Entrepreneurs! Here's your chance to beat the downturn and move to Singapore to setup your business. You can apply for Permanent Residency. Permanent residence has many benefits -
* You and your family can work and buy property.
* You can the family can travel in and out of Singapore freely.
* Public education system for the children.
* Local tax benefits.
One important thing to know before you apply for the PR is that your sons are obligated to do compulsory military service when they reach the age of 18.
If you decide to move to Singapore, this article will give you an overview of the Immigration and Permanent Residence scheme.
Eligibility - To apply for immigration or Permanent Residence Scheme, the first step is to obtain an entry pass. Entry Passes are of following types -
* Entrepreneurs Pass
* Employment Pass (P and Q Pass)
* Dependent Pass
* S Pass.
Entrepreneurs Pass - A Person who wants to set up a business in Singapore needs to apply for an Entrepreneurs Pass (EntrePass) and such person would not require work permit. Basic requirements for EntrePass are
* Willingness to settle in Singapore
* Start a business that has a good growth potential as well as physically run it.
It is valid up to 2 years and its main advantage is that it also allows your immediate family to live in Singapore. It can be renewed as long as the business is operational.
Employment Pass - Those who are interested to work in Singapore can apply for this Pass. Eligibility would be educational qualification and income. Types of Employment Passes are
* P1 - fixed income above SGD 7,000, can apply for dependent pass
* P2 - fixed income of SGD 3,500 - 7,000, can apply for dependent pass
* Q1 Pass - fixed income above SGD 2,500, can apply for dependent pass but not long term visit pass for parents
Employment Pass is valid up to 2 years.
S Pass - Skilled worker is eligible for this Pass.
* Eligibility is assessed on various factors like Salary, Qualification, Work experience and Job type.
* The number of S Pass holders in a company can be 25% of the work force.
* They can apply for Dependency Pass for their families if their fixed salary is more then SGD 2,500.
Dependency Pass (DP) - This is a temporary pass given to the family members of the person working in Singapore with an EntrePass, Employment Pass or an S Pass.
* Eligible to work in Singapore if he/she gets a Letter of Consent (LOC) from the employer.
* DP can be applied along with the Employment Pass/EntrePass or later.
* The process time is usually 1 to 3 weeks.
Permanent Residence Scheme - A person can apply for Permanent Residence if he/she worked in the country for a period of 6 months to 2 years. Various schemes are available for people with various types of passes like EntrePass, Employees Pass etc. It can be applied for the Dependency Pass holder as well. If the PR application for the Employment Pass/EntrePass is approved, then it is automatically approved for the DP. The processing time is more than 3 months.Once the PRS is approved, the male citizen above 16 and 1/2 years should register for National Service
Andrew Chen writes articles that help entrepreneurs and small business with accounting, taxes, compliance, immigration and incorporation issues in Singapore. For detailed information on immigration refer to Singapore Immigration Guide
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