Singapore (PRWEB) September 06, 2012
US expatriates in Singapore have expressed high satisfaction and optimism about life and business in the city-state, according to the recently-released ASEAN Business Outlook 2012/2013 survey.
The survey, which was conducted by the American Chamber of Commerce (AmCham) in Singapore and the US Chamber of Commerce, analyzed the responses of 356 top executives from US companies in seven ASEAN countries and found that many US expatriates have listed personal security, political stability and the Singapore tax structure as compelling reasons to continue staying in the republic. However, the rising costs of office leases, housing and workers are beginning to emerge as pain points.
In gist, 97% of respondents expressed overall employee satisfaction and 85% of senior executives articulated their wish to extend their tenure in Singapore. Echoing the 2012 “Wealth Report” published by CitiBank and Knight Frank, personal security as attested by 96% of respondents in AmCham-UCC’s survey, is one of Singapore’s strong suits. Singapore’s infrastructure (94%), stable government and attractive tax framework (83%) also trail close behind.
On the other hand, escalating property prices for homes has emerged as a sore point with 77% of American expats expressing concerns. In business, almost 50% of respondents quoted high office rentals 40% others mentioned the lack of low-cost labor as their major grouses.
Nonetheless, most US expats remain optimistic about their future in Singapore. 70% of respondents expressed confidence that their profits will increase this year, while 85% esteem that their profitability will roll into the following year.
“As demonstrated in the 2012 Mercer Cost of Living Survey and in this year’s Budget statement, Singapore is not a low cost business destination and will never be. The standard of living has improved tremendously, making Singapore one of the wealthiest cities per capita GDP,” explained Mr. James Nuben, Head of Tax Division at Asiabiz Services, a Singapore company registration consultancy.
“It is encouraging to know that despite these factors, many executives are optimistic in their outlook. We are confident that this is due in part to the offerings that Singapore shares with its business community and residents. Moving forward, we are optimistic that more HNWIs and gold collar professionals will relocate to the city-state via the GIP or Singapore Personalized Employment Pass,” affirmed Mr. Nuben.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614