Understanding Singapore GDP Per Capita

Understanding Singapore GDP Per Capita

How Singapore GDP Per Capita Can Make Life Luxurious for You

Understanding Singapore GDP Per Capita

Every nation in the world is talking about Singapore’s economic transformation in recent years. After achieving independence in 1965, there has been a rapid growth in Singapore’s economy. Today, the nation boasts one of the highest per capita Gross Domestic Product (GDP) in the world. This success came as a result of industrialization fueled by exports and by attracting foreign direct investment. Despite Singapore being a small nation in terms of size with limited natural resources, achieving this status is remarkable.

How Singapore Transformed Into a High-income Economy

The manufacturing and services sectors drove the growth of Singapore’s economy and other industries like finance, insurance, and Information technology. The government launched initiatives like Asia’s Infrastructure Exchange to meet the financing and expertise requirements for infrastructure. It also launched the skills force initiative that aimed to provide continuing education to its workforce. The country is renowned worldwide for its business-friendly policies and the ease of starting companies.

This kind of wholehearted support from the government helped several local and foreign investors form several companies in Singapore. Consequently, this led to the creation of numerous job opportunities. The government keeps launching initiatives to attract highly skilled talent from foreign countries. The Singapore Employment Pass is one such scheme that makes it convenient for foreign executives to easily travel in and out of the country.

Details About the Singapore Employment Pass

The Singapore Employment Pass enables the holder to travel in and out of Singapore easily without hassles caused by immigration processes. To apply for the pass, you need to be a foreign entrepreneur, a professional, a shareholder, or a managing director with a recognized degree and professional qualifications. Possessing relevant work experience also makes you eligible for the pass.

The Singapore Employment Pass is valid for one or two years and can be renewed, provided the holder remains employed in the company. If you are a first-time applicant, the pass will be valid for two years. In the case of corporations, you need to apply for Employment passes for your staff if you plan to relocate them to Singapore. If you work for more than two years holding an Employment Pass, you also become eligible for Permanent Residence in Singapore.

Eligibility Criteria for Employment Pass

  • Educational qualifications like a degree or diploma
  • Additional professional qualifications
  • Work experience
  • Special skills

Positive Economic Indicators that Make Singapore the Perfect Place to Live and Work

People worldwide prefer moving to Singapore to search for suitable jobs and develop their professional careers. There are many reasons for this, such as the exceptional life quality Singapore provides, the favourable climate, the nation’s stable political climate, and low taxation rates, among others.

Let us study in detail all these factors:

  • Availability of Jobs Statistics reveals more employment opportunities in sectors like manufacturing, construction, and the services sector in recent years. The government is also trying to attract more qualified foreign employees to these industries with initiatives like the Singapore Employment Pass. Singaporean companies offer attractive salary packages with other benefits like Healthcare, retirement, childcare, and more. Talented professionals like software engineers or doctors have tremendous potential for growth here.
  • Quality of LifeSingapore offers a quality of life that is incomparable to other countries. You can live here safely without fear of crime or racial discrimination. Locals are amicable and cooperative here. You can adapt easily with colleagues at your workplace since English is the official working language.
  • There are numerous options for spending your leisure time in Singapore. You can spend your weekends visiting places like museums, gardens, aquariums, theatres, and more with your family. You will love the food options at the street-side stalls that sell local delicacies or the posh restaurants with international cuisines.
  • During vacations, you can visit neighboring Asian countries like Thailand, Malaysia, or Indonesia, which are easily accessible by air or bus. The weather conditions are delightful throughout the year. You can travel anywhere easily and quickly thanks to the well-developed transport system comprising of taxis, buses, and the advanced rail system.
Understanding Singapore GDP Per Capita

Other Positive Factors

These are the additional positive factors that make Singapore the first-choice destination for work:

  • The education standards are very high with several world-class universities, providing excellent opportunities for professional growth
  • The corporate tax rates are low, enabling you to save more on your income
  • Singapore is well-connected with most Asian countries and all APEC nations by air and sea
  • The multicultural environment offers great opportunities to network with people from all over the globe
  • The legal system is transparent and robust, protecting employees and entrepreneurs from legal hassles
  • Singapore is known as one of the least corrupt nations in the world
  • The political environment is stable since 1965
  • Obtaining work permits and permanent residency is easy

If you are a well-qualified executive looking for professional advancement, you should consider moving to Singapore. The nation offers better job opportunities, work conditions, and quality of life than other developed countries. By acquiring the Singapore Employment Pass, you can get your dream job, assured career growth, and a better lifestyle for you and your family.

If you’re looking for affordable places to stay in, you can always rely on some of the Greatest hotels in Chinatown. Visit our page to know more.