Singapore provides many investment opportunities for foreign investors but also employment possibilities for foreign citizens. Foreign citizens can become Singapore permanent residents (SPRs) by applying for an entry permit. Foreign citizens that can obtain a residence permit in Singapore are spouses and minor children of citizens, parents of Singapore citizens, holders of P, Q or S work permits and investors. Applicants for the residence permit must submit all required documentation with the Singapore Embassy. Once the application is processed the applicant must complete all remaining formalities with the Immigration and Checkpoint Authority. If you want to know more details about this matter, our specialists in company formation in Singapore can help you.
The Global Investor Programme (GIP) was developed for foreign businessmen and executives that want to open a company in Singapore. The GIP was designed to offer certain immigration facilities to all foreign investors conducting business operations in Singapore. Entrepreneurs with a good reputation and interested in opening a business in Singapore are also allowed to apply for a permanent residence permit through the Global Investor Programme. Under the GIP foreign businessmen can opt for one of the two investment schemes. The first scheme refers to an investment of at least 2.5 million S$ in the expansion of a company or incorporation of a new enterprise, while the second scheme refers to a minimum 2.5 million S$ investment in a fund approved by the Global Investment Programme. The entrepreneurs must also come with a solid investment plan when accessing the GIP. At the level of 2021, obtaining a Singapore residence permit under this program requires a higher government fee.
Foreign citizens working in Singapore may also apply for obtaining permanents residence through the Professionals/Technical Personnel and Skilled Worker Scheme, also known as the PTS scheme. The PTS scheme is the fastest and easiest way of obtaining citizenship in Singapore. Foreign citizens must work in Singapore at the time of their application. They must hold a work visa and must have worked for at least six months prior to their application.
Singapore is a top investment and employment destination in 2021, as many companies have set up operations here in the past few years. For some time now, the city-state serves as a base for regional headquarters for businesses from Western countries.
The procedure for obtaining a residence permit in Singapore in 2021 has not changed, thus enabling foreigners to move here under the program presented above, but also based on employment contracts. Another scheme through which foreigners can relocate to Singapore in 2021 is the Entrepreneur Visa.
Our experts who can help foreigners open a company in Singapore will provide proper guidance to foreign citizens and investors in obtaining residence permits. You can also contact us for details about the business environment in Singapore.