Payroll Outsourcing in Singapore
Singapore Payroll Services
No matter where you need it, our team of local experts at GlobalPEO will manage all of your foreign payroll operations. We get it; coordinating payroll is challenging enough on its own, and can become a logistical nightmare once multiple languages, rules, and regulations are involved.
We are proud to streamline the experience to guarantee compliance and make your global expansion into China a breeze.
Learn how Singapore’s laws and regulations surrounding taxes will impact your hiring and payroll processes.
Depending on the size of your business and your specific needs, GlobalPEO offers a variety of payroll solutions to make sure you’re covered with full compliance, no matter what.
In order to set up payroll services in Singapore’s, you will either need to set up a subsidiary of your own, or work with an International Payroll company like us here at GlobalPEO.
When setting up an employment contract in a foreign country, there are unique rules and regulations you must follow to ensure full compliance. Learn more about the specific terms that are required for all contracts in Singapore.
Singapore Payroll Outsourcing Benefits
Singapore's Taxation Laws & Regulations
We suggest that companies looking to operate in Singapore set aside a budget of 15% – 20% of their employee’s salary to provide benefits that will be paid into the employees CPF (Central Provident Fund) by the employer.
Singapore has a nationally mandated social security program called the Central Provident fund that employers contribute to to help their employees save for retirement. You will need to use either Form IR8A, Appendix 8A or 8B, or Form IR8S to submit an annual wage report by the 1st of March each year.
Payroll Options in Singapore
Depending on the size of your company, you can choose between a two primary payroll options to find one that best fits your needs.
Option 1 – Set Up Your Own Subsidiary
Large companies will sometimes decide to handle their foreign employee payroll process on their own. In order to do this, you will be required to set up a subsidiary, register your business in China, and have a deep understanding of the country’s taxation, withholdings, benefits, and other local payroll conditions.
Option 2 – Work With an International PEO
When you work with GlobalPEO, our Payroll solutions make things easy by handling all of the administrative and HR duties with the employee. This frees up your business and foreign employees to focus all of your communications on the work itself.
How To Set Up Payroll In Singapore
Before you can begin hiring foreign employees, you are legally required to either set up an entity in Singapore or work with an International PEO. If you elect to do this on your own, you will need to allocate significant time, funds and additional resources to run payroll with full compliance with Singaporean rules and regulations.
You will also need to set up a business bank account in Singapore and process all transactions in Singapore Dollars.
Entitlement & Termination Terms For Singapore Payroll
When setting up your employment contracts with foreign workers in Singapore, be sure to state the official terms for the notice period and any potential severance the employee would be entitled to receive. All employees working in Singapore are granted paid and unpaid time off for medical leave, hospitalizations, and additional situational benefits depending on the situation.
From providing quick and effective payroll solutions to creating great relationships with your foreign employees, GlobalPEO gives you a top tier International Payroll service at a value unmatched in the industry. With Singapore PEO services starting at just $400 per employee, your business can enjoy the benefits of having an expert payroll team without breaking the bank.
Why Choose GlobalPEO?
Global expansion is a great step for your business – and now it’s easier than ever. Setting up your own entity in each country where you wish to operate can be expensive, complicated, and requires deep knowledge of the specific rules and regulations. Let GlobalPEO take care of everything. From International PEO & EOR, Global Payroll and International Recruiting we deliver our exceptional services at an affordable price.