Employing in Singapore

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Expanding into
Singapore

Expanding into Singapore – which is characterised by a highly-educated and skilled workforce, complex employment and tax laws, a strong infrastructure network linking to the rest of Asia and beyond, and leading sectors in professional services, energy, biotechnology, tourism and medical tourism, and ICT– can bring excitement to the possibilities, but also significant stress to ensuring the entity with the country’s rigorous legal structures and laws.

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Global Expansion is a step to make for any business, regardless of your goal. But the opportunities that can come with an expansion can be stimulating as well as intimidating and confusing, especially when you consider all of the registration procedures that need to be done and the documentation required.

Going at it without the proper support can increase the costs, time and risks involved.

The legwork and potential red tape can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.

It can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.

Country EOR Guide - Bradford Jacobs

Download our Guide to Singapore

Learn all about expanding into Singapore and see what we can do to make your expansion easier.

Download our Guide to Singapore

Learn all about expanding into Singapore and see what we can do to make your expansion easier.

Country EOR Guide - Bradford Jacobs

Hiring Staff
in Singapore

Hiring Staff
in Singapore

The Main Sectors of the Singapore Economy

The country focuses on the following key sectors, which all have a significant impact on the country’s economy:

Singapore’s manufacturing sector has emerged as a regional economic powerhouse, contributing at least 20% to the Gross Domestic Product (GDP). A significant component of this sector – electronics semiconductors – has attracted substantial foreign investments, value-added output, and employment, contributing more than 25% of the manufacturing work. It is the location of choice for multinational corporations (MNCs) to enter new markets and launch products, processes, applications, and technology.
Singapore has become one of Asia’s most important shipping centres and is one of the world’s top five oil trading and refining hubs. In addition, Singapore is one of the market leaders for floating production, storage, and offloading (FPSOs) conversions and offshore jack-up rigs. Underground caverns for oil storage and a liquid natural gas (LNG) terminal are also being expanded in phases to enhance Singapore’s position as the premier regional centre for the oil and gas industry.
Given the country’s limited agricultural land, the country’s rural body, the Agri-Food and Veterinary Authority, has taken the lead in shifting the sector towards agro-technology. With a total landmass of 1,465 hectares (3,620 acres), its six agro-technology parks, comprising 200+ farms, produce a diverse range of products, including livestock, eggs, milk, fruits, vegetables, orchids, and aquarium and food fish. The agro-technology parks comprise modern farms that develop and use advanced technologies for intensive farming systems and export products and services to regional countries.
In 2021, the gross domestic product (GDP) of Singapore’s information and communication industry amounted to approximately 28.4 billion Singapore dollars and employed more than 17,000 people. Singapore is home to many global technology firms, including Google, Facebook, Alibaba, and regional leaders like Garena, Grab, Lazada and Razer. Technology players like IBM and Huawei have partnered with financial services, manufacturing, and services industries in Singapore to develop and deliver new solutions for the region and beyond.
Professional services is an essential sub-sector of the services sector, contributing to approx. 71% of the country’s overall GDP, of which professional services contribute 5.8%. Singapore is a regional hub of choice for professional services firms, offering a cosmopolitan workforce and a trusted regulatory framework.
In 2021, the pharmaceuticals and biotechnology industry contributed 10.5 billion Singapore dollars to the GDP and currently employs more than 9,000 people. As a leading biomedical sciences hub in Asia’s heart, Singapore is the choice location for companies to develop and produce new products that better meet Asia’s healthcare needs. Companies like GlaxoSmithKline, MSD and Roche have based various commercial activities in Singapore, including Supply Chain Management, Regulatory Affairs and Medical Affairs.
In 2019, an estimated 19 million tourists visited the nation, with receipts at SGD 27.1 billion, according to the Singapore Tourism Board. Aside from traditional tourism, Singapore has also established itself as a medical tourism centre. Every year, approximately 200,000 people visit the country to receive healthcare.

The Main Sectors of the Singapore Economy

The country focuses on the following key sectors, which all have a significant impact on the country’s economy:

Singapore’s manufacturing sector has emerged as a regional economic powerhouse, contributing at least 20% to the Gross Domestic Product (GDP). A significant component of this sector – electronics semiconductors – has attracted substantial foreign investments, value-added output, and employment, contributing more than 25% of the manufacturing work. It is the location of choice for multinational corporations (MNCs) to enter new markets and launch products, processes, applications, and technology.
Singapore has become one of Asia’s most important shipping centres and is one of the world’s top five oil trading and refining hubs. In addition, Singapore is one of the market leaders for floating production, storage, and offloading (FPSOs) conversions and offshore jack-up rigs. Underground caverns for oil storage and a liquid natural gas (LNG) terminal are also being expanded in phases to enhance Singapore’s position as the premier regional centre for the oil and gas industry.
Given the country’s limited agricultural land, the country’s rural body, the Agri-Food and Veterinary Authority, has taken the lead in shifting the sector towards agro-technology. With a total landmass of 1,465 hectares (3,620 acres), its six agro-technology parks, comprising 200+ farms, produce a diverse range of products, including livestock, eggs, milk, fruits, vegetables, orchids, and aquarium and food fish. The agro-technology parks comprise modern farms that develop and use advanced technologies for intensive farming systems and export products and services to regional countries.
In 2021, the gross domestic product (GDP) of Singapore’s information and communication industry amounted to approximately 28.4 billion Singapore dollars and employed more than 17,000 people. Singapore is home to many global technology firms, including Google, Facebook, Alibaba, and regional leaders like Garena, Grab, Lazada and Razer. Technology players like IBM and Huawei have partnered with financial services, manufacturing, and services industries in Singapore to develop and deliver new solutions for the region and beyond.
Professional services is an essential sub-sector of the services sector, contributing to approx. 71% of the country’s overall GDP, of which professional services contribute 5.8%. Singapore is a regional hub of choice for professional services firms, offering a cosmopolitan workforce and a trusted regulatory framework.
In 2021, the pharmaceuticals and biotechnology industry contributed 10.5 billion Singapore dollars to the GDP and currently employs more than 9,000 people. As a leading biomedical sciences hub in Asia’s heart, Singapore is the choice location for companies to develop and produce new products that better meet Asia’s healthcare needs. Companies like GlaxoSmithKline, MSD and Roche have based various commercial activities in Singapore, including Supply Chain Management, Regulatory Affairs and Medical Affairs.
In 2019, an estimated 19 million tourists visited the nation, with receipts at SGD 27.1 billion, according to the Singapore Tourism Board. Aside from traditional tourism, Singapore has also established itself as a medical tourism centre. Every year, approximately 200,000 people visit the country to receive healthcare.

Commercial Laws in
Singapore

  • The Inland Revenue Authority of Singapore – is the main tax administrator of the Government. IRAS collects taxes that account for about 70% of the Government’s operating revenue, supporting the Government’s economic and social programs to achieve quality growth and inclusive society. IRAS also represents the Government in tax treaty negotiations, drafts tax legislation, and provides advice on property valuation to the Government. As part of its public engagement, IRAS works closely with tax agents as partners in administering the Singapore tax system and facilitating tax compliance.
  • The Ministry of Manpower – is responsible for labour and employment issues. The labour inspection system is placed under the authority of the Commissioner of Labour and Workplace Safety and Health, who the Minister for Manpower appoints.
  • Employees covered by the Employment Act (EA) must be given a written record of Key Employment Terms (KETs) as set out in the Employment Regulations – Employment Records, Key Employment Terms and Pay Slips Regulations, 2016
  • KETs should include a description of the role, primary duties, and responsibilities; start date; working hours, days, breaks and rest days; salary and payment schedule; vacation allowance; notice periods, termination, and severance terms; any probation period.
  • KETs should be given to EA employees within 14 days of starting employment
  • If not in the KET, information such as policies on leave and medical benefits can be in the company’s employee handbook or on their intranet
  • Employers and employees are free to contract their arrangements if they do not contradict minimum benefits and entitlements as spelt out in the Act.

Commercial Laws in
Singapore

  • The Inland Revenue Authority of Singapore – is the main tax administrator of the Government. IRAS collects taxes that account for about 70% of the Government’s operating revenue, supporting the Government’s economic and social programs to achieve quality growth and inclusive society. IRAS also represents the Government in tax treaty negotiations, drafts tax legislation, and provides advice on property valuation to the Government. As part of its public engagement, IRAS works closely with tax agents as partners in administering the Singapore tax system and facilitating tax compliance.
  • The Ministry of Manpower – is responsible for labour and employment issues. The labour inspection system is placed under the authority of the Commissioner of Labour and Workplace Safety and Health, who the Minister for Manpower appoint
  • Employees covered by the Employment Act (EA) must be given a written record of Key Employment Terms (KETs) as set out in the Employment Regulations – Employment Records, Key Employment Terms and Pay Slips Regulations, 2016
  • KETs should include a description of the role, primary duties, and responsibilities; start date; working hours, days, breaks and rest days; salary and payment schedule; vacation allowance; notice periods, termination, and severance terms; any probation period.
  • KETs should be given to EA employees within 14 days of starting employment
  • If not in the KET, information such as policies on leave and medical benefits can be in the company’s employee handbook or on their intranet
  • Employers and employees are free to contract their arrangements if they do not contradict minimum benefits and entitlements as spelt out in the Act.

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