Doing Business in Singapore with a PEO/EOR
Singapore has long stood out as an extraordinary destination for foreign investment in Asia. With its welcoming regulatory and tax environment and its extensive networks of international businesses, there is no wonder that Singapore is home to many of the world’s largest companies, or their Asian regional headquarters. With exceptional standards of education and professional training, Singapore has a talented workforce with global exposure and experience. Any 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. PEOs/EORs in Singapore are able to handle all administrative and legal aspects of having a workforce in Singapore, from contract creation through to renewal or dismissal.
Read on to discover the benefits of using a PEO/EOR in Singapore and to get rankings of the top providers.
Why Use a PEO/EOR in Singapore?
Businesses in Singapore are able to benefit from the highly international flavor of the city, but there nonetheless remain some complex legal and regulatory frameworks to navigate when expanding into Singapore. Most companies would ordinarily have to establish an entity in Singapore, then ensure that reliable legal advice was sought to hire employees and manage all of their varying payroll, tax, retirement, and social security contributions. This is a difficult task in any country, let alone in a foreign one, and for that reason many companies find partnering with a PEO/EOR in Singapore to be the solution. PEOs/EORs handle all these aspects of foreign employment in a compliant and efficient manner, as well as reducing risk.
Best Singapore PEOs/EORs
1. New Horizons Global Partners: www.nhglobalpartners.com
With offices throughout Asia, New Horizons Global Partners is a stand out PEO/EOR in Singapore as well as elsewhere on the Asian continent. Unlike many other PEOs/EORs, it places high importance on having local consultants who truly understand the employment and business landscapes in which companies operate. In doing so, it is able to guide executives through the often complex processes involved in setting up a business in Singapore, as well as assisting any foreign staff to understand the business culture and etiquette.
2. Velocity Global: www.velocityglobal.com
With a comprehensive online Resource Center and operations in countries the world over, US company Velocity Global is certainly a big player in the PEO/EOR industry in Singapore. That said, the company does operate primarily through a large network of partners, so whether – ultimately – you end up working directly with the company is not wholly clear. Despite this, Velocity Global is a well-respected and established name and its reputation for leading with value is reflected in its engagements, which have been successful enough to garner it a large and prestigious client base.
3. PEO Worldwide: www.peoworldwide.com
PEO Worldwide, as with other PEO/EOR companies in Singapore, offer managed payroll services, flexible employee benefits and support in human resources. In offering international employment solutions for business, there is less of a local feel with this company, although they appear to have a solid client base with companies that do not necessarily require to know about the local business practices and expectations in countries in which they operate. For the sake of simplicity, a company like PEO Worldwide may prove a preferable option, although companies with complex operations or greater sensitivity to culture and etiquette should consider a company with a local office.