Registering and operating your company in Singapore proves to be profitable for business as the country has one of the stable, low corporate tax rates in the Asia Pacific region. To start your business out of Singapore and take advantage of the extensive benefits, you can register your business as a company by selecting one of the corporate business structures available in Singapore.
After registering and starting your business in Singapore, you have to apply for a visa for your entry into Singapore as a business owner and entry passes for your directors. Setting up company in Singapore and starting operations you are eligible to hire employees for your company based on your requirement. The payroll service comes to play here; it helps you hire the right employees for the job and actively assists you in maintaining the human resources, employee administration and follows the employee regulatory compliances according to the Singapore laws.
Furthermore, hiring qualified employees for your Singapore Company can be a tiresome task even though the country has skilled and talented professionals from all over the world. Finding the right person for the right job is crucial for business success and gives a competitive edge for your company in the market.
What is a Payroll Service in Singapore?
A payroll service offers you services that efficiently manage the employees’ right from hiring, employment, salary calculation, employee insurance and human resource management. This service allows the owner or director to effectively focus on the core business activities while the payroll service manages the worker wages, employee salaries, temporary labour charges and calculates the taxes for the payments made to the employees.
The payroll service can pay the employees according to the requirement such as daily wages, weekly pay and monthly salary. In addition to this, the payroll service follows the local Singapore laws and rules regarding domestic and international workers, Singapore resident employees and highly skilled professional.
Why do you need a Payroll Service in Singapore?
Outsourcing a payroll services in Singapore can perform a crucial role in the company’s business operations by assisting the directors in managing and monitoring the employees of the company, maintaining the relationship with the employees to carry out activities for the organisation.
The payroll service offers dedicated services for companies according to their needs of the business, supports and manages multiple administrative tasks in the company helping them in growing their business.
In addition to this, the payroll service helps the company by making sure that all the employee relations are handled smoothly resulting in an efficient workforce. They also assist the organisation in ensuring that all the employee regulations are followed according to the Singapore labour laws and guarantees that the compliances are met so that the business can operate without any legal issues.
Tasks of a Payroll Service in Singapore
- Preparing checks and salaries for employees and workers
- Monitoring the employee and worker attendance
- Handling employee insurance payments
- Planning employee and labour holidays
- Calculating incentives according to company rules
- Managing tax obligations
- Ensuring the compliances according to local regulations
- Salary report management
- Human resource administration
- Arranges the employment paperwork according to local laws
Best Reasons for Outsourcing your Payroll Service
- By outsourcing a payroll services in Singapore, you can rest assured that the employee obligations are met in a professional and timely fashion
- More importantly, the employee regulations for according to the local laws are followed this might include managing the employee work hours, basic wages, tax rates according to the type of job, insurance requirements and pension funds. These employee regulations vary from country to country and depend upon the industry of operation
- Hiring the payroll service allows your business to hire employees without any hassles while following all the regulations and employee obligations. Notably, the service gives you the reach to hire employees across borders without any difficulties allowing you to manage operations across boundaries actively
- Managing employees becomes more comfortable over time as the service handles all your requests this gives you more time to focus on the core business activities and plan for your expansion into different markets
- Hiring the service relieves you of the pressures of hiring the employee in a foreign land as the service filter candidates, assesses them and engages the best person for your firm following all the legal procedures for inducting the candidate into the company
If you’re an entrepreneur, business owner or investor interested in hiring a payroll service for your company in Singapore. You can contact us, as we provide professional payroll services with extensive experience in handling employees in Singapore and neighbouring countries. We guarantee that by availing our service, the process of hiring and managing employees will be made effortless. Our team in Singapore ensures that all the legal and regulatory compliances are followed according to the Singapore laws.