Singapore has always been considered as one of Asia’s top economic hubs. A lot of entrepreneurs both local and foreign have made a considerable amount of investments in Singapore and this is due to the favorable rules and regulations. The Singaporean government has passed various regulations that support new and existing business ventures while also providing tax incentives. This is the major reason why foreign entrepreneurs are striving to acquire Singapore permanent residency.
Acquiring permanent residency in Singapore makes a lot of sense. First of all, Singapore is one of the best to do business, live, or work. At the same time, it is crucial in helping you gain Singapore’s citizenship. On top of that, you can travel in and out of the country without constantly applying for separate work or travel visas.
In this article, we provide a detailed guide on how a foreigner who is an entrepreneur can get Singapore permanent residency.
Permanent residency application in Singapore
As a foreign national, you can become a permanent resident in Singapore through the following ways:
· The PTS scheme – This is the category of technical, professional, and skilled workers.
· The Global Investor Program (GIP) scheme – If you are an entrepreneur, then you fall into this category.
· ForArts scheme – This is for foreigners with talent in arts.
However, in this article, we are going to focus on the GIP scheme.
Eligibility criteria for Singapore permanent residency
You can only apply for Singapore permanent residency under the global investment scheme if you fall into either of the following categories:
· If you are a spouse or an unmarried child of a Singaporean permanent resident or citizen.
· You are a holder of an employment pass.
· An entrepreneur meeting all of the requirements under GIP.
You can get in touch with One Visa official website to assist you with applying for a Singapore visa or employment pass.
Permanent residency application under GIP
This program was initiated by both the Ministry of Manpower and the Economic Development Board. It targets those people or entrepreneurs who want to invest or start a new business venture in Singapore. If you fall into this category, then you can apply for permanent residency. Your spouse and children are also allowed to apply for permanent residency if you are an investor.
Eligibility criteria under the GIP scheme
You can apply for permanent residency under GIP if you are an investor with a good business track record and an accomplished entrepreneurial background. Once you meet these conditions, then you can opt to invest at least $2.5 million in a new business venture or expand your business activities to Singapore. You should include a comprehensive five-year investment plan inclusive of financial projections in your permanent residency application. You should also be in a position to achieve the targets outlined in your plan.
Obtaining permanent residency in Singapore is even a better way to conduct your business. With the permanent residency, you can stay in the country longer while avoiding procedures like applying for separate work and travel visas when leaving or entering the country. Staying for a long time gives you more time to monitor and grow your business.