One of the many reasons that investors flock into Singapore is the availability of a skilled workforce. The World Bank ranks Singapore as the best country in Asia for human capital, mostly thanks to the extraordinary education system and the excellent living conditions in the city-state.
If you are thinking of Setting up a business in Singapore as well, you may want to know the benefits in terms of the manpower.
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Singapore’s Education Statistics
Singapore has exciting statistics when it comes to education. The government’s data says that 97.5% of people were literate in 2019, and education has reached everyone, despite the gender or cultural backgrounds.
98.9% of males and 96.1% females are literare in Singapore, and overall 57.3% of the population of age 25 years and above have gained post secondary education. In 2018 only, there were 18,997 university and 24,239 polytechnic graduates, citing that there is never a shortage of skilled workforce in Singapore- whether it is academically, or technically.
From a global standpoint, Singapore’s education system has consistently ranked on the top on various studies, and its no wonder that media and experts cite the country’s education to be the best in the world. In a recent study by the Organisation for Economic Cooperation and Development (OECD), Singapore’s 15 year olds ranked second globally in reading, science, and maths. The priority of the education system in Singapore has been practical knowledge more than the grades, and that has shown its effects, with most of the citizens contributing positively to the development of the economy.
The Advantages of Accessibility to Local Talents
One of the most significant factors when it comes to establishing a business overseas is how easy it is to find skilled employees. A country can have the best resources and promises for a company, but if you can’t find a workforce that can back up your growth plans with their abilities, then you won’t reach your true potential.
However, if the local talents are able to understand your goals and work accordingly, then it will be very easy for you to operate and grow your business. Furthermore, as the local talents are more used to the culture, they will help you assimilate your brand voice with the people in a better way. You won’t only give your employees instructions, but also learn from them, which will be very beneficial for your company’s success.
In Singapore, as we could see from the above statistics, there are thousands of university and technical graduates every year. Even more are looking for internships. So may be surprised to see how many applicants you will get for your vacancy and how it actually will be difficult for you to choose among them, as almost everyone will be loaded with the skills and knowledge you want.
How Local Talents Have Developed Multi-Million Start-Ups in Singapore
The idea of local talents helping your company immensely is no fluke. Especially when it comes to Singapore, the locals have proven time and again that they are very knowledgeable and skilled in the corporate and entrepreneurial fields. Here are some examples of local companies that reached heights:
Shopee
Shopee, launched in 2015 in Singapore, is now the biggest ecommerce platform in South East Asia. Currently, the website also offers services in South America (Brazil). The founder is Forrest Xiaodong Li, who is actually a multi-billionaire.
Carousell
Carousell, the popular ecommerce trading platform in Malaysia, Cambodia, Indonesia, the Philippines, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada, also started in Singapore. The founders were Quek Siu Rui, Lucas Ngoo, and Marcus Tan. Started on 14 May 2012, the company is now worth USD 80 million.
Ninja Van
The founders of the Delivery service Ninja Van also hail from Singapore. Lai Chang Wen, Shaun Chong, and Tan Boxian are still the most important people of the company; each handling the positions of CEO, CTO, and COO respectively. The company offers national, as well as international deliveries of parcels and other items.
RedMart
RedMart is another company that proves how an adequate local understanding can take a company to heights. The idea is simple- it is an ecommerce store dealing groceries. The founders Vikarm Rupani, Roger E. Egan III, and Rajesh Lingappa, and their team leveraged their familiarity with the local needs to turn their business to a multi-million brand.
The above were only some examples. Once you read and research about more businesses, you will easily see even more instances of how having reliable locals in your team can bring you success easily than otherwise.
3E Accounting Can Incorporate Your Company Within 2 hours in Singapore
If you read this article and are ready to take the next step, then it is high time that you incorporate your company in Singapore. If you are a foreigner, you need to hire a registered local agent to help you. It is mandatory, and actually extremely helpful, as it is virtually next to impossible to register a company by yourself without hassle or stress.
If you are looking for the best incorporation services, it would be a great idea to call 3E Accounting. Another company backed by local talents, it is one of the biggest Corporate Service Providers in Singapore and Asia, with some of the most impressive portfolios and prices.
One-Stop Solution for Business Needs in Singapore
When opening a company in Singapore, you need to have a resident director, a resident secretary, and a physical registered address. You also need to hire staff and need other administrative support. 3E Accounting Singapore offers every service, for example, accounting, auditing, secretarial, human resource, payroll, etc. that you need when operating your business.
Packages
3E accounting has various packages. When taking some of their services, you get others for less price or even for free. Again, their previous clients have reported that the company gives exclusive benefits to their long-term customers. All in all, let us say that they have a splendid customer support which is going to help a lot with your budget.
Accreditations & Awards
You just know how good a company is when it has received some of the biggest local and international corporate awards. From becoming the Company Incorporation Services Provider of the Year to the Executive of the year, 3E Accounting has won it all. Along with that, the company has even made its places on some well-known news network. Thus, it is no wonder that they claim to have helped register more than 4000 companies.
Consultancy
Before you register your company, you may have questions regarding the business type, structure, licences, and costs. 3E Accounting offers you a consultancy before registering your company, where they will talk about what and how you should incorporate, and what documents you need. For more information, see Singapore company incorporation services.