How to Start a Global Business in Singapore

 

Singapore is a popular place to live and work due to its robust economy, favorable tax system, growing foreign exchange markets, and vast economic potential. Singapore ranked second out of 190 countries in the World Bank’s ease of doing business index.

Singapore is a major aviation hub located on one of the world’s busiest flight lines. Because of its highly educated workforce, business-friendly atmosphere, and consistent economic development, the nation ranks among the best for global expansion. Recent economic statistics and business surveys confirm Singapore’s dominance as a premier commercial hub. Southeast Asia is a worldwide growth center due to its strong economic infrastructure, bilateral agreements, and proximity, and as a result, enterprises gain substantially from accessing the global market.

Singapore’s top four business benefits

A thriving economy

Singapore’s massive, robust, and constantly rising economy, which is largely driven by trade, finance, and manufacturing, as well as a growing talent pool, is one of the key reasons for development there. Also, most of the country’s GDP comes from the service sector, which employs a large portion of the workforce (GDP).

Singapore also has strict rules about how foreigners can invest there, and it gives its citizens a lot of help with health care, housing, education, and transportation.

Suitable tax rates

Singapore is known across the globe as a tax haven due to its low tax rates and the limited number of levies. When a corporation exports from the United States, it is not taxed on its foreign earnings. Singapore is a good place to grow internationally because businesses there only have to pay taxes on their local income.

In contrast to other countries, Singapore does not tax capital gains, so firms may sell their investments or capital assets without having to pay taxes on the earnings. This nation boasts one of the lowest corporate tax rates in the world, at only 17%. The Inland Revenue Authority of Singapore also gives different incentives to certain businesses in order to lower their corporation tax rates.

It is easy to start a company

Registering a company in Singapore is faster and easier if all of the statutory conditions are met and the right paperwork is submitted. Foreign nationals are also permitted to run enterprises in Singapore. Most countries require enterprises and branches to have a certain number of local owners, giving the government some control over the business’s operations and a stake in its success.

Singapore, on the other hand, allows international businesses to retain 100 percent ownership, making it an appealing location for growth because foreign businesses can retain complete control and ownership. Even though the world economy isn’t doing well, Singapore continues to attract businesses from all over the world, both rapidly growing big and small companies.

There is talent available

Singapore has one of the most educated and capable labor forces in the world, with more than 30% of its workers having a university degree and another 15% holding a certificate or professional qualification. Due to the country’s policy on bilingual education, most Singaporeans can speak English and at least one other language.

In recent years, Singapore has experienced a significant expansion in the number of venture capital companies, which has resulted in billions of dollars in funding and the creation of unicorns in the startup business. Human capital is the sole asset that has contributed to Singapore’s economic miracle. The country has consistently put money into education to make sure that its workers are well-trained and skilled, which has helped the economy grow.


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Singapore’s Top 3 Business Challenges

The significance of board members for businesses

According to the Singapore Companies Act, every Singaporean firm must have at least one director who is a Singaporean. Directors are required to act in the best interests of the company and are responsible for ensuring that legal obligations are met, such as holding an annual general meeting and submitting yearly reports to the Accounting and Corporate Regulatory Authority (ACRA).

Local authorities may assess financial penalties for significant infractions or failure to comply with legal responsibilities. In extreme cases, they may take action against business executives (such as directors and secretaries).

High operating costs

Setting up and running a company in Singapore is expensive. Singapore’s operating expenditures are higher than those of its Southeast Asian rivals since paying employees locally is more costly owing to Singapore’s strong currency. Also, because there isn’t enough good land, the rent for retail and business spaces in Singapore is twice as much as in its neighboring countries.

Electricity is costly, labor is expensive, and commercial space rental is among the highest in the world. Any company migrating from another country will quickly become aware of this and will begin searching for cost-cutting strategies.

Obtaining a work permit

The Ministry of Manpower has made it more difficult for non-nationals who wish to live and work in Singapore to get a working permit. Each application is looked at on its own, taking into account the applicant’s education, work experience, fit for the job, and the industry in which the potential employer works.

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Singapore’s forex trading legislation and laws

Singapore’s local government and culture are well-known for strictly enforcing rules, customs, and limitations. Given the country’s emphasis on international trade, it’s no surprise that Singapore is a financial hub for foreign exchange. According to sources, the region’s daily forex trading turnover exceeds both New York and London. Singapore’s Monetary Authority is in charge of registration, license issuing, and regulatory oversight (MAS).

Singapore has legal and profitable forex trading. Government officials in the country continue to endeavor to solidify the island nation’s status as Asia’s financial hub for all financial activity, including bitcoin transactions. The Monetary Authority of Singapore has made it safe for its retail forex dealers and is willing to work with everyone in the industry as the forex market changes over the next 10 years.

 

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How to Nail Your Exit Interview

Exit interviews are conducted by the employer or the HR personnel to learn more about the position and the reasons for turnover. The organization wants to know why you are leaving. Moreover, they want to take it as an opportunity to think critically about your experience. Use this to provide feedback and suggestions.

What did you learn from your position? How might the organization improve? Here are some things to keep in mind.

#1: PREPARE YOURSELF

Jobs play a huge role in our lives. Leaving a job can stir a pot of strong emotions. So, it is best to prepare. Treat the exit interview like any other interview by practicing your answers. Anticipate the questions and research the possible answers.

#2: FIND THE POSITIVE

Regardless of your experience, you need to find something good about it. Perhaps, you learned a new skill from your boss or had incredible workmates. This is the time to be specific about the people who helped you along the way.

#3: REVIEW COMMON QUESTIONS

Be honest and calculated when it comes to answering the exit interview questions. Consider the following sample answers.

a. Why are you leaving?

“I really enjoyed working here and learned a lot over the course of my employment. However, I found a job with more opportunities for growth. It is time for me to go in a different direction.”

b. How do you feel about the management?

“Overall, I am grateful and satisfied with how the management guided me with the position. However, there is always room for improvement. Management sometimes overlooked the ways they could utilize my role and I felt stagnant. You can empower the employees more by encouraging innovative ideas and providing new tasks that will ignite their creativity.”

c. Did you receive proper and adequate training?

“The best thing you can do for the new hires is to make sure that they understand their roles and supply them with tools to perform their job well. You can also incorporate the discussion of career enrichment in the onboarding process.

Personally, I did not always feel that the resources were enough for me to do the job well. I think new hires can benefit from more frequent training. To fully prepare new employees to meet the company’s expectations, management might consider additional training for them. Current employees may also get refresher courses to maximize their abilities.”

d. Would you recommend the company to others?

If your answer is yes, please explained why you want to genuinely endorse them to your friends and family members. If your answer is no, you can consider the sample answer below.

“If someone asked me if they should apply here, I would ask them to elaborate their background and preferred work environments. This organization may not be suitable for everyone, but it could really work well for certain people.”

Image Credits: pixabay.com

On an employee’s last day, the organization wants to gain context around why an employee is leaving.

End the exit interview conversation by wishing everyone well and by opening doors for (potential) return.

Sources: 1 & 2

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6 Tips to Cultivate Teamwork at Work

Why is teamwork vital in the workplace? Well, teamwork can lead to multiple benefits including greater efficiency, workforce productivity, increased innovation, higher employee morale, and improved retention.

Given that some or most of the staff are working remotely, fostering teamwork in the workplace is not easy. This article offers suggestions for cultivating teamwork both in virtual and physical settings.

#1: SET CLEAR GOALS

Describe what each employee is supposed to accomplish and not how they should accomplish it. Explain the expectations in terms of the outcomes and elaborate the team’s goals. How each employee meets these expectations will vary. You need to trust them.

#2: ENCOURAGE GIVING SUPPORT

Cultivating an environment were asking for help is not a sign of weakness. Getting the work done requires time and focus. When you need inspiration or support, ask for it. People who are experts on the field can teach you new ways to solve the issue at hand.

#3: DIVIDE THE LOAD

Teamwork does not mean everyone does one task together. It requires breaking each component into parts. Then, the team sorts out who will do each part according to availability and expertise. A credible project manager will help with the organization of these parts.

#4: CREATE A REVIEW PROCESS

Review meetings enable the team to be on the same page. It gives each team member the chance to politely critique the team’s work. Encourage the employees to question the project from different angles. Often, you will catch things that would otherwise get missed.

#5: CELEBRATE WINS TOGETHER

Appreciate the challenging work of each team member. Take time to extend your gratitude for the specific contributions to the team. Celebrate your wins together as you achieve a milestone towards your goal.

#6: HIGHLIGHT THE BENEFITS OF COLLABORATION

Teamwork does not only benefit the organization, but it can also boost camaraderie and increase job satisfaction. Working in teams provides employees more opportunities to unleash their creative ideas. Having a sense of belonging sure helps in reducing stress too. The dynamics and strength of your team directly affect business outcomes.

Sources: 1 & 2

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How to Politely Get Out of a Meeting

From the moment you receive an invitation, you can already predict whether the meeting will be unproductive or not. How can you decline politely?

A meeting will take more than an hour of your time, so you can see if the other party would be willing to update you over email or short phone call.

Sometimes, even well-meaning people forget that time is not infinite. A straightforward query or reminder can help. Here are other strategies that you can apply.

#1: PRIORITIZE IMPORTANT MEETINGS

Not all meetings are created equal. Just because you have been invited to one does not mean that it is essential. Start by examining which meetings are important to attend and which are not.

The most essential meetings are the ones in which decisions will be made. If your team is choosing to launch a project, you cannot make the decision over email. Meetings that will need brainstorming or sharing of opinions should be done in person or through a teleconference.

You must also attend strategic meetings, which allows you to develop a unified vision of where your organization is headed.

#2: ASK ESSENTIAL QUESTIONS

Make it challenging for the other party by asking the following questions upon receiving an invitation:

1. What is the exact topic?
2. What is the meeting’s duration?
3. What is the time and location?
4. Who will be in attendance?
5. What decision needs to be made at the meeting?
6. Why is my attendance crucial there?

Image Credits: pixabay.com

#3: ENCOURAGE MEETING NOTES

Many organizations have staff meetings for information sharing. These meetings involve listening and learning about the current plans and events affecting the team. You may not have a crucial role in this meeting, but you need to stay informed.

Bring up the idea of having someone keep meeting notes during the session, so people who will not able to attend can have access to the information that was shared. Read the meeting notes instead.

#4: EXIT GRACEFULLY

If the meeting no longer pertains to you, politely ask if you can step out. It is alright to request to leave early, especially if you are busy. Message the meeting organizer to explain that you are trying to manage your time and prioritize tasks.

Meetings take up an average of 62 hours per month of employees’ time. Many professionals attempt to cope in a passive-aggressive way by showing up late to meetings or by fiddling with their gadgets.

Image Credits: pixabay.com

The strategies above provide a better way to politely get out of meetings to protect your time.

Sources: 1 & 2

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How to Deal with a Micromanaging Boss

Imagine watching a puppeteer manipulating an inanimate object for a show, except that show represents your professional life and the puppeteer is your boss. Isn’t it upsetting?

Having a micromanager as a boss can be a source of stress and frustration as it impacts your day-to-day life.

A micromanager tries to control every aspect of the work, no matter how small the detail can be. Employees can feel distrusted, dissatisfied, and disrespected. Prolonged control over all the aspects of an employee’s work may negatively affect his or her wellbeing and productivity. Quitting can be seen as a viable option if the employee can no longer deal with the situation.

However, it does not have to be this way!

#1: IDENTIFY THE TRIGGERS

Trying to understand the triggers for your boss’ micromanagement can help you be better equipped to deal with the situation. Start by identifying the reasons why he or she micromanages.

Often, micromanagers do not realize what they are doing. Perhaps, your boss micromanages because he is under a lot of stress, or he has a terrible experience with the previous employee.

Experts say that micromanaging can also be rooted from a personality trait. Individuals with strong organizational tendencies find it difficult to delegate tasks to others. These people find it hard to trust someone else to do the job as well as them, or to complete a task within their expected timeframe.

#2: ASK WHERE YOU CAN IMPROVE

Being polite and direct will serve you best. Ask your boss about the areas that you can improve on to address the company’s needs.

You can also be open about how your boss’ management behavior makes you feel by providing specific examples.

After sharing your thoughts on your intention to improve the collaboration and support, advise your boss that you are most productive when you are given the autonomy to meet those needs. You can also set weekly check-ins to alleviate the hovering.

#3: PROVIDE UPDATES REGULARLY

Micromanagers want to be in control. They want to check-in on your work to make sure that things are going smoothly to the schedule. Since micromanagers cannot do everything by themselves, they do their hardest to stay as involved as possible.

Try being proactive when sending regular updates before your boss has a chance to ask for these from you. List the things you want to accomplish within the day and email it to your boss. Regularly sending updates can serve multiple purposes.

Firstly, your boss knows exactly where your current workload stands. Questioning can be minimized. Secondly, your boss will realize how detail-oriented you are and that you can manage your own responsibilities without intervention. Lastly, it can help your boss address immediate concerns at one glance, which can reduce frequent check-ins.

#4: BUILD CONNECTION AND TRUST

Do you agree that trust is the key to any healthy relationship? Be it personal or professional, trust can build a solid foundation for you and your micromanaging boss.

When your boss does not trust your decisions and abilities, he or she will always monitor you. Developing synergy and building trust by creating time to connect and sharing what you are currently doing can help your situation. This allows your boss to create a space for growth.

Image Credits: unsplash.com

Shifting your micromanaging boss’ leadership style is not easy, and change is not immediate. As an employee, you can show your boss that you are trustworthy and responsible to inspire that change over time.

Sources: 1, 2, & 3

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