Should You Hire a Local Resident or Send an Employee to Singapore?
If you are just entering the Singapore market or expanding your existing business, you will need to decide how to staff your operations. You have two options: hire a local resident with the right skill set, or send an employee from home on assignment. While assigning an expat may seem like the top choice, the risks and costs reduce the appeal of sending employees abroad, and many companies are beginning to favor hiring talented locals.
Advantages of Hiring in Singapore
There are some real perks when you set up an entity and hire any type of employee in Singapore:
- An English speaking country with ease of access to all Asian markets
- The business climate is favorable for multinationals
- An existing highly educated workforce with a wide range of talent
- Government supports private enterprise and entrepreneurship
- Developed infrastructure, transport, public safety and government regulations
- Relatively low corporate tax rate of 17% to incentivize businesses
- Double Taxation Agreements with many countries to offset any double tax effects
Hiring Local vs Sending an Employee to Singapore
Considering these positive elements of doing business in Singapore it is no wonder that multinationals have an interest in opening a subsidiary or branch. The process of staffing operations will lead to the choice of either hiring locals or sending employees on assignment.
There are pros and cons to each, and here is a quick overview of the key points to keep in mind...read more
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