Singapore is an extraordinary destination for foreign investment in Asia. Because of that, welcoming regulatory and tax environment and its extensive networks of international businesses, there is no wonder that the country is hub to many of startups and large companies.
Investors looking to start a business in Singapore or test the markets would do well in partnering with a reputable professional employer organization (PEO) or employer of record (EOR) in the country. A PEO can be useful for many business and recruitment situations. If you are expanding your company into a new market, they can help you hire local personnel without forming a legal entity in the country. A PEO will handle all of your employer’s responsibilities, such as taxes, human resources, and the payment of wages.
This is a great way to save time and reduce costs. In fact, this is why many businesses choose to use our PEO services when expanding their business into another country. You do not have to worry about spending time on the employment process and worry about complex manpower regulations. You can continue your day-to-day management of the company and let the PEO take care of your personnel in the new country.
Why are PEO Services needed for Business Expansion in Singapore?
Moving your business to Singapore is an enticing and potentially lucrative prospect. The World Economic Forum Global Competitiveness Report declares Singapore as one of the top economies for sustaining inclusive growth. In fact, Singapore is seen by many companies as a gateway to the Southeast Asian market – an economy that consists of 600 million people spread across 10 countries. More than half of the 37,400 international companies have based their headquarters in Singapore, as it is easy to set up a business in the region.
How PEO services can benefit your Business Expansion in Singapore
If you are thinking about using a PEO consultant to move your business into Singapore, you will receive the following benefits:
- Easy exploration of a new market: A PEO allows you to explore a new market with consultants familiar with the location and economy.
- A competitive edge: Expanding your business into Singapore helps you break free from an oversaturated market in your home country. If you are the first business of your type to move to Singapore, you’ll receive a first-mover advantage – allowing you strong brand recognition that will help in the future.
- Access to talented professionals: International employees are highly sought after thanks to their language skills, diverse backgrounds, and different perspectives. A PEO will have access to some of the brightest and best-suited professionals for your business.
Read more about PEO Services in Singapore at this InCorp Global blog.
