yet, this seems to be what many businesses fail to do.

        For example, companies like Listerine have been fined for lying.[1] A quick buck today won’t be worth it in the long run. Instead, practice being authentic to your customers and they’ll eventually rely on you.

        Allow your customers to buy your products with a money-back guarantee – then deliver on your promise. Be consistent with the content you provide and stay true to your brand.

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        For example, if you provide coaching services for entrepreneurs, don’t sponsor irrelevant brands. If you stop caring about your brand’s mission, your audience will notice. They’ll question your integrity with your business and stop trusting your brand.

        But if you gain your customer’s trust, you’ll start standing out from your competition. Your customers will feel safe purchasing from you since they’ll know you’re honest.

        2. Share a Story No One Will Be Able to Copy

        A few decades ago, a brand would’ve gotten away without being unique. That’s because back then starting a business was not accessible to most people. You’d either need enough money to launch your business or have the credentials. And even if you had all these qualifications, you needed to get past the gatekeepers.

        Today, technology has disrupted many of the barriers that were present a few decades ago. For example, today a college student can launch a Podcast within a week. He can create a website in a few hours and record a few Podcast episodes. If he’s persistent, he can build a large following overtime and get paid by sponsors.

        This is great news for aspiring entrepreneurs but there’s more competition than ever. You can only do so much before other businesses begin to copy you. But what no business can copy is your story.

        That’s why you need to share your story with your audience.

        For example, if you have a money blog, share how you’ve overcome your financial struggles. If you run a freelance writing business, share how you’ve overcome writer’s block. The more your audience can relate to you the better.

        Without a story, your business won’t stand out. And if you copy what’s working for other businesses, you’ll experience short-term success.

        Take some time to share your story with the world, your audience will love you more for it.

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        3. Stop Reinventing Every Single Thing

        “Don’t reinvent the wheel, just realign it.” – Anthony J.D’angelo

        You may have heard that being original is the way to stand out. While this is true to an extent, you also shouldn’t be original when something is already working.

        For example, if your competition has a successful Podcast in your field, then so can you. Don’t search for better alternatives to a Podcast if it’s already working.

        Why?

        Because this is a waste of time. Instead, copy what’s already working and make it your own.[2] If your competition has a Podcast, figure out which areas you can improve and tailor it around your brand.

        Knowing this you can now spy on your competition and determine which areas you can improve. But, know that it also works the other way around. Others will view your business and copy what’s working for you.

        That’s why it’s important to stay true to your brand and be authentic with your audience. When you do, your competition won’t be able to copy your unique traits. Have an abundant mindset and feel confident for what your business has to offer.

        4. Shine Because of Your Uniqueness

        Stop trying to help the entire world and focus on helping a specific group of people instead.

        I get it, you’re willing to help almost everyone because you want to bring in more business. But the truth is that if you resonate with everyone, you resonate with no one.

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        Take, for example, a marketing agency that helps businesses promote their product. This business doesn’t speak to anyone but gets occasional sales throughout the year.

        But what if there was a similar marketing agency dedicated to helping real estate agents? If there was a real estate agent looking for help in marketing–who do you think they’ll choose? That’s why niching down is necessary if you hope to stand out from your competition.

        Determine which customers you enjoy working with the most and determine which customers bring in the most revenue. Once you’ve gathered enough data, focus on servicing your ideal customer.

        Don’t expect immediate results since this won’t be an easy transition. If you’re currently helping a narrow audience, slowly transition into a niche audience. Niching down is crucial to building raving fans.

        5. Be the Brand Everyone Can Depend On

        Being the brand your customers can depend on is important. How many times have you bought a product that’s failed on its promise? Or have settled for an average service?

        Exceeding your customer’s expectations is a sure way to make your brand stand out. In the book Influence: The Psychology of Persuasion, studies on human psychology prove that when you give to others, they’ll reciprocate. Offer your customers free consulting, a free ebook, or free quality content. Eventually, they’ll be happy to reciprocate after receiving value from you.

        View what your competition is doing and surpass their offers. For example, if your competition offers a free 15-minute consulting call, offer 30 minutes. When you focus on helping others more, your customers will notice.

        Make it your mission to serve your customers first and then worry about making a profit. Other ways for your business to be reliable is by inspiring your customers. That’s right, a business isn’t only about selling, it’s also helping customers achieve their goals.

        For example, you can write content that will inspire your audience to take action. You can interview guests that will push your audience to break bad habits. Get creative and look for more ways in which your audience can depend on you with.

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        The Bottom Line

        Imagine serving fewer customers and getting paid more than ever.

        Despite the fierce competition, you’ve got fans wanting to buy your products and services. Although this may seem impossible right now, it’s not. If other brands have been able to stand out in a crowded industries, why can’t yours?

        The truth is that standing out from your competition isn’t easy. There’s no secret formula that’s available to the rest of the world. The trick is to do what most brands are unwilling to do.

        Many businesses don’t want to niche down because this will mean a loss in sales. But that’s sacrificing short-term gains for long-term success. Niching down is necessary to build a brand your customers will love.

        Many businesses will spend a lot of money looking for ways to innovate, but won’t apply what’s working. But, not you.

        You’ve got what it takes to stand out from your competition. Start slowly and master each principle covered here. Now go and make your business stand out like never before.

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        Featured photo credit: rawpixel via unsplash.com

        Reference

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