High-Speed Market Entry into Singapore with PEO/EOR
Free On-Demand Webinar | Singapore | 23rd June 2020, Morning and Afternoon Session
We are back with our 2nd Webinar Series! This time around is understanding how to achieve a less stressful, cost-effective, and fast way to get your business into the Southeast Asia (S.E.A) market. The answer is tapping onto a regional company that offers Professional Employer Organization (PEO) or Employer of Record (EOR) service.
Not only that, if they have local offices in the S.E.A and equipped with skilled HR consultants, but it also helps to ensure that all your business processes from start to end will be compliant to the country’s rules and regulations (e.g. work pass management, payslip, payroll calculation, year-end tax, employee’s benefits).
Again, it’s a total of 6 episodes for our 2nd Webinar Series, starting off with Singapore context. Below was a breakdown of what was going through:
1. What is PEO/EOR and Benefits?
2. PEO/EOR scope of service
3. Singapore’s employment rules and regulations
4. Customer Success Story
5. PEO/EOR ROI
We have also picked up Top 10 questions and written down the answers which you can also take it as a reference point:
1. Who is entitled to CPF contribution in Singapore?
If you are an employee and are a Singaporean or Singapore permanent resident, you are entitled to CPF
contributions from your employer.
CPF contributions are payable for Singapore citizens (SCs) and Singapore permanent residents (SPRs) who are:
-Working in Singapore under a contract of service.
-Employed under a permanent, part-time or casual basis.
-However, if the employee is an SC or SPR working overseas, CPF contributions are not mandatory.
2. What is the available group insurance?
Local and international Medical, Hospitalisation plan. Life coverage with x 2 of annual salary and international travel insurance
3. What is the minimum wage for Singapore?
No minimum wage, Singapore government encourage salary should be from SGD 1400 from July onwards.
of coz, there will a Singapore salary benchmark to follow to be more competitive to keep the right talent.
4. What is the standard time for onboarding a worker?
Any preferred time before the next statutory contribution dateline
5. How many days for turning around a contract once you have received employee information?
1 Working Days, we will share the onboarding form which will help to expedite the onboarding process.
6. Can you help me to define what are the challenges that I will be facing to enter the Singapore market?
Setting up an entity, there are many types of companies to be considered. The client will need to hire a Corporate SEC to assist them in the setup. Foreigner employees are not allowed to be hired during the 1st 6 months of set up.
7. Can employees be transferred to other PEO companies?
The employee can transfer to another PEO company at any time, the employee will be to make resignation and client to terminate the services agreement with notice period. we will prepare the documentation and onboarding during this period to start work with AYP PEO immediately after the contract date end.
8. How can the employee bring their dependents to Singapore?
Employees can apply for a Dependant’s Pass for your family if you are holding an Employment Pass or S pass that is sponsored by a Singapore-registered company. Employee must earn a minimum fixed monthly salary of
$6,000 and they can apply this for a Legally married spouse, Unmarried children under 21 years old, including legally adopted children.
If your family members are not eligible for a Dependant’s Pass, they may qualify for a Long Term Visit Pass.
Both Dependents pass or LTVP holders are able to work here provided they found a job. the company that hire them will need to provide a Letter of consent for them to start work. the Letter of consent can be applied through us at the MOM portal.
So with this new work arrangement, you can still have your family members coming together with you to
Singapore under work pass management services, we also apply for S pass, work permit or other passes on
behalf of our clients.
9. What is the process to apply for an employment pass?
Job advertisement for 14 days
Self-Assessment Tool (SAT)
Submit an application for after 3 weeks
Issue of work pass within 6 months of in-principle approval upon employee arrival in Singapore
Check the notification letter whether the candidate needs to register fingerprints and photo
Receiving of the work pass card
10. Do you have a minimum and maximum period of employment under the PEO arrangement?
There is no minimum and maximum period. the common practices for the short project will be from 1, 3, 6 months to an indefinite agreement.
If you would like to rewatch our 2nd Webinar Series, 1st Episode, High-Speed Entry into Singapore with PEO/EOR, you can rewatch at our YouTube channel (https://www.youtube.com/watch?v=l-xPVYfI0tY&feature=youtu.be).
If you have further questions, feel free to email us at either [email protected]. You have a business plan, let us help you!