For businesses that hope to move into Singapore, it is critical to follow several specific steps to allow you to set up a legal business
Thousands of people become Singapore permanent residents every year, but not all go through the same application process. Permanent Residence (PR) application can be applied for by the whole family, i.e. the applicant himself plus the spouse and unmarried children under 21.
Thousands of people from different backgrounds have been drawn to Singapore after the introduction of a variety of schemes that gave them the opportunity to tackle permanent residence in this stable country.
The number of PRs in Singapore as of June 2017 is estimated to be about 526,600 from a population of about 5.6 million people, and the numbers are increasing (accurate for 2017). Although most foreigners apply for PR after working in Singapore for few years, there are other paths leading you to a Singapore PR status.
This guide provides an overview of the different types of PR schemes available in Singapore so you can decide on the one that best suits your needs and circumstances. As a permanent resident of Singapore, you would enjoy most of the benefits and rights afforded to citizens.
The Singapore PR scheme offers a range of benefits including the right to live in the country without visa restrictions, higher priority public schooling for your children, more freedom to buy property and participation in the retirement fund scheme.
At the same time, you are required to make certain commitments, such as sending your son(s) to compulsory two-year military service once they reach 18 years old.
Singapore PR Scheme for Individuals Working in Singapore
The Professionals/Technical Personnel & Skilled Worker scheme (or simply “PTS scheme”) is for foreign professionals who are working in Singapore at the time of applying for permanent residence. The PTS Scheme is the easiest and most assured route to attaining PR in Singapore.
The key requirement for this scheme is that you must be living and working in Singapore at the time of application. This means you need to first relocate here on a work visa or another type of visa, such as an Employment Pass or Entrepreneur Pass
Singapore PR Scheme for Investors
You may apply for Singapore permanent residency through an investment scheme called the Global Investor Program (“GIP program”). Under this program, you can apply for PR for yourself and members of your immediate family by starting your own business in Singapore with a minimum investment of SGD2.5 million or investing in another established company.
At present, under the GIP scheme, you can choose from two investment options:
Apart from the deposit you invest in, you must also meet certain other criteria such as having a good business track record, entrepreneurial background, and a sufficient capital proposal or investment plan.
Singapore PR Scheme for Foreign Artistic Talent
Singapore’s arts scene has seen rapid growth over recent years, in line with the country’s goal to be Asia’s regional arts hub. If your talent lies in any form of arts, photography, dance, music, theater, or film you can apply for permanent residence through the Foreign Artistic Talent scheme.
You must meet the following qualifications in order to qualify for this scheme: you must be a well-recognized artist with an international reputation and have specific training in your field.
You also need to have made significant contributions to Singapore’s arts and cultural sector, including a strong track record of engagements at the leadership level in the local scene and concrete plans for future involvement in the said industry.
Moving on to a Singapore Citizenship
A person who needs to be a Singapore Permanent Resident for 3-6 years and at least 21 years of age before the date of the application is eligible to apply for citizenship in Singapore.
The Government of Singapore welcomes the arrival of professionals and other foreign nationals who are able to make a positive contribution to the country’s development in many different ways. Permanent residence in Singapore can be obtained through various schemes that suit your situation.
To ease the burden of filing, Singapore exempts certain companies from having their financial statements audited; these include:
- Small companies: A small company is any company that meets 2 of the 3 following criteria:
- Total annual revenue is less than S$10 million
- Total assets are less than S$10 million
- Maximum of 50 employees
- Dormant companies: A dormant company is any company that has not carried on business and has not generated any income in the past tax year.
Such companies can prepare unaudited financial statements.