Basic Permanent Residency Guide For Entrepreneurs Considering To Relocate To Singapore
There is no way anyone can mention the countries in Asia with the best economic reputations without adding Singapore to the list. Numerous foreign and local entrepreneurs have invested a significant amount of both financial and intellectual resources in Singapore. The reason is that many entrepreneurs consider the rules and regulations that govern businesses in Singapore favorable.
Both new and established businesses are able to benefit from the tax incentives and business regulations laid on by the Singaporean government. This is the most significant reason that numerous foreign entrepreneurs are doing everything possible to secure permanent residency in Singapore.
There are many reasons why getting Singapore permanent residency is a no-brainer for entrepreneurs. For starters, Singapore provides one of the best environments in the world to work, live, or run a business. Also, securing a permanent residency is an important step to acquiring Singaporean citizenship. Furthermore, you don’t have to apply for either travel or work visas any time you travel out of Singapore.
APPLICATION OPTIONS FOR SINGAPORE PERMANENT RESIDENCY
Here are a few ways a foreign entrepreneur can secure for Singapore permanent residency:
- THE GIP SCHEME: The term GIP is an acronym for the Global Investor Program. All foreign entrepreneurs seeking permanent residency fall in this category. We recommend that you seek help from professional traveling companies such as Visa Express to assist you with the application process.
- THE FORARTS SCHEME: This scheme is the most suitable way for foreigners that are talented in the Arts to secure their permanent residency.
- USING THE PTS SCHEME: The PTS (Professional, Technical, and Skilled) workers scheme is one of the most suitable ways for workers to apply for permanent residency in Singapore. However, you should know that applying through this route is highly competitive as there are many applicants that are looking to secure permanent residency through this route
Since this article is focused on foreign entrepreneurs, we will be taking a deeper look at the GIP scheme.
SINGAPORE PERMANENT RESIDENCY ELIGIBILITY REQUIREMENTS
For anyone to be an eligible applicant for permanent residency in Singapore, they need to fall under one of these groups:
- An unmarried child or spouse of either a Singaporean citizen or permanent resident.
- Have an employment pass
- Entrepreneurs that meet all GIP requirements.
GIP PERMANENT RESIDENCY APPLICATION
This scheme was created to admit entrepreneurs looking to launch a new business or invest in Singapore. Anyone who falls into either category qualifies to apply for permanent residency using the GIP scheme. However, only the spouse and children of investors are permitted to apply for permanent residency using the GIP scheme.
GIP SCHEME ELIGIBILITY CRITERIA
- To apply for Singapore permanent residency using the GIP scheme, the entrepreneur must have an impeccable and accomplished entrepreneurial record and experience.
- The entrepreneur needs to invest at least $2.5 million either in expanding a business in Singapore or a new business entirely.
- The application must consist of a 5-year investment plan and financial forecasts.
- The plan must be realistic and achievable.
Applying for Singapore permanent residency will save you from a lot of travel and work visas related stress.