According to telephone research carried out by ItsInternational, the interim market’s experienced provider of ‘contract management services’ for expatriate interims and international advisor to IIM Members, there are many Europe-based, SME recruiters (including those focussing on interim placements) dismissing South East Asia as a market opportunity believing it far too expensive and complicated to operate in that part of the world. This finding has a parallel with a key statistic in the IIM Interim Management Survey 2013 which states that 20% of Interims are working abroad, and 6% of those have retained their UK Base as well.
The good news for those SME ‘recruiters of interims’ reading this feature is that South East Asia, in particular, no longer has to be an exclusive zone for large corporate, global, recruitment businesses.
For obvious reasons, Singapore is the prime hub for most business sectors across South East Asia; and ItsInternational can now help Europe-based SME recruiters establish a vibrant, physical presence in Singapore to effectively service the growing number of clients requiring the services of interims throughout this booming region.
ItsInternational is pleased to introduce a time-efficient and cost-effective, Company Set-up Service for SME recruiters, managed by a highly-experienced, native team who have been living and working in Singapore for many years. Equally important, they have developed a wide network of local lawyers, property agents, insurance agents, etc to satisfy all your needs as well as those of the Singapore government.
A foreign company wishing to set up its presence in Singapore can either open a subsidiary or a representative office or a branch office. SME recruiters prefer to register a subsidiary because under Singapore law, the parent company cannot be held liable for any debts and liabilities incurred by the subsidiary. Furthermore, all Singapore resident companies are eligible for tax exemptions which reduce their effective corporate tax rate from 17% to 8.5% on taxable incomes up to SGD 300,000 (approx. GBP 150,000).
The following key requirements apply for setting up an employment agency as a subsidiary in Singapore and are addressed within the Company Set-up Service for SME recruiters:
- Incorporate a Singapore company
- Set up a business office
- Apply for an Employment Agency Licence
- Pay security deposit
- Certification of employment agency personnel
- Registration of employment agency personnel
- Eligibility criteria for employment agency personnel
If you are a European-based SME recruiter who sees potential interim assignments in South East Asia pass you by, contact ItsInternational on +44 (0)20 7477 2660 or at email@example.com if you are seriously considering opening up that market opportunity.
ItsInternational is regulated by the ICAEW and proudly associated with the IIM. We can show you how ‘tax compliance’ can enhance relationships with the expatriate interim placements you place abroad as well as your highly valued overseas clients. To uncover ways we can improve your ‘international’ interim business in the future, please call us.
© ItsInternational Ltd – September 2013