Is Singapore the new London for young expatriates?

Back in my homeland of New Zealand, almost every 20-something university graduate gives in to their ‘itchy feet’ syndrome and heads off on their Overseas Experience (OE). More often than not, the destination has always been somewhere like London (a rite of passage), but it seems an increasing number of skilled, young professionals like myself are getting a whiff of Singapore as a more viable option. We hear about the competitive salaries, an exciting cultural experience and we understand the benefits of gaining overseas experience. We know commodities are affordable, services run smoothly and salaries are high.

Despite an uncertain global market, employers are conscious of a shortage of skilled candidates, and hiring activity is beginning to pick up again. The Government is continuing to promote Singapore as an attractive location for executives, entrepreneurs and young professionals – and it’s working.

In short, Singapore has become our new London.

Shifting here is easy
Word is getting out about the Working Holiday Pass (WHP) offered to university graduates between 17-30 years of age by the Ministry of Manpower. The pass costs just $40 and allows young, skilled people from various countries to apply and move here for six months, to work across multiple industries. Holders of the pass are not required to find employment, but it does give you the option of working and job-hunting, with the prospect of gaining an Employment Pass. I have come across dozens of young professionals who made the shift to Singapore this way.

Singapore also has a very entrepreneurial landscape, and the Government offers plenty of incentives to help young go-getters start up their own business.

Employment is on the rise and the tax remains low
One of the most attractive benefits of Singapore is, of course, the low rate at which we are taxed. When shifting over from somewhere like New Zealand or Australia, the difference is hugely noticeable. Singapore continues to attract a decent share of foreign investment by capping corporate tax at 17%; personal tax rates start at 0% and are capped at 20% for residents, and 15% for non-residents. In addition to this, Singapore’s unemployment rate fell to just 1.9% in June 2011, its lowest in three years.

It’s all about networking
Anyone working in Singapore understands the importance of networking and, when job-hunting, you’re more likely to hear about the best vacancies by word of mouth. Networking opportunities in Singapore are abundant and there are various business-orientated groups to join, which can provide the best platform to meet like-minded people who want to build networks and explore business opportunities.

Living here is affordable
Although Mercer’s 2011 Cost of Living surveyed placed Singapore as the eighth most expensive city to live in globally – ranking second just behind Tokyo in the region – it is actually not difficult to survive in Singapore as a young professional. Depending on your chosen field, salaries are competitive and the benefits (such as bonuses and health insurance coverage) are plentiful.

Rental costs are on the rise; in Singapore the price for a two-bedroom apartment has risen by 15%, according to ECA International. However, flat sharing can bring down the cost of rent from expensive to easily manageable.

When it comes to food, drinks and entertainment, Singapore is not short on options, and expats can either live very cheaply or in a life of luxury. If you shop for fruit, vegetables and meats at the local markets, and eat at local hawker centres, it’s possible to consume three meals a day for less than $10.

Rebecca Lewis, Editor for the Australian and New Zealand Association (ANZA) magazine, Singapore.