Freelancing in Singapore is a good choice if you want to make your living doing what you love. The country is wealthy and offers convenience, safety, and stability, making it ideal for entrepreneurs looking to start or grow their businesses.
Here are reasons why you should consider Singapore freelancing jobs:
1) You can start a business without the hassles of having to register your company.
What’s more, the government of Singapore has taken steps to further support business development by offering tax incentives and other attractive features that freelancers can benefit from when they work locally. With Singapore freelancing jobs, you only need to work with a service provider or partner agency and enjoy all the benefits. You don’t have to worry about satisfying specific requirements and paying taxes because your earnings are considered earned income instead of business revenue.
2) Freelancers pay lower taxes than self-employed individuals
Freelancers who want to remain at arm’s length from their clients also receive tax incentives on their earnings. They only need to pay 15 percent tax on their gross annual income under $40,000 compared to 22 percent for the self-employed. This means that freelancers only need to pay $6,000 tax per year on an income of $40,000 which is much lower than individuals.
3) You can work for clients from anywhere in the world
Can’t afford to get an expensive work permit just so you can do your Singapore freelancing jobs? No problem. All you have to do is partner with a service provider or agency, and you’ll enjoy the same benefits as people working locally. Plus, there’s no restriction regarding where your office should be located as long as it has a good internet connection.
4) The government offers tax incentives for companies supporting economic development
The Economic Development Board (EDB) offers tax incentives to Singapore freelancing jobs because they contribute to its economic development. The company gets a corporate income tax rebate of up to $15,000 if it spends $300,000 on business-related activities in Singapore each year.
5) Have your expenses reimbursed
The government also encourages innovation and entrepreneurship by offering tax deductions for startup expenses. Freelancers working with service providers or partner agencies can deduct their operational costs from their taxable income, including hardware, software, training fees, and office supply purchases.
6) Save money on insurance premiums
Have you ever thought about getting health insurance but couldn’t afford to pay monthly premiums? Or how about life insurance which seems too expensive even if you want only the most basic coverage? Well, freelancers are lucky because they only have to pay around 6 percent of their gross income, which the government accepts. This means that your annual premium will only cost you about $2,400 for both health and life insurance compared to paying the full amount if you were self-employed.
7) Have more time with your children
A freelancer usually has more time with his family which means you can spend valuable moments together doing daily activities or holidays. You don’t have to worry about rushing home because of work since you only need to ensure that the assigned tasks are done before the deadline. This also means you’ll never miss important dates with your loved ones, even if you’re busy working on several projects at once.
8) You can get insured for free
Doesn’t it feel great knowing that you’re finally covered with disability insurance? Well, freelancers are eligible to get this benefit which most employers do not offer. This means you only need to pay 6 percent of your gross income every year, so you don’t have to worry about being left helpless if an unfortunate event happens. Want to know more? Discover what else Singapore freelancing jobs have to offer.
Freelancers can enjoy lower taxes on their earnings, incentives from the government for companies supporting economic development, tax deductions for startup expenses, insurance premiums only costing about $2,400 per year for both health and life insurance. Freelancers can also get free disability insurance which most employers do not offer.