Investing in Singapore as a Means to Get a Permanent Residence Status

This article is posted under Working and Living Abroad

Singapore is recognized as one of Asia’s most stable financial hubs.  The opportunities in this island state are limitless. Many people come to Singapore for work, others come here for business.  As a foreign investor, you must always look out for your best interests.  Indeed, running a business in a foreign land has its difficulties.  A foreigner is bound by law, and does not share the same rights as a normal citizen usually does.  Also, leaving and re-entering the country on a regular basis can wear one down, and is not particularly what a serious business person would like to do in their spare time.  Surely, one would like to do much more progressive activities in their spare time.

Because the Singapore Government recognizes the importance of foreign investors to the economy, they have come up with the Global Investor Programme.  This is a programme which grants foreigners who are currently, or planning on doing business in Singapore,

withpermanent resident visas.

One of these schemes is the Permanent Residence for Investors scheme.  This requires a person to invest a certain amount of money in Singapore-incorporated businesses, foundations, or funds.  Though the amount may be a bit hefty, the benefits far outweigh the dues.  Also, if you are planning to do business in Singapore, you will find much ease in doing business with a permanent resident status.

Steps in acquiring permanent status as an investor in Singapore

Step 1:  Make sure you meet all requirements for the Global Investor Programme (GIP).

These include submitting certain financial documents of your company’s performance for the last three years.  If your company does not meet their demands, then you will not be eligible for the GIP.  To check if you meet the requirements, refer to the GIP Factsheet

Step 2:  Submit an E-application form.

An E-application form consists of two forms.  Form A, which is your personal profile; and form B, your proposed investment plan.  Make sure to place accurate information in the forms.

Step 3:  Submit the supporting documents.

Some of these documents include your notarized copies of your passport and birth certificate.   Again, be sure that you have prepared the correct papers.  You can see if you have all the necessary requirements by acquiring a list of required documents.

Step 4:  Get in touch with the Singapore Economic Development Board.

The Singapore Economic Development Board is in charge of the GIP, and will be the ones in charge of processing your permanent resident visa.  After you have been approved for the GIP, will you be able to apply for permanent residence.

Step 5:  Settle the necessary fees.

The total amount of the processing for the visa will cost you a significant amount of money and takes several months to process.  You will be informed through mail about the outcome of your application.

And that’s it.  If you follow these steps carefully, you will be well on your way to a permanent resident visa in Singapore.  This may prove to be a critical move by you towards to a very successful business venture in the future.

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