Hire your remote team in Singapore

Only 399 EUR per employee per month

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Hiring a remote team in a country as Singapore comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Singapore. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

A remote team

1. Hire a remote team in Singapore with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Singapore, particularly if you don't have established local relationships. You can hire employees in Singapore effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Singapore.

As an employer of record, we help you hire employees and run payroll services in Singapore, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Singapore.

It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.

If you wish to hire a remote team in Singapore or individually hire remote employees in Singapore, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.

Send us a message so we can talk about how Rivermate’s Employer of Record Singapore services can best help your company!

3. Hire a remote team in Singapore

A small island nation to the south of the Malaysian Peninsula that declared full independence in 1965 has reached unprecedented economic heights in the twenty-first century. Singapore's major achievements include:

- It has the second-highest per capita GDP (PPP).

- It is the third least corrupt country.

- It is the most business-friendly country.

- Singapore has very low tax rates.

- It is a major FDI outflow-financer in the world.

Singapore is the world's most water-stressed country. As a result, water is a valuable resource for them. The majority of the country's water needs are met by rainfall. Water shortages can occur during dry spells, but they have developed a water purification system called NEWater. It recycles used water in four stages. This recycled water is safe to drink and is delivered to the city's drinking reservoirs. However, it is mostly used by industries.

Singapore's biggest skill gap is the Data Skill Gap. According to a survey conducted by Accenture and Qlik, 90% of Singapore employees understand the value of data. However, only 26% of them are at ease working with data. Others are overwhelmed when it comes to applying their data literacy skills, which include reading, comprehending, analyzing, and working with data.

4. Cost of living in Singapore

Singapore's cost of living is $2420, which is 2.59 times higher than the global average. Singapore ranked fourth out of 197 countries in terms of cost of living and first in terms of quality of life.

In Singapore, the average after-tax salary is $4341, which is enough to cover living expenses for 1.8 months.

5. Cost of renting in Singapore

The cost of living in Singapore varies depending on where you live. Singapore has been divided into five major regions by the Urban Redevelopment Authority. The regions are Central, North, North-East, East, and West. The most expensive region is the Central Region, while the least expensive region is the North Region. The amount spent on rent varies greatly between these regions. This could put a dent in your budget.

The rental cost is the most expensive cost for you in Singapore. It can range from USD 1,400 to USD 4,000 per month on average. However, if you want to rent a place on Orchard Road, it can cost up to USD 7,000. Rent varies depending on the region in which you want to live. Singapore's government recognizes five regions:

- Central Region (Most Expensive)

- North Region (Least Expensive)

- North-East Region

- East Region

- West Region

6. Major industries in Singapore

Singapore's government intends to place a focus on the development of aerospace, creative industries, electronics, information technology, logistics and supply chain, medical technology, pharmaceuticals and biotechnology, and business services. The policies of the government are aimed at achieving the highest standards and becoming the global leader in these sectors.

The major industries in Singapore are:

- Electronics

- Chemicals

- Financial Services

- Energy & Infrastructure

- Biotechnology

- Tourism & Medical Tourism

- Information & Communications Technology

- Oil Drilling Equipment

- Petroleum Refining

- Biomedical Products

- Scientific Instruments

- Telecom Equipment

- Rubber

- Food and Beverages

- Ship Repairs

- Offshore Construction

- Life Sciences

- Re-exportation

7. Hiring cost in Singapore

We can divide this cost into two parts:

- Pre-hiring cost: This includes the cost incurred in screening, interviewing, and onboarding the candidates.

- Post-hiring cost: The post-hiring cost includes the salary, allowances, taxes, and other compensations that you have to pay for hiring an employee in Singapore.

8. Employment laws Singapore

The Employment Act is the main piece of legislation that governs employment in Singapore. Working hours for people earning less than SGD 2,600 per month are limited to a maximum of 8 hours per day and 44 hours per week. An employee should not be required to work for more than 6 hours without a break.

Other laws that govern the employment scenario are:

- Child Development Co-Savings Act

- Employment of Foreign Manpower Act

- Retirement & Re-employment Act

- Work Injury Compensation Act, 2019

- Workplace Safety and Health Act

9. Top skills Singapore

The companies in Singapore are looking for candidates who can fit in the following roles in 2021:

- Accounting

- Aged Care Workers

- Cybersecurity Specialists

- Data Scientists

- HR Professionals

- Customer Service Executives

- Marketing

- Sales

- UI/UX Professionals

- Helpdesk

Singapore in itself is a city. So it is tough to divide the job opportunities based on the regions of the city.

10. Economic landscape in Singapore

Singapore's economy has been named the World Economic Forum's most open economy. It has the world's second-highest per capita GDP (PPP). Singapore is a world leader in re-exporting goods after importing raw materials and producing finished goods. Because the country has little arable land, Singapore relies on agrotechnology to meet its food needs. Singapore is ranked second in the EODB index (Ease of Doing Business).

Along with this, government-owned enterprises are critical to Singapore's economy. Singapore is a major financier of FDI outflows to other countries. With the advent of technology, the economy is focusing on human resources and making life easier. It came in second place in the 2014 Scientific American Biotechnology rankings. Water scarcity has caused some concern, but the economic powerhouse has used technology to its advantage and introduced NEWater. This technology recycles used water and turns it into drinkable water. This has mostly resolved the water problem.

11. Market size in Singapore

Singapore's economy is based on adding value through various services and manufacturing processes. As a result, agriculture's contribution to GDP is negligible. Singapore's economy is primarily fueled by exports of electronics and machinery, financial and wealth management services, tourism, and the world's busiest cargo seaport. Each sector's contribution to GDP is as follows:

- Agriculture: 0.5%

- Industry: 24.80%

- Services: 75.20%

12. Minimum wage in Singapore

Singapore does not have a minimum wage policy.

13.Why choose Rivermate to hire your remote team in Singapore?

Establishing an entity in Singapore to hire a team takes time, money, and effort. The labor law in Singapore has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into Singapore simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in Singapore give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in Singapore via our Employer of Record (EOR) / PEO solution.

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