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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

        Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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        Last Updated on December 3, 2019

        7 Powerful Steps to Achieve Career Success

        7 Powerful Steps to Achieve Career Success

        I often hear people say, “I want to be successful but don’t know where to start” or “I’ve achieved career success yet I’m not happy.” And then I ask, “what does career success mean to you?” And many have a hard time articulating their response with much conviction.

        It’s common that people lack clarity, focus, and direction. And when you layer on thoughts and actions that are misaligned with your values, this only adds to your misdirected quest to achieve your career success.

        A word of caution. It’s going to take some time for you to think about and work on your own path for career success. You need to set aside time and be intentional about the steps you take to achieve career success. In my opinion, this step-by-step guide is apart of your life philosophy.

        1. Define Career Success for Yourself

        Pause. Give yourself time and space for self-reflection.

        What does career success mean to you?

        This is about defining your career success:

        • Not what you think you ‘should’ do
        • Not what people may think of you
        • Not adjusting to friends and family’s judgements
        • Not taking actions based on societal or community norms

        “A flower does not think of competing to the flower next to it. It just blooms” – Zen Shin

        When you strip away all your external influences and manage your inner critic, what are you left with? You need to define career success that best suits your life situation.

        There’s no fixed answer. Everyone is different. Your answer will evolve and be impacted by life events. Here are a few examples of career success:

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        • Work-life balance
        • Opportunities for growth and advancement
        • Feeling valued that my contributions had an impact

        Now even as you reflect on the examples above, the descriptions are not specific enough. You’ve got to take it deeper:

        • What do you mean by work-life balance?
        • What do you consider to be opportunities for growth and advancement?
        • How do you like to be recognized for your work? How do you know if your contributions have had an impact?

        Let’s take a look at some potential responses to the questions above:

        • I want more time with my family, and less stress at work
        • I want increased responsibilities, to manage a team, a higher income, and the prestige of working at a certain level in the company
        • I’d like my immediate leader to send me a thank-you note or take me out for coffee to genuinely express her or his gratitude. I’ll know I’ve made an impact if I get feedback from my coworkers, leaders and other stakeholders.

        Further questions to reflect on to help narrow the focus for the above responses:

        • What are some opportunities that can help you get traction on getting more time with your family? And decrease your stress at work?
        • What’s most important for you in the next 12 months?
        • What’s the significance of receiving others’ feedback?

        Now, I’m only scratching the surface with these examples. It takes time to do the inner work and build a solid foundation.

        Start this exercise by first asking what career success means to you and then ask yourself meaningful questions to help you dig deeper.

        What types of themes emerge from your responses? What keywords or phrases keep coming up for you?

        2. Know Your Values

        Values are the principles and beliefs that guide your decisions, behaviors and actions. When you’re not aligned with your values and act in a way that conflicts with your beliefs, it’ll feel like life is a struggle.

        There are simple value exercises that can help you quickly determine your core values. This one designed by Carnegie Mellon University can help you discover your top 5 values.[1]

        Once you have your top 5 values keep them visible. Your brain needs reminders that these are your top values. Here are some ways to make them stick:

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        • Write them on cue cards or notes and post it in your office
        • Take a picture of your values and use it as a screensaver on your phone
        • Put the words on your fridge
        • Add the words on your vision board

        Where will your value words be placed in your physical environment so that you have a constant reminder of them?

        3. Define Your Short-Term and Long-Term Goals

        When writing your short-term and long term life goals, use the SMART framework – Specific Measurable, Attainable, Relevant, and Time-bound. Treat this as a brainstorming exercise. Your potential and possibilities are limitless.

        How you define short-term and long-term is entirely up to you. Short-term can be 30 days, 90 days, or 6 months. Maybe long-term goals are 4 months, 1 year, or 10 years.

        Here are a few self-reflection questions to help you write your goals:[2]

        • What would you want to do today if you had the power to make it the way you want?
        • If no hurdles are in the way, what would you like to achieve?
        • If you have the freedom to do whatever you want, what would it be?
        • What type of impact do you want to have on people?
        • Who are the people you most admire? What is it about them or what they have that you’d want for your life or career?
        • What activities energize you? What’s one activity you most love?

        Remember to revisit your core values as you refine yours goals:

        • Are your goals in or out of alignment with your core values?
        • What adjustments do you need to make to your goals? Maybe some of your goals can be deleted because they no longer align with your values.
        • How attainable are your goals? Breakdown your goals into digestible pieces.
        • Do your short-term goals move you towards attaining your long-term goals?

        Get very clear and specific about your goals. Think about an archer – a person who shoots with a bow and arrows at a target. This person is laser focused on the target – the center of the bullseye. The target is your goal.

        By focusing on one goal at a time and having that goal visible, you can behave and act in ways that will move you closer to your goal.

        4. Determine Your Top Talents

        What did you love doing as a kid? What made these moments fun? What did you have a knack for? What did you most cherish about these times? What are the common themes?

        What work feels effortless? What work do you do that doesn’t seem like work? Think about work you can lose track of time doing and you don’t even feel tired of it.[3]

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        What are your desires? Try it out. Experiment. Take action and start. How can you incorporate more of this type of work into your daily life?

        What themes emerge from your responses? How do your responses compare to your responses from the values exercise and your goals?

        What do you notice?

        5. Identify ‘Feeling’ Words You Want to Experience

        Do you have tendencies to use your head or heart to make decisions?

        I have a very strong tendency to make rational, practical, and fact-based decisions using my head. It’s very rare for me to make decisions using my emotions. I was forced to learn how to make more intuitive decisions by listening to my gut when I was struggling with pivotal life decisions. I was forced to feel and listen to my inner voice to make decisions that feel most natural to me. This was very unfamiliar to me, however, it expanded my identity.

        Review this list of Feeling Words. Use the same technique you use for the values exercise to narrow down how you want to feel.

        Keep these words visible too!

        Review your responses. What do you observe? What insights do you gain from these responses and those in the above steps?

        6. Be Willing to Sit with Discomfort

        Make career decisions aligned with your values, goals, talents and feelings. This is not for the faint hearted. It takes real work, courage and willingness to cut out the noise around you. You’ll need to sit with discomfort for a bit until you build up your muscle to hit the targets you want.

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        Surround yourself with a supportive network to help you through these times.

        “These pains you feel are messengers. Listen to them” – Rumi

        7. Manage Your Own Career

        Not to be cynical, but no one can make you happy but yourself. If you don’t take control of your career and manage it like your own business – no one will.

        Discern between things that you can control and what you can’t control. For example, you may not be able to control who gets a promotion. However, you can control how you react to it and what you’ve learned about yourself in that situation.

        Summing Up

        For many who have gone through a career change or been impacted by life events, these steps may seem very basic. However, it’s sometimes the basics that we forget to do. The simple things and moments can edge us closer to our larger vision for ourselves.

        Staying present and appreciating what you have today can sometimes help you achieve your long-term goals. For example, if you’re always talking about not having enough time and wanting work-life balance, think about what was good in your work day? Maybe you took a walk outside with your co-workers. This could be a small step to help you reframe how you can attain work-life balance.

        Remember to take time for yourself. Hit pause, notice, observe and reflect to achieve career success by getting deliberate and intentional:

        1. Define Career Success for Yourself
        2. Know Your Values
        3. Define Your Short-Term and Long-Term Life and Goals
        4. Determine Your Top Talents
        5. Identify ‘Feeling’ Words You Want to Experience
        6. Be Willing to sit with Discomfort
        7. Manage Your Own Career

        “When you stop chasing the wrong things you give the right things a chance to catch you.” – Lolly Daskal

        Good luck and best wishes always!

        More Tips on Advancing Your Career

        Featured photo credit: rawpixel via unsplash.com

        Reference

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