Payroll Processing and Compliance in Singapore
Published: June 2017In this issue of ASEAN Briefing, we discuss payroll processing and reporting in Singapore as well as analyze the options available for foreign companies looking to centralize their ASEAN payroll processes. We begin by discussing the various regulations that impact salary computation, and tax and social security calculation in Singapore. We then explore the potential for Singapore to emerge as a premier payroll processing center in ASEAN. Finally we consider the benefits of outsourcing payroll – both Singapore-based and ASEAN-wide – to a reliable third-party payroll processing provider.
No. of Pages: 12 pages
In this issue:
- Payroll Processing and Reporting in Singapore
- Singapore as a Payroll Processing Center for Companies in ASEAN
- Payroll Outsourcing: Allowing Companies to Focus on Regional Expansion in ASEAN
While managing payroll in Singapore is a relatively less complex process than elsewhere in ASEAN, companies based in the city-state will increasingly have to keep up to date with the country’s constantly evolving regulatory environment. Furthermore, those Singapore-based companies with operations in the wider ASEAN region or those looking at regional expansion will find it even more daunting to keep track of the changing regional payroll environment.
Having said that, Singapore nevertheless retains its attractiveness as a destination for centralizing payroll processing for companies either entering ASEAN markets, or expanding their current operations. Regional proximity and strong business and political relations with most of its ASEAN neighbors lend Singapore-based companies a deeper understanding of the regional legal and regulatory landscapes.
The country’s robust cyber security laws, reliable digital infrastructure, and its technically proficient labor pool also make it the ideal candidate for the centralization of a company’s ASEAN payroll processes. With one of the most stable governments in South East Asia, Singapore’s regulatory landscape favors transparency and pro-business efficiency, meaning that laws inimical to a foreign company’s regional payroll processing are unlikely to be enacted.
In this issue of ASEAN Briefing magazine, we not only discuss payroll processing and reporting in Singapore but also analyze the options the city-state offers foreign companies looking to centralize their ASEAN payroll processes. We begin by discussing the various regulations that impact salary computation and tax and social security calculation in Singapore. We then explore the potential for Singapore to emerge as the premier payroll processing center in ASEAN. Finally we consider the benefits of outsourcing payroll – both Singapore-based and ASEAN-wide – to a reliable third-party payroll processing provider.