Why relocate to Singapore?
Singapore is much more than a modern metropolis with a significant economic, political and cultural centre. In fact, it is a place unlike anywhere else in Southeast Asia and boasts a population size of 5,866,692 people coming from many different backgrounds to live and work on a bustling island. As a major expat destination and Asian business hub, we ask what is the driving force behind tax professionals making a move to this island economy.
1) Easy to relocate
In contrast to other developed nations, the process for moving to Singapore is considered relatively easy by comparison. The Visa application process usually takes between six to eight weeks. In Singapore, it can take as little as one day, depending on an expat’s nationality, salary and qualifications. By applying its immigration-friendly policy, the island nation attracts many professionals from all over the world. For the most up-to-date information about the different Visa types, please visit the Singapore Ministry of Manpower website.
2) Build a strong career
If you dream about having a strong tax career and a highly competitive salary, then Singapore is right for you. With its rapid economic growth and development of new sectors, Singapore takes the second position in a global competitiveness survey.
Businesses and entrepreneurs there are highly valued and are often subsidised by the government. The demand for skilled workers is huge. Singapore has become a home to some of the world’s biggest companies and has the highest percentages of millionaires worldwide. A place, where passion and possibilities meet!
3) Low Tax Rate
Relocating to Singapore for career purposes? You should know that Singapore’s personal income tax rate is one of the lowest in the world. The tax system is significantly simpler compared to other countries, where individuals are required to pay a nominal rate ranging from 0-20%, depending on the level of income. Those earning less than $22,000 per year pay nothing in taxes, while those earning over $320,000 per year pay 20%. For more information visit this link.
Singapore is a non-stop place for entertainment. There is always something you can do or see, regardless of the length of your stay. You can choose from art galleries and museums to a local theatre to pop concerts and gigs. The island nation maintains a wide range of family-friendly attractions and nice public places that make your stay there worthwhile. If you enjoy a little retail therapy, Singapore offers many high-end shopping malls for you to spend your free time. You can find more information about all attractions and activities in Singapore on TripAdvisor.
On a daily basis, people move around Singapore using excellent public transportation. Owning and maintaining a car can be challenging with car owners facing multiple regulations designed to maximise the limited space in the city. Expats find the initial and the recurring costs substantial, which is why they benefit from the well-developed and highly affordable public transport system instead.
Singapore has invested largely into the development of a fast and effective means of transportation for its citizens. The metro system is considered as the most extensive and reliable one in the whole region with more than 140 stations available. Although the metro system in Singapore has undergone many improvements over the last years, the bus transportation remains the most preferred option for citizens. Further information about private and public transportation can be found here and here.
So there you have it, this vibrant island country offers vast benefits for expats, so why aren’t you considering Singapore as your next career move in tax?
If you are interested in a move to Singapore or anywhere else in the world and would like to speak to Kingpin International about International Tax Opportunities, across Direct Tax, Transfer Pricing or Indirect Tax please contact a member of the team. Alternatively, view our current vacancies.