Papaya Global and an Employer of Record in Singapore
Get your global operation off to a quick and easy start with the services of Papaya Global’s PEO, also known as an employer of record (EOR). Papaya or it’s local partner will serve as the Employer of Record for your workforce so you never need to open an entity in Singapore – unless you are sure you want to make the operation permanent. You direct the workers in their duties – helping you achieve your operational goals.
The PEO handles all the back-office tasks like payroll, payments, and workforce management, and it assumes liability for the entire workforce. That means that if you use the outsource employment service, you never have to worry about compliance, workforce administration, or a discontented talent.
Singapore PEO Costs
The Singapore PEO fees model is as simple as the service. Unlike some companies that charge a percentage of the payroll under management, Papaya Global’s prices are fixed – one price per employee, per month. You can plan your expansion budget well in advance because the total will always be predictable.
That fee is not just for the EoR service. It includes everything you need to run a payroll operation, including real time business intelligence, so you always know how much you’re spending on your global workforce and which locations have the best return on investment.
Advantages of Using a PEO
Working with an employer of record in Singapore is ideal for companies that want to expand quickly without committing to a long-term engagement in Singapore, either to test the market first at low risk or to start hiring while seeking a more permanent presence. The PEO handles all aspects of the employment process, from onboarding to payments, so you never have to worry about local labor laws or tax codes.
Employing in Singapore through an PEO/EOR is easy, and transitioning to a regular payroll is just as straightforward. If the project looks like it’s going to be permanent, your company can open and entity and switch to regular payroll without missing a beat. The entire transfer can be completed in a single day.
Why Hire in Singapore
With English being one of the four official languages in Singapore, it stands as a perfect gateway to the Asian market. Hiring in Singapore is easy, especially if you have a local PEO working on your behalf to ensure that your company always puts its best foot forward in the local market.
Singapore is also famous for its inviting tax environment. There are no income taxes on the first $20,000 earned, and only 2% on the next $10,000. Your company will pay a flat employer tax of 17%, but there are no capital gains taxes at all, making it highly attractive. Singapore also has a flexible immigration policy, so it’s clearly interested in meeting your needs the best it can.