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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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        Last Updated on October 16, 2018

        How to Quit Your Job That You Hate and Start Doing What You Love

        How to Quit Your Job That You Hate and Start Doing What You Love

        Everyone of us has a plan in our head that was taken over by family responsibilities, social pressure or sheep mentality. This made us a slave to instant gratification and started killing our plan and dreams.

        There is a way to revive your plans and dreams and live a happier life. No amount of salary can exceed your desire to do something that you are really passionate about.

        If you hate your job and have thought about leaving your job, here’s how to quit your job and start doing what you love:

        1. Identify if you really want to quit to follow your passion

        There could be many possible reasons to figure out why you are discouraged to go to work and start thinking about how to quitting your job. Figure out the reasons or signs that make you feel that you should really quit your job.

        If these reasons are not related to your office environment or your ultimate goal is to pay your bills from your job, you should consider getting a new job in the same field. It’s better to be an experienced receptionist than to live a dream that is not yours.

        2. Start with the side hustle and keep it going

        Work after you get back home and build up your product or service enough to gain confidence to quit your job.

        Build the website, write down the business plan, design your product, make marketing collaterals or do whatever it takes for you to start working full time on your new venture before quitting your current job.

        You could also consider part-time working opportunities if your current job sucks a lot of your energy. This way you could save your energy and dedicate more time to your side hustle.

        Ensure that you don’t quit until your new venture really demands your full time dedication. You might lose interest in your new venture if you fall short of survival money.

        3. Save enough to pay your bills

        If you need to pursue your passion, you need your monthly bills to be taken care of, without any worries. You must cut down on unnecessary expenses and squeeze in those extra bucks on your savings while you are at your current job. You should forget those weekend parties and social outings unless they’re meant for networking.

        It makes no sense to quit your job without having any savings. Your new venture will not start paying you immediately. Starting a recurring deposit account is a good idea to start off with. Put aside a considerable amount every month as soon as you get your paycheque and forget about that money until you quit your job.

        4. Write down your goals

        It is important to have visual proof and a daily reminder of why you quit your job and started a new hustle.

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        Write down your goals and read them at least once a week. If you are a forgetful person, create cell phone or desktop wallpapers of your goals and set them until you achieve them. Visual proof keeps you on track.

        These goals are the bigger picture of what you wish to achieve in your pursuit to doing what you love.

        For example, if you are wish to design the best dresses in the whole state, write it down. If you wish to fly to Mars, write it down. If you really wish to give up your career for something, it better be worth remembering everyday. Show it to yourself daily.

        5. Make a plan

        Write down a plan of action for the next 12 months. It’s like writing down an elaborate execution plan in your calendar. This could be a daily, weekly or monthly to-do list of your tasks to achieve your goals.

        Learn how to make a plan if that’s not your area of expertise. Ensure that you know what you’re going to do next and not run like a headless chicken after two months of working for yourself.

        Review the plan time and again to track your progress. This will give you a clear picture of your performance and your shortcomings.

        Also, have a backup plan. Even great planners and strategists fail before achieving success. Ensure that you have a second plan if your first one does not work out as you predicted.

        6. Get professional advice

        Talk to experienced people in the field you want to venture out. Go to networking events and connect with people in your industry. Most people will help you out with good advice and good contacts.

        Get professional courses in part time colleges. It could be great to network and the teachers can be of great help to understand more about the industry. They will help you analyse your plan and connect you to influential people.

        7. Prepare yourself to put a resignation

        Prepare yourself mentally to quit your job after you’ve realized the potential and prepared yourself to take a deep dive into your new profession.

        Leave on a friendly note. Don’t make enemies with your bosses. These connections could help you further in your profession.

        Don’t burn the bridges. It’s better to have a face-to-face conversation with your boss or reporting manager than sending a surprise mail.

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        Tell them sincerely about your new venture and why it is important for you. Serve the notice period completely and work till the last day. Complete all your tasks as you would on a regular day. This will maintain your respect and keep your relationships intact.

        8. Be prepared to get your hands dirty

        As an entrepreneur, you have to do everything that’s needed to keep your work going.

        You have to perform all the tasks needed to keep your new venture going. You have to be a janitor, an administrator, an accountant, a designer or a salesperson all at once.

        There would be a point of time where you will have to perform tasks that aren’t your favourite. Be ready to perform such tasks without cringing.

        9. Have no baggage

        Don’t have a debt! Clear all your loans, debts and pending commitments before starting off. You want to fully concentrate on your new activity and not be bent down by loading your shoulders with any burden.

        You would want to enjoy your freedom to work incessantly. No distractions whatsoever are allowed to come close to you when you are fully involved in the rhythm of development. Shun away materialism!

        10. Don’t be in two minds

        It’s good to analyze the best and the worst possibilities in your head, but it’s not at all good to doubt yourself.

        Move ahead with confidence. It’s your life, your plan and your rules. Nothing and nobody can stop you from doing what you wish to do.

        The more you start getting noticed, the more people will point fingers at you. Don’t let them affect you and create doubts in your head. As William Shakespeare said,

        “Our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt.”

        11. Learn to handle failure

        You are going to be a loser and it’s a good thing! If you fail and lose, you will learn to not repeat your mistakes and make yourself stronger with every punch you throw out.

        It takes time till you start losing. The key is to not be demotivated by failure. The more the failure, the more closer you are to success.

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        12. Try your hands at investing in stock market or cryptocurrency

        It’s a good way to keep your side income rolling in. While you are busy building your dream project, you could invest your money in the stock market or cryptocurrency and let it grow while you sleep.

        As Warren Buffet famously quoted,

        “If you don’t find a way to make money while you sleep, you will work until you die.”

        Find a good stock broker who has enough experience to not lose your money. Stop immediately if you are losing a lot of money. Don’t burn away your money.

        13. Keep a healthy routine

        It’s easy to forget about your health when you are working on something that you’re really passionate about. Set reminders about your health routine.

        Exercise! Most successful people start their day early and take time out to exercise at least thrice a week. It helps you give more energy and time to your work.

        Always remember that you started your new venture to be happier. Bad health will not let you enjoy your success.

        Join yoga classes or learn meditation from youtube. Avoid sitting too long at one place for more than 15 minutes at a stretch, take breaks. take a walk, especially up-down the staircase as much as you can to skip age related joint pains and muscle atrophies.[1]

        14. Enjoy your days off

        Taking a break helps your creativity and clears your mind from clutter. You need your days off to come back afresh and take on your tasks. You can’t be working 24/7.

        Remember that being able to take your days off is one of the beneficial quirks of an entrepreneurial journey. You can have a routine designed by yourself, for yourself.

        Take your days off when you are too stressed and can’t think straight. Self-discipline might sound simple but practice takes ages. Schedule down time for yourself.

        15. Take these steps to quit your job without burning bridges

        Resume.io has this infographic about the steps you should take after you’ve decided to quit your job:[2]

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          16. Remember why you quit your job

          Lastly, remember why you quit your job and started doing what you love. There would be bad days that will make you regret your decision, but don’t let them dominate the reason why you took the plunge.

          Your soul wasn’t happy with what you were doing. Your new venture is what you always wanted to do.

          Never forget that.

          If nothing works out, you could still go back to any job you want, but at least, you’d be spared from regrets and constantly arriving “What if?” question in your head.

          So, start now and live without any regrets.

          Execution matters more than thought. Turn your dream into a reality starting today. Start small and grow big.

          Besides, it’s never too late to do what you want to do. Here’s the proof:

          How to Start Over and Reboot Your Life When It Seems Too Late

          Featured photo credit: Pexels via pexels.com

          Reference

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