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Singapore – oasis of modern business

Business immigration to Singapore raises a high bar to foreigners but offers numerous advantages instead:

  • The young republic has one of the most effective pension programmes. Thanks to the central savings fund, residents of this country can use part of their savings to cover housing or medical services.
  • Recently, Singapore has ranked one of the best in the ratings related to the level of corruption and the effectiveness of law enforcement. The lowest crime rate among all other countries has been achieved due to severe punishment for misdemeanours.
  • Business immigration to Singapore means residing in an expensive city-state.

For wealthy investors, the latter fact can be a valuable advantage. Unlike small Caribbean jurisdictions that are ready to trade passports for quite modest donations, Singapore is willing to host high net worth investors and skilled executives. Therefore, the republic resembles an exclusive club, which only the privileged ones are entitled to enter. That’s why the country ranks 6 in the rating of billionaire citizens. It is expected, that business immigration to Singapore will attract more and more rich entrepreneurs every year. An evidence to the statement is the fact, that the sales of new housing in Singapore reached a three-year high and rose by 21% in a year.

Moreover, this Western-oriented jurisdiction has modern infrastructure, high level of security and ecological standards. You will be able to travel around the globe without problems, enjoy numerous benefits in the field of medicine and education, work and conduct business in the jurisdiction with stable policy and attractive tax system.

What is the value of business immigration to Singapore from the economic prospect?

  • The businessperson acquires an excellent opportunity to upgrade the business to the international scale, including markets of the Middle East and Asia.
  • Singapore is acknowledged the best IT hub in Asia.
  • Numerous factors contribute to the popularity of the jurisdiction as the depository of precious metals.
  • Business immigration to Singapore is attractive due to high transparency. It is considered one of the less bureaucratic countries in the world. Moreover, the jurisdiction ranked 7th in the annual rating of the least corrupt countries in 2016.
  • Demanding economic conditions in Singapore do not prevent foreign entrepreneurs from creating or investing in companies at a record pace. The latest statistics demonstrated a significant increase (from 24 to 37%) in the number of firms with foreign capital. In particular, Indian companies invested $2.06 billion in Singapore, that’s over 82.5% of the total capital investment.
  • The port of Singapore has been named the best seaport in Asia 29 times.
  • MasterCard placed Singapore the first in the rating of financial literacy among the countries of the Asia-Pacific region.
  • It is the single Asian country that received the highest credit rating (AAA) from leading rating agencies (Standard & Poor's, Moody's, Fitch) over the last decade.

Business immigration to Singapore: key facts about residence permit and citizenship

The jurisdiction requires renouncing the original citizenship. In addition, the second passport imposes the obligation to undergo a two-year military service for the sons of the newly-made citizen.

The path to obtaining a second passport begins with the permanent residency status that has to last at least 2-3 years. Including family members in the application is an option. There are few residency programmes, but neither of them foresees fast-track procedures. It usually takes 4-6 months to deal with all procedures, sometimes more.

Business immigration to Singapore for employees

The equivalent of VAT in Singapore is 7%, which is rather small. Labour income is not taxed in case it does not exceed about 15 thousand US dollars a year. Income tax from individuals varies but does not exceed 20%.

On the other hand, employees have to spend a lot on insurance and social payments. 37% of the salary is paid to the Central Savings Fund (20% of them are paid by the employer and 17% by the employee). This money is used, among other things, to provide medical and educational services, pensions, etc.

The most affordable way of getting permanent residency is through PTS programmes. This option of business immigration to Singapore is available for foreigners who already have a working permit.  Despite valid visa of P, Q or S type, an applicant must submit in person a bundle of documents that prove his or her qualification, duration of stay in the jurisdiction, professional experience, salary and overall financial situation, communicative skills, as well as stability and high reputation of the employer. The more evidence you provide, the higher are the chances for approval. The applicant gets a letter of approval in several months, provided he or she successfully passed an interview and check-ups. After that, an ID card of a resident is issued.

General Investment Programme

The programme is a so-called million-dollar ticket to the business immigration to Singapore. As a matter of fact, one must prepare to invest at least $2.5 million into either functioning business or popular start-ups. You can also donate the same money to a special GIP Fund, which will then allocate the investment among companies of the jurisdiction.

However, generous investment only will not suffice. A candidate must attend an interview and convince the authorities that he or she has an entrepreneurial flair and irreproachable business reputation. It is also necessary to submit financial statements of a company for the last 3 years and a three-year investment plan. There are set turnover requirements for each business field, ranging $50-200 million.  Moreover, the entrepreneur must own at least 30% of the company's shares.

All procedures last approximately 6 months; the investment shall be allocated within this term.

Important economic facts one needs to know before undergoing business immigration to Singapore:

It is easy to establish a company in the jurisdiction since the size of the authorised capital is less than 1 Singapore dollar. The cost of registering a new company name will cost 15 Singapore dollars. A two-day registration procedure adds even more attractiveness.

However, do not neglect the following key points when considering business immigration to Singapore:

- Foreign nationals do not have the right to independently register their company in the jurisdiction. Special registration bodies serve to that purpose.

- The country has a very strict system of penalties for violations of the legislation.

- A prerequisite for choosing a company name in Singapore is a preliminary request to the country's registration authorities.

Corporate tax does not exceed 17%, and the capital gains tax is zero. Foreign companies do not pay income tax if they are taxed in their country.

Small new companies are exempt from corporate income tax during the first 3 years of their operations. This tax is progressive.

There’s another curious fact about business immigration to Singapore. If you stay in the country for a period of up to 60 days, your income will not be taxed. If this period will be from 60 to 182 days, you will receive the status of a non-resident taxpayer and will be required to pay 15% in income tax. In other cases, the income tax rate is established on a progressive scale.

If you want to naturalize in the republic, but do not know where to start, visit our office to get more information about business immigration to Singapore. Consultants of Intelligent Solution Group will give more details on various options for obtaining residency and will help evaluate the cost of entry and the applicant's chances. Please bear in mind, that whatever the standard procedure seemed to be, immigration and further acquisition of citizenship is a serious challenge. Even a successful entrepreneur can face failure. Each document should be filled precisely and accurately. If you want to move to an Asian jurisdiction with the highest standards of living and get vast potential capacities for your business, then entrust the procedures of business immigration to Singapore with the Intelligent Solution Group.

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