Outsourcing to Singapore: An Effective Business Strategy
Outsourcing has become widespread in the business sector. It’s a business strategy that a lot of business owners today have resorted to. It is very practical especially with the current state of the economy as a whole. Businesses need to focus on planning for effective strategies that are financially attainable and reasonable.
In a list of the top ten countries to outsource your business to, Singapore is in the 4th spot with an outsourcing index of 6.5.
Singapore is one of the major players in providing market to foreign and local companies and get most of the outsourced work done at low prices. Singapore’s IT sector is expanding exponentially that their share in the world’s outsourcing projects grows with it to. The impressive performance of Singapore when it comes to outsourcing isn’t the only reason why it is an effective business strategy to get your work done here.
There is a good amount of benefits and advantage you can get when you outsource your work to Singapore.
1. According to the World Bank, Singapore’s GDP is at $239.7 billion. This led Singapore to have one of the most successful free-market economies in the world.
2. The outsourcing workforce in Singapore is focused on providing quality work to their clients. They give emphasis to the value of technology and its efficiency in coming up with shortcuts that can help you save both time and finance. In the 2010 census, 80% of Singapore’s population speaks English. Although not a major factor, this is actually inviting to foreign investors. They would want to do business with people who they can communicate with ease. Business Environment Risk Intelligence, a Washington-based risk consultancy agent, rated Singapore’s workforce as one of the best since the 1980’s. In 2010, the IMD World Competitiveness Yearbook said that the country’s labour regulations are one of the best in Asia.
3. Singapore has been providing outsourcing services since the 1990’s. They provide on-call support to ensure a smooth flowing technical run with your business.
4. The country is up to date with the latest technological inputs that will ensure your business’ competitive business strategy. You get to learn some tricks to increase your business sales and performance.
5. The workforce is trained to focus on the core needs of businesses. They exactly know that you need to focus on the major tasks at hand and they can take care of ensuring that the complementary softwares and tools are updated and organized to make work easier.
6. The economic competitiveness in Singapore is very conducive for foreign investors with a business and economic index of 9.4, ranking first. Moreover, Singapore holds the record of the ease of doing business.
7. You will save more on overhead costs. By letting the workforce from Singapore do the back office tasks, you will save a significant amount of money in widening the office space.
8. Lastly, Singapore might have one of the world’s most competitive costs. If you are looking more into expanding your business and setting up one in Singapore, you will find that Singapore’s corporate tax rates price as low as 17%. Compared to other countries in the region with more 25% tax rates, Singapore’s much more appealing. In addition, you will also find that Singapore’s real estate performance attractive. In CBRE’s 2011 review, it was estimated that office spaces are to lease at an average of $68 USD per square foot annually.
There might be a lot of other outsourcing opportunities offered in other countries but you have to take into consideration minor factors, too. Singapore has the environment, cost, skills, competitiveness, and stability that you need to effectively up the game of your business in this rapid-growing competition.
RJ Globe Management is the leading accounting services provider in Singapore with a wide range of comprehensive services ranging from incorporation, bookkeeping, taxation, formation of trust and other corporate advisory.
