Newsletter November 2010
Greetings from the Innovare Team!
Time flies and we are almost towards the end of 2010. Indeed, 2009 and 2010 have been a roller-coaster ride for many who have gone through the financial storm.
The Chinese characters for crisis “危机”(wei ji) has a double meaning. It also means opportunity because it is a double edged sword. Hopefully, each trial has presented a learning opportunity for us to build a more solid platform to see us through better times ahead.
In this mail-out, we would like to highlight an economic miracle called Singapore.
Since gaining independence 45 years ago, the island state has come a long way from a collection of villages (kampungs) to a first world nation, whose per capita real GDP is amongst the highest in the world.
Having recently celebrated its 45th year of nationhood, Singapore followed through with the successful inaugural of the Youth Olympic Games. Shortly, the Formula One night races will continue to fill the air with excitement and anticipation.
Here are a few headlines and statistics:
Singapore Economy Grew 18.8% in Q2
(Today 11 Aug 2010)
Singapore’s Economy Soars
(Nanyang Siang Pau, Msia, 29 July 2010)
“Singapore will be the strongest growing economy in Asia for the year and probably in the world” said CIMB economist
You might know that:
- Singapore hosted the first ever Formula 1 night race and looks set to continue for the foreseeable future
- For football fans, Singapore recently made news when one of its tycoons, Peter Lim, attempted a takeover of Liverpool football club
A Western Invasion?
As the world’s economic activities shift from West to East, so too, are the masses of jobseekers – and an increasing number of them are looking for opportunities in Singapore. Recruiters here (in Singapore) see surge in job applicants from UK, North America.
“Jobs in Singapore, particularly in IT, finance and biomedical sciences were in higher demand (in Singapore) compared to the rest of Asia. Many multinational corporations base their regional headquarters here, so, its only logical that many want to work at the hub” said Ms Lim, Associate Director at Robert Walters
Contracting in Singapore
Whilst this is still not a predominant mode of doing work, its acceptance is on the rise. This is driven by the fact that many Multinationals (MNCs) set up their regional headquarters in Singapore.
With MNCs relatively familiar with the contracting concept, especially for short to medium term project work, it is gaining momentum.
Furthermore, with the recent great recession, companies are becoming more aware about the flexibility that comes with taking contractors. It provides a cushion in uncertain times to have a flexible workforce.
(Articles are available upon request)
Here are some relevant facts to contractors or companies interested in making a start in Singapore :
- Income tax go up to 20%, with most taxpayers falling within the 10-15% bracket, is amongst the lowest in the world
- Skilled individuals are welcomed by the island state and can gain working access via Employment Passes, S Passes and various other channels
- A minimalist social security system that does not heap a burden for short to medium term contractors
- Well served infrastructure (transport, accommodation, safety) that makes physical transition smoother.
- Corporation tax rate of up to 17% is also amongst the lowest globally
- Withholding tax up to 20% for monies remitted out of the country for work performed in Singapore
- Recruitment agencies need a recruitment license, which takes about 3 months to obtain
- Efficiency in company formation, supported by start-up friendly infrastructure (service offices, connectivity, sound legal system)
Here is what one of our Singapore based contractors has to say:
“I have just completed A memorable 17 years working, residing, breathing Singapore.
Myself and my family never had a bad moment whilst here in Singapore and I leave with my heart still here…. hopefully to return Singapore soonest. I leave many good friends all…. Singaporean and all true friends.
As I reflect my time I see many changes and advancements for the better. I have completed many projects some mega size for world standards…. and never had any reservations about getting things done in timely safe manner.
Good luck to all in Singapore and Innovare.”
David Hanaphy, contractor at Shell, 28 Jul 2010
Innovare has had the pleasure of supporting hundreds of contractors working in Singapore as well as many recruitment agencies wishing to start-up in Singapore. We look forward to assisting you in realising this opportunity.
Employed Solutions in Asia Pacific
Innovare has managed contractors, with solutions throughout Asia Pacific:
Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Papua New Guinea, Singapore, Taiwan, Thailand, Vietnam.
We continue to be specialists in workforce management in Asia Pacific.
Apart from English as the main language, we are able to assist contractors in Mandarin, Bahasa Malaysia/ Indonesia and Tagalog.
Refer a Contractor
If you are a contractor who had used our services in the past, refer a contractor to Innovare and be rewarded! Contact us for more details.
We hope to give you regular updates on the industry and economic climate in Asia Pacific. If there are specific topics you would like us to cover, please let us know.
The Innovare Team
+65 6336 7966
Click here to view the original newsletter.