Advertising
Advertising

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

4369749617_de8457da89_b

    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.

    Advertising

    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.

    Advertising

    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

    14409597890_1229e02ec9_k

      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.

      Advertising

      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

      Advertising

      5076410500_8b93f503c7_b

        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

        More by this author

        Elena Prokopets

        Freelance Writer

        7 Ways To Learn a Foreign Language Faster (That Are Backed by Science) 22 Amazing Pineapple Health Benefits (With Simple Pineapple Recipes) 15 Cool And Practical Apps For Couples 14 Things No One Tells You About Being in a Long-Distance Relationship 9 Tips to Prepare For Your First Multi Day Hike

        Trending in Work

        1 How to Find New Growth Opportunities at Work 2 20 Critical Skills to Include on Your Resume (For All Types of Jobs) 3 The Best Interview Questions to Hire Only the Elites 4 How to Find a Mentor That Will Help You Succeed 5 15 Smart Ways to Approach Interpersonal Relationships at Work

        Read Next

        Advertising
        Advertising
        Advertising

        Last Updated on August 20, 2019

        How to Find New Growth Opportunities at Work

        How to Find New Growth Opportunities at Work

        Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up.

        You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out. But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

        Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

        “If you’re not moving forward, you’re moving backward.”

        It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

        Make a Point of Positioning Yourself as a Rising Star

        As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

        As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

        Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

        Employ these other useful tips to let your rising star qualities shine:

        1. Promote Your Successes to Your Higher-Ups

        When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

        Advertising

        Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

        2. Cultivate Excellent Listening Skills

        Listen well, and ask great questions. Realize that people love to talk about themselves.

        But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

        If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

        Check out these important listening skills: 13 Powerful Listening Skills to Improve Your Life at Work and at Home

        3. Go to All Office Networking Events

        Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

        If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

        Take the Extra Step to Show Your Value to the Company

        Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

        The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

        Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

        Advertising

        4. Show Initiative

        Commit yourself to whatever task you’re given, and make a point of going above and beyond.

        Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

        Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

        5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

        Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

        Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

        6. Go to Every Company Meeting Prepared and Ready to Learn

        A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

        Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

        Accelerate Your Career Growth Opportunities

        A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

        Try to see yourself from your boss’s position and evaluate your promote-ability.

        Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

        Advertising

        These qualities will place you front and center when growth opportunities arise.

        Use these strategic tips to escalate your opportunities for growth:

        7. Find a Mentor

        With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

        Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

        Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

        Not sure how to find the right mentor? Here’s How to Find a Mentor That Will Help You Succeed.

        8. Map out Your Own Growth Opportunity Chart

        After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

        What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

        Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

        Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

        Advertising

        You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

        9. Set Your Professional Bar High

        Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

        Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

        Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

        Let integrity be the cornerstone of all your interactions with clients and co-workers.

        The Bottom Line

        Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

        “Half of life is showing up.”

        The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

        Remember, your career is your business!

        More About Continuous Growth

        Featured photo credit: Zach Lucero via unsplash.com

        Read Next