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Southeastern Asia’s smallest country is none other than Singapore. Although small, Singapore has become one of the most crucial and most lively places to be in all of Asia. You can go on living a high-quality life while in Singapore.you can read more about "Life in Singapore" here

 We are from Odint Consultancy to provide you with a small glimpse of the cost of living in Singapore, such as expenses in Singapore and also about life in Singapore. If you’re heading to Singapore as a student or for a fixed-income job, some simple lifestyle changes can help you save a lot of money and get the most out of your money. By shopping and dining like a local in Singapore, you can save money and have a more authentic experience. Generally, the prices for the necessities of life like food, clothing, public transport, and basic education are quite moderate. Public transportation and taxi services are also affordable, but housing, private schooling, and automobile management can be costly. If a foreign employee is enjoying the benefits of compensation packages which include transportation benefits or car allowances, childcare, housing, school fee payments, entertainment allowances, and other benefits. These benefits costs would be less for those employees, and they find living in Singapore quite comfortable. If an individual is not a foreign employee, then also, he/she can live comfortably as Singapore offers a wide range of prices to choose from so that every individual can go with his/her preferences and requirements.Life in Singapore
Singapore is famous and is taken as one of the best places to live, and for a good reason. They do a lot better than most countries, from public transport and business ecosystems to innovations in many areas. But it comes with a price, literally. Singapore makes no secret of the fact that rent and education prices are high. But that doesn’t mean you have to keep up with the country’s high prices to live comfortably and within your means. As in most countries, Singapore’s lifestyle varies from region to region. Some areas include shopping districts, and others include financial districts. If you live in Singapore, these and other factors can determine or destroy your budget. 

• The central region of Singapore comes with its high rents, primarily due to the city’s shopping malls and financial centers.
• The cheapest rental properties in Singapore are in the northern and eastern parts of the country. Foreigners like these areas, so you don’t have to worry about buying a car to take your child to school.
• When it comes to driving, buying a car in Singapore is far from realistic. In addition to paying market value, there are also local charges that stack up with each other. This is to prevent people from using their own cars or actively using public transport.
• When you’re not shopping at the mall, groceries are relatively cheap because you have access to locally sourced products and brands. Hawker centers are becoming more popular for dining than fine dining and commercial fast-food restaurants.

Where to Live in Singapore?If you are an expatriate that includes transportation and car allowances, housing, childcare, tuition, entertainment allowances, and other work-related allowances, you don’t have to worry too much about these costs and live in Singapore. It will be quite comfortable. You can always find the one that fits your budget, even if you don’t have a comprehensive package. Singapore has a wide range of offers and prices available in all categories.Accommodation EstimatesThere are five regions in Singapore that you should be aware of as they can have a strategic impact on your daily budget. The five regions are: 

1. Central Region:

Due to the abundance of commercial businesses here, locals tend to go and return to work. If the weather is too hot, a taxi will suffice. Expected monthly rent for private property on Orchard Road: 

• Studio Apartment- S$ 4,000 (US $2,900)
• 3-Bedroom Apartment- S$ 7,000 (US $5,040)

1. North Region:

The most famous district in the northern region is the Woodlands district, home to the country’s largest international school. This is very attractive to foreigners considering moving to Singapore. Expected monthly private home rentals in the Woodlands area: 

• Studio Apartment – S$ 1,500 (US $1,080)
• 3-Bedroom Apartment – S$ 2,600 (US $1,870)

1. North-Eastern Region:

The northeastern region also has extensive connections to large shopping centers and the central region. Expected monthly rent for private real estate in Ammocchio 

• Studio Apartment – S$ 1,700 (US $1,220)
• 3-Bedroom Apartment – S$ 2,700 (US $1950)

1. Eastern Region:

The Eastern district may be a fast-growing business hub and is home to international restaurants from different countries and access to outdoor activities and parks. Expected Monthly Rent for Private Properties located in Tampines 

• Studio Apartment – S$1,900 (US$1,370)
• Three-Bedroom Apartment – S$2,450 (US$1,760)

1. Western Region:

The western part of Singapore is probably the most densely populated area just because it is an industrial area. There are many offices here, and many residential areas have been set up to reduce commuting. Expected monthly rent for private real estate in Buona Vista: 

• Studio Apartment S $2,700 (US $1,950)
• 3-Bedroom Apartment S $4,000 (US $2,900)

The above-mentioned rates may not remain the same and are subject to shift higher or lower at any point in time.Daily Miscellaneous Expenses In SingaporeDaily costs will depend on your lifestyle. These are the costs of options that can impact your budget here in Singapore. 

• Eating out is cheap in Singapore. The price difference between these stalls and restaurants is quite large. A cheap takeaway dinner for two people costs about S$ 25, while a meal in a mid-range restaurant costs S$ 60-80.
• Monthly gym subscriptions can be quite expensive. The average medium membership is about S$ 100.
• Recreational costs such as movie tickets, liquor, and karaoke rooms are not cheap either. Movie tickets cost an average of S$ 9 on weekdays and S$ 13 on weekends. IMAX and 3D can cost more
• Drinking alcohol at the bar costs S$10 to S$15 per bottle.
• Karaoke rooms (excluding alcohol and food) cost S$25 to S$35 per person.

Healthcare Expenses in SingaporeSingapore is famous for owning a top-quality, modernly equipped healthcare framework in Asia. The World Health Organization also ranks the country’s health system sixth in the world. Even without insurance, the cost of health care is not necessarily unreasonable. 

• The average GP consultation fee is S$40.
• Blood tests and X-rays will cost you S$50 and up to S$80.
• Expert consultation fees will vary between S$75 and S$125 per consultation.
• In-hospital service fees can be up to S$30 for non-air-conditioned hospitals.
• A private room can cost you at least S$3,000.
• Coverage policies for surgery and hospital stay can cost you at least S$2,000 per year.

Traveling and TransportationSingapore also comes with fame for its highly efficient transportation system. While there are many options, getting around by public transport is easy, while owning a car can be daunting. 

• The average one-way fare for buses and the MRT is around S$1.60 per person. Either way, you are making $3.20 a day. At 20 business days, you are spending S$64 on average commuting to work.
• For taxis, the base fare is currently S$4.05 with a per kilometer price of S$0.78 at the time of writing. These fees range from location-based surcharges, especially in downtown areas, to airport fees.
• It is not easy for foreigners to own a car because there are additional costs above the market value of the vehicle. Taxes and fees make it more expensive, not to mention other requirements like Certificate of Eligibility that is needed in case of foreigners.

What Is a S-Pass?The S-Pass is a working visa in Singapore. It is suitable for mid-level skilled foreign employees who are specialized technicians and advanced expertise in industries related to chemicals, electronics, aerospace engineering, marine, pharmaceuticals, and others. This pass is valid for a period of up to 2 years. Foreign employees are granted employee pass and s pass. But S-Pass is a good option compared to employees pass when a company does not have a  high budget to pay high salaries to employee pass holders.you can read more about "S-pass Singapore" here

 Employees must have a fixed monthly salary of at least $2500. They can also have passes for the family if they qualify for this criterion. They are also eligible for permanent residency after having S-Pass. An employer or appointed agent must apply for this pass on behalf of their employees or applicants. In case a pass holder changes a job, then his new employer can apply for a new pass. And all employers are required to provide medical insurance for S-Pass. S pass is considered a higher value than employee passes. Different companies have a quota for S-Pass or employee pass, which depends on the employees employed in that company. Obtaining a quota for S-Pass is challenging. Our ODINT Consultancy will help you to understand the S-Pass and related information.Eligibility Criteria For S Pass in Singapore

The s pass is only for skilled foreign employees who qualify the following criteria.

• Earn a fixed monthly salary of at least $2500. Older and experienced employees required more salary to qualify.
• Having required working experience.

At least have 1-year full-time study certificate and degree of diploma related to technicians and specialists courses.Required qualifications

Qualifications from unaccredited institutions are not acceptable. You can contact these agencies for checking whether the institute is unaccredited or accredited-

• Global verification agencies
• Awarding country’s educational authorities
• International accreditation bodies

There are three types of accrediting bodies:

• Regional
• National
• Programmatic

Each of the accredited institutes maintains standards in that area. Seven regional bodies approve the four-year public and private institutions.Concept of a self-assessment toolOne can use self-assessment toot to check whether he is eligible or not for having the S-Pass. With the use of the self-assessment tool, if he is not eligible and even after this he applies for S-Pass, then it will be rejected. If he is eligible according to the self-assessment tool, then there are 90 to 95 percent chances to get S-Pass without any rejection.Family members passA pass holder can apply for passes for family members too if he will qualify for this criterion of having a fixed monthly salary of $6000 at least. For this, he has to apply the S-Pass application with or later from a family member’s pass application.Quota requirements for S-PassIf the employers are new and have not applied for any pass yet, they need to declare their business activity for quota calculations. Under an existing quota for S-Pass, a company can hire several S-Pass holders is depending upon the following conditions:

• The company is having at least 10 percent of the total workforce in the service sector.
• In the manufacturing sector, at least 20 percent. From January 2022, this sector requires 20 percent of the workforce.
• And having 18 percent of the workforce in the process sector.

Employees who have an existing quota and want to exceed that quota will:

• Require to keep existing employees in the company until their pass expires.

They are not allowed to renew their existing S-Pass and to apply for a new pass-over quota.LevyForeign workers levy is also known as a levy. It is a pricing mechanism that regulates the number of foreign employees/ workers in Singapore. All employers must need to pay a levy for all S-Pass holders. The liability to pay a levy is starts with the issue of the s pass and ends when S-Pass canceled or expires. Levy rate for different percentage of quota in different sectors are as follows:

• For the service sector, having a quota of up to 10 percent monthly levy is $330.
• For the manufacturing sector, having a quota of up to 10 percent, then monthly levy is $330.
• For the manufacturing sector, having a quota from 10 to 20 percent, then monthly levy is $650.
• For all the sectors other than the above-mentioned, the quota is up to 10 percent, then the monthly levy is $330, and in case of quota is from 10 to 18 percent, then the monthly levy is $650.

How to pay levy and whenAll employers are required to pay levy through GIRO. For this, they need to apply through the GIRO application form. In case GIRO is approved, then on the 17th of the following month, it will be deducted from the bank account. For this, the employer should maintain their bank account with enough balance. In case of using another method to pay the levy, then he has to pay the levy till the 14th of the following month, but it will take more time and longer process.Penalty for not paying the levyWhen the employer did not pay the full levy, then he will be liable for the following penalties:

• Late payment is charged with 2 percent per month or $20, whichever is higher as a penalty.
• The existing S-Pass is revoked.
• New issues or renewing of S-Pass is not allowed.

Legal actions may be taken to recover the unpaid amount. And others.Medical insurance for S-Pass holdersAll employers are required to maintain medical insurance for all the S-Pass holders until their employment period. It covers inpatient care and day surgery and also the amount of at least $15000.Arrangements for co-payment of medical insuranceEmployers have to pay the amount of medical insurance up to the following amount:

• It must not be more than 10 percent of the employee’s monthly salary and must be a reasonable amount.
• Its duration does not exceed 6 months.
• It is with the full consent of the employee and must be expressed in the employment contract.

Requirements to pay salaries to s pass holdersIn an employer who employs S-Pass holders as their employees, then they have to pay salary as:

• Pay salaries in electronic form
• Start paying salaries through the electronic form from 3rd month of issue of S-Pass
• Maintain a record of salary payments of all employees.
• Exemptions –

1. When S-Pass is issued for 3 months or less than 3 months.
2. The salary is for the last month of employment.
3. If it is an overtime wage.

Method of paying salary onlineThe employer can use these methods to pay salaries through online platform:

• Internet fund transfer.
• GIRO linked with bank
• ATM fund transfer

Through bank counter and more.How to apply for S Pass?

One who wants to apply for an s pass can have access to the EPOL account for the submission of the S-Pass application. We can also engage a third party or any agency to apply for the s pass. The following steps are involved in filling for S-Pass:

• Step 1- Log in to the EPOL account, fill the form and upload the required details
• Step 2 – Pay the application fee through visa, master card, or GIRO.
• Step 3 – After 3 weeks, check the application status.
• Step 4 – After the approval of the application, download the IPA letter by logging in EPOL portal.

Step 5 – Log in to the EPOL portal for issuance of the pass, pay the necessary fees and visit the MOM card collection center for the face to face interaction.Documents required while applying for S Pass

• Scanned copy of passport bio-data
• The latest business of sponsors company and ACRA profile
• Educational certificate of applicants and also other required documents which are not filled with the application form.

Benefits of s pass in Singapore

1. It essentially comes above the normal work permit, but it factors in as organizations have different quotas for different types of permit levels. 
2. Therefore, you may be able to get an S-Pass but still not have a work permit. It all depends on the employees already employed. Also, there are different pay levels for different permits as well.
3. It allows you to bring your family but only if the salary is above or equal to $5000. Also, on the smaller side, one benefit is that you won’t be charged local rates to enter a couple of establishments like casinos.
4. The pass doesn’t have differentiable benefits from the other passes like Q, P1, P2, and PEP.

Differences between S pass and E passNow, we know that the S-Pass refers to the ‘Short-Term Employment Pass’, whereas E Pass stands for the ‘Employment Pass’. Let’s look at some differences between both kinds of passes below: E pass (employee pass): This pass is meant for the highly skilled people from foreign grounds having expertise in a certain field and have achieved a degree from any reputed global university. The E Pass comes into play when the person applying is skilled or eligible enough to be employed over special admin positions such as corporate executives, specialists, managers, ministers, or administrators exclusively assigned by the Ministry of Manpower (MOM) of Singapore. Also, having experience in a white-collar range of jobs often presents the applicants with an advantage over the others. S pass (short term employment pass): Alike the E Pass, this pass is also meant for foreigners. Specifically speaking, it is meant for foreigners who are just as skilled or experienced as the residents or employees already residing within the country or, are about to be appointed as an employee under the mid-level administration of the country’s workforce. Now, applying for this pass is also allowed to highly or semi-skilled individuals who have already been a part of or have been working under the general work permit. If an employee’s work permit has been rejected earlier due to certain reasons, he/she may apply for the S Pass as well.How to appeal against the application of rejected S Pass?One can apply against the rejection of the S-Pass application within 3 months of rejection. One should mention the issue with the rejection advisory. The employers and the third party who had applied for S-Pass can make enquire and appeals. The candidate cannot make any appeal or enquire. After making an appealing one can check its application status by logging in to the EPOL portal. The appeal can take at least 3 weeks in most cases, but in some cases, it takes longer than that.How to Renew the S Pass?Employer and appointed employment agent can renew its S-Pass by applying 6 months before its expiry. In most cases, it takes 3 weeks to renew an S-Pass. It costs $100 per renewal in Singapore. For renewing S-Pass in Singapore, the employer should:

• Qualify in the existing eligibility criteria
• 7 months validity of passport of the pass holder.
• Have sufficient s pass quota.

Cancel an S-passBefore canceling an S-Pass, one should need the following:

• To give a reasonable reason for S-Pass holders returning to their origin country.
• From the Inland Revenue Authority of Singapore, seek tax clearance.
• Do settlement of the outstanding employment issues of the pass holder.
• Pay for the traveling cost of the S-Pass holder.

Employer or employment agent can apply for cancelation of S-Pass in Singapore by logging in into my MOM portal 1 week before the last days’ notice. It will immediately be canceled most of the time. If s pass holder wants to stay in Singapore after the cancelation of S-Pass, then he should apply for a short time visit pass within 30 days.Replacement Process of s passes in SingaporeFor replacement of s pass in Singapore, required documents are:

• Original passport
• Card replacement letter
• The damaged card
• Completed declaration form
• Police report (if stolen)

Employer or employment agent can apply for replacement of S-Pass Singapore within 1 week with the required documents as stated above through the EPOL portal. It may take 4 working days for approval of the application in some cases, but sometimes it takes less than that. For a damaged card, it charges $60; in case of loss card for the first time, it charges $100, and loss for subsequent times it charges $300.Notified to MOMAll the employers have to submit the information to the MOM related to the S-Pass holder and the company. This will include the name, address, salary, and other information. 

you can read more on Odint Consulting 

What is an offshore company?

A common term in the financial sector, an offshore company is one situated outside of one’s own domestic country. Offshore companies for sure have a great significance in the financial, investment and banking sector and are known to be situated in a place with different laws, rules, and regulations, preferably more favorable and flexible than the domestic country. It also involves contracting or outsourcing work in a different country.Offshore companies are gaining huge traction these days because of the immense benefits it gives to high-net-worth individuals, companies, and firms. Offshore companies are prominently known to be used for illegitimate uses; it is quite interesting to know that it is purely legal to open an offshore company.To sum up everything, an offshore company is the one incorporated in a foreign country, generally island nations, for better tax policies, flexible laws, or protection of the company’s assets. These companies are legitimate in front of the world.Some of the best countries to incorporate your offshore companies are the Netherlands, USA, Bahamas, Cayman Islands, Germany, UAE, Switzerland, Singapore, etc. Read the article further to have a better understanding of the rules and regulations of these countries and choose one for you!But before we move further, let’s have a better understanding of offshore v/s onshore companies.

Offshore company v/s onshore company

As discussed above, an offshore company is one situated in a country other than the host’s domestic country. It also means to subcontract or outsource the work in a different country which makes it different from onshore companies. Onshore companies mean outsourcing the work in one’s own country.These two have their significance and drawbacks. And to choose one out of them completely depends upon what the host is looking for.Whether to go with an offshore company or an onshore company?The answer to this is very subjective as it depends majorly on what the host wants, plus their financial stability and company type if their major goal is to lower their costs and maximize the gains, tax evasions, better resources.Whereas others prefer to have better and direct control over their business, opt for local resources but at a higher cost.So, the answer to the question of offshore companies or onshore companies depends upon the host’s requirements and financial status.This article is here to answer all your queries. For further details, we recommend you reach out to an expert who has in-depth knowledge and practical experience. With this said, we mean Odint consulting is your answer!Incorporate an offshore company with ease, fewer formalities, and minimal costs.Read on further to know more about offshore companies-

Benefits of offshore companies

Offshore companies are known to give several advantages that can help your investments grow faster. Whether you need offshore companies for moral or legal reasons, they always come with a lot of benefits. Such as,1.Tax-friendly-The very well-known advantage of an offshore company is that they’re situated in countries that are tax havens or tax-friendly and promote growth will little or fewer tax penalties.2.Protection of Assets-By placing assets in offshore companies, it makes it difficult to track their whereabouts. And thus, it protects it from future liabilities and prying eyes.3.Ease of operation-This benefit attracts a lot of people as offshore companies are comparatively easy to incorporate and come with other benefits as well.4.Huge cost savings for business-Tax haven countries make it easier for businesses to eliminate the extra costs and help in reducing and saving the costs as well.5.Flexible rules and regulations-Offshore companies come with the major benefit of flexible rules and regulations as the taxes are free or minimal here. Which automatically makes the company free from many rules.However, it must be noted that offshore businesses not just come with benefits but certain disadvantages as well, such as Offshore tax havens are increasingly under fire for enabling people to avoid paying taxes. While some jurisdictions do provide complete confidentiality to account holders, an increasing number of countries are becoming more transparent with tax authorities.Investigating in a foreign country requires time and dedication. You must familiarize yourself with the country’s financial, political, and social structure. On top of that, you need to find out whether a broker or investment professional can be trusted.Investing abroad is a serious matter. Anyone planning to invest money or assets in another country should carefully evaluate the other country’s investment and security environment before proceeding.But you should not fear it much as Odint consulting is here to make the process easier and efficient for you! 

Cpf contribution in Singapore

What is the CPF and Why Should Employers Pay?

The CPF is Singapore’s social security net ensuring that employees have enough saved funds for retirement, hospitalization, and housing. Employers need to mandatorily pay the entire contribution to the Provident Fund. The employer can later deduct a certain portion from the employee’s salary as specified by the authorities. In this way, Singapore citizens and Permanent Residents are forced to save money for a minimum quality of life. PF contributions are universally recognized as the most viable way to ensure that your employees are able to fend for themselves and keep inflation at bay.

you can read more about "Singapore CPF contribution " here

Singapore CPF Contribution Rates for 2021?

The percentage of employee wages that are to be contributed towards his/her Central Provident Fund (CPF) is 37% for the productive age group of persons below 55 years of age. Of this 37%, 17% is to be contributed by the employer while 20% will be deducted out of the employee’s salary.Is it mandatory for employers to pay CPF contributions?

In Singapore, the CPF is a compulsory social security saving plan which is contributed by both the employee and the employer, the contribution done by the both parties goes to the healthcare, housing, and retirement needs of the employee. Every citizen of Singapore and permanent resident of Singapore under a contract of service or under part time or permanent employment must submit monthly CPF contributions.

Singapore CPF Contribution Rates

CPF contributions vary depending on the employee’s age, citizenship, and total monthly wages. The contribution rate is dictated by the employee’s category that he/she falls into. For Singapore Citizens, contribution rates are calculated from the third year onwards and apply to the private sector and public sector non-pensionable employees.

Singapore CPF Contributions for Foreign Employees

For Singapore Permanent Residents, contribution rates are applicable in the first 2 years of obtaining their SPR status. Singapore employers are not mandated to submit CPF contributions for their foreign employees until he/she obtains SPR status. The employer and employee pay a lower rate known as graduated employer-graduated employee contribution rate in the first two years of acquiring SPR status and contribute normal rates from the third year onwards.

What is the Minimum Wage Above Which CPF Contributions become necessary?

Every employee who earns more than $50 per month in Singapore should have CPF contributions submitted by their employer every month. For employees earning over $500 per month, the employer can deduct the employee’s share from his/her salary.

If the employee receives other allowances and payments such as transport allowance, bonus, and other payments, CPF contribution is also deducted from these allowances.

Examples of Other Payouts on Which CPF Contribution Must Be Deducted:

• Cash incentives, Commissions
• Overtime pay only for those employees with monthly basic salaries under $4,500 and $2,500 respectively,
• Allowances such as transport allowance, meal allowance, laundry, Bonuses

When Should I Pay CPF Contributions?

CPF contributions must be paid at the end of the month and paid on time. You must inform your employees when these dues are paid.Your employees have the right to question you if you don’t pay their CPF amounts on time and at the rates applicable.

If the employee receives other allowances and payments such as transport allowance, bonus, and other payments, CPF contribution is also deducted from these allowances.

Examples of Other Payouts on Which CPF Contribution Must Be Deducted:

• Cash incentives, Commissions
• Overtime pay only for those employees with monthly basic salaries under $4,500 and $2,500 respectively,
• Allowances such as transport allowance, meal allowance, laundry, Bonuses

you can read more about this on ODINT consulting