{"id":6598,"date":"2021-04-04T09:45:44","date_gmt":"2021-04-04T01:45:44","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=6598"},"modified":"2021-04-03T16:28:09","modified_gmt":"2021-04-03T08:28:09","slug":"challenges-of-running-a-local-business-in-singapore-in-a-fast-changing-global-world","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/challenges-of-running-a-local-business-in-singapore-in-a-fast-changing-global-world\/","title":{"rendered":"Challenges Of Running A Local Business In Singapore In A Fast-Changing Global World"},"content":{"rendered":"\n<p>Since the start of 2020, COVID-19 has made the world\nthat we know around us smaller. Being a well-traveled group, Singaporeans were\nno longer able to travel overseas for leisure, work or education. <\/p>\n\n\n\n<p>For many business owners, 2020 was a year of\nadjustments. Business owners had to embrace work-from-home (WFH) arrangements,\nand for some companies, even review and reduce their headcounts. <\/p>\n\n\n\n<p>For Singapore businesses with a regional or international presence, COVID-19 didn\u2019t just affect their business in Singapore but in overseas markets as well. For Singapore business owners who were used to traveling overseas to manage their overseas staff, 2020 was a year where they had to trust their local employees in these overseas markets.<\/p>\n\n\n\n<p>Whether you intend to hire a foreigner to expand to\noverseas markets, or to supplement your local workforce in Singapore, it\u2019s\nnever easy to be hiring foreign employees. For a start, if you intend to bring\nthem to work in Singapore, you will need to understand the <a href=\"https:\/\/dollarsandsense.sg\/singapore-employers-guide-to-work-permits-s-pass-employment-pass\/\">various types of employment passes<\/a> in Singapore such as Work Permit, S Pass and\nEmployment Pass. Each of these employment passes comes with its own strict\ncriteria that employers of foreign workers have to adhere to. <\/p>\n\n\n\n<p>For example, S Pass holders have to be paid a minimum qualifying salary of $2,500. \u00a0If you underpay or over-declare the salaries of your foreign workers, this can be considered a crime. <\/p>\n\n\n\n<p><em><strong>Read Also: <\/strong><\/em><a href=\"https:\/\/dollarsandsense.sg\/business\/hiring-foreign-employees-in-singapore-underpaying-or-over-declaring-salaries-against-the-law\/\"><em><strong>Hiring Foreign Employees In Singapore: Why Underpaying Or Over-Declaring Salaries Is Against The Law<\/strong><\/em><\/a><\/p>\n\n\n\n<p>Even for businesses that are based only in Singapore\nbut have customers or viewers that are based overseas, having an international\naudience also brings it with some challenges. <\/p>\n\n\n\n<p>A recent regulation stipulated by YouTube essentially\nindicated that <a href=\"https:\/\/dollarsandsense.sg\/business\/youtube-partner-programme-singaporean-youtubers-have-to-pay-taxes-on-u-s-earnings-from-2021\/\">Singapore YouTube content creators would need to pay\ntaxes to the U.S. government for advertising revenue generated from U.S.\nviewers<\/a>. <\/p>\n\n\n\n<p>For example, a Singapore-based YouTube channel that\ngenerates 50% of its viewers, and thus 50% of its revenue from the U.S., will\nnow need to pay up to 30% of its U.S. earnings to the U.S. government. This is\non top of any taxes that will also need to pay to the Singapore government.<\/p>\n\n\n\n<p>In other words, even if you are a local company that operates only in Singapore, you may still be liable for taxes overseas if your online customers or viewers are from an overseas country. <\/p>\n\n\n\n<p><em><strong>Read Also: <\/strong><\/em><a href=\"https:\/\/dollarsandsense.sg\/business\/youtube-partner-programme-singaporean-youtubers-have-to-pay-taxes-on-u-s-earnings-from-2021\/\"><em><strong>YouTube Partner Programme: Singaporean YouTubers Have To Pay Taxes On U.S. Earnings From 2021<\/strong><\/em><\/a><\/p>\n\n\n\n<p>With\nremote working being the norm for some companies, many of us may not see our\ncolleagues regularly, even if we are all living in Singapore.&nbsp; <\/p>\n\n\n\n<p>This is\nwhy finding ways to build team chemistry outside of the office is essential. <\/p>\n\n\n\n<p>As per MOM\nadvisory on 5 April 2021, up to 8 people from a\ncompany can now attend recreational or social gatherings such as team bonding\nsessions. This is good news for small teams that have not been able to gather\ntogether over the past year for team-bonding activities.<\/p>\n\n\n\n<p>If\nyou are keen to arrange something for your team, you can consider signing up\nfor some escape room adventures. Priced from about $20 per pax, this is a great\nway for you and your colleagues to destress after what has been a difficult\npast 12 months.<\/p>\n\n\n\n<p><em><strong>Read Also: <\/strong><\/em><a href=\"https:\/\/dollarsandsense.sg\/business\/escape-rooms-in-singapore-for-team-bonding\/\"><em><strong>Breaking Out: 5 Escape Rooms In Singapore For Team Bonding (Up To 8 Pax)<\/strong><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"For Singapore-based businesses, simply knowing the laws in Singapore isn\u2019t always enough.\n","protected":false},"author":4,"featured_media":6599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[474,926,917],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Challenges Of Running A Local Business In Singapore In A Fast-Changing Global World | DollarsAndSense 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