The open business policy has improved Singapore's image as a business-friendly country. Moreover, Singapore's attractive corporate tax rate, seamless and efficient application procedures, and even government funding for companies, provide businesses with an opportunity to begin on a good footing.
Both MNCs and start-ups see Singapore as an ideal place to invest and grow their businesses. More than 7,000 multinational companies alongside 100,000 small and medium enterprises (SMEs) have set up their base in Singapore. Many companies turn to Singapore to act as the launch pad to penetrate Asian markets.
Key Sectors
Manufacturing remains the largest sector in Singapore but other key sectors include trade, science and technology, industrial development, tourism, engineering, healthcare, information technology and maritime services.
The finance sector also has a stronghold with 600 multinational financial institutions under its fold. The financial industry accounted for more than 13% of Singapore's GDP in 2008 and employed 5.4% of the total workforce. Financial institutions range from wealth and asset management to equity, bond, foreign exchange and derivative markets, to reinsurance and captive insurance. Many multinational financial institutions have set up regional and global middle and back-office operations in Singapore, enticing professionals from other industries- especially those with experience in infocomm technology (ICT).
Getting Employed
Singapore's Ministry Of Manpower http://www.mom.gov.sg has a listing of the skills and occupations strategic to key industry sectors, wherein foreigners possessing such skills will be given special consideration in their Employment Pass/S-Pass applications.
But before you can even get on the skills list, you need to find a job - a challenge for foreigners. Non-Singapore citizens must secure a job offer before applying for a work permit.
The internet is still the best place to look for a job in this plug-and-play nation with job portals such as JobsCentral.com.sg, monster.com, jobsdb.com.sg and jobstreet.com.sg, among others, which provide up-to-date listing of job vacancies across the island. The Singapore government also provides a directory for various public service and government jobs. For more information visit: http://app.vog.gov.sg/
The leading English newspaper in Singapore, The Straits Times, publishes an extensive job listing every Saturday.
Attending job fairs is another alternative and a great way to foster a business network.
Major employers include: American International Assurance (AIA) Co Ltd, Barclays Capital, BNP Paribas, Citigroup, Credit Suisse, Development Bank of Singapore (DBS), Great Eastern Life, Government of Singapore Investment Corporation (GIC), The Hongkong and Shanghai Banking Corporation Limited (HSBC), JP Morgan, Monetary Authority of Singapore (MAS), OCBC Bank, Royal Bank of Scotland (RBS), Standard Chartered Bank, Temasek Holdings, United Overseas Bank (UOB).
Foreigners account for one third of the Singaporean population. Expats welcome the rewarding benefits of open recruitment policies, low personal taxation, and an English-speaking environment.
