Rikvin’s Preview on Permanent Residence Schemes in Singapore
Singapore (PRWEB) July 11, 2011
Located at the crossroads of east and west Singapore is an ideal gateway to the globe. It has world-class infrastructure, superior local and international transportation network, premium standard of living, top-notch education system, a cosmopolitan lifestyle, and to top it all an impressive economic growth thereby promising immense opportunity for individual advancement.
The city state has the perfect package which will entice anybody, who appreciates quality living, to call it home. Unsurprisingly the foreigners who have lived or worked here for a while would like to protract their commitment to Singapore and eventually sink their roots in the island. Singapore Permanent Residency (PR) is the first step in the process. PR allows for a longer stay, preferential access to public schooling, opens door for investing in public housing, facilitates active participation in matters of public and community interest, more specifically, liberates the employment pass holders from being tied down to a particular company. Another privilege is the eligibility for CPF contributions which are exempted from tax.
Satish Bakhda of Rikvin Group, a Singapore immigration specialist, Rikvin consultancy, says “While PR brings a host of privileges some inherent obligations also comes along with it. One such obligation is sending male children who are given a dependent PR for National Service. Although some applicants deem NS as a hurdle and do not include them in the PR application, lately we observe a shift in mindset among many of our clients they invariably include their male children as dependents while applying for PR because applying for citizenship as a family is definitely on the cards for many PR aspirants these days. There are various schemes under which one can apply for PR and we have released a quick preview on the schemes. At Rikvin we are dedicated to serving deserving foreign talent to pursue their PR dream. We provide preliminary assessment service for applicants for schemes such as LPR and most importantly the services for qualifying GIP and FIP applicants is absolutely free”
Below is a quick preview of various schemes leading to Singapore Pemanent Residency.
There are four schemes through which a foreigner can apply for Singapore PR status- namely the Professional/ Technical Personnel and Skilled Workers Scheme (PTS), Scheme for Investors, Scheme for Foreign Artistic Talent and lastly a Landed PR for the super qualified individuals with exemplary qualifications.
Singapore Professional, Technical Personnel and Skilled Worker Scheme (PTS Scheme): This is by far the most popular scheme because mostly foreigners who are employed in Singapore form a majority of the PR aspirants and most of them qualify for PR under the scheme and it’s a surefire route to PR for the applicants who satisfy all the criteria to the tee. A prospective applicant under the PTS scheme must be a holder of P, Q or S type Singapore work pass and should not be more than 50 years of age. Applicant’s family, that is, spouse and unmarried children under 21 years of age, can also be included in the application. The chances of approval are higher for applicants who have stayed in Singapore for at least two years or longer consecutively and have remained gainfully employed during the period.
Applicants must have a clean chit of conduct and must posses impressive educational qualifications or command proficiency in skills that are in demand. The value addition that an applicant will bring to the country, family ties in Singapore, salary, financial standing, consistency of employment are some of the factors that will be considered closely. The credentials of the applicant’s employer also influence the outcome of the application. It should be noted that a section of the application must be completed and endorsed by the employer therefore it is imperative that the applicant’s relationship with the employer remains amiable.
Schemes for Investors: Foreigners interested in starting a business or wishing to invest in Singapore, may take this route to apply for Permanent Residence (PR) status for themselves and their immediate family (spouse and unmarried children under 21 years of age). There are two programmes available under the scheme – Global Investor Programme and Financial Investor Scheme. The former is administered by the SEDB – the Singapore Economic Development Board and the Monetary Authority of Singapore (MAS) administers the latter.
Global Investor Programme (GIP):: An applicant has two options under the programme.
He can invest at least S$ 2.5 million in a new business startup or expansion of an existing business operation or invest at least S$ 2.5 million in an approved fund
A foreigner with entrepreneurial background, substantial business track record (at least 3 years) can apply along with a business/investment plan and supporting documents such as audited financial statements of existing company. The company should have an annual average turnover of at least S$ 30million.
Senior Corporate Managers seeking PR under the GIP scheme must have at least 10 years of corporate management experience and must currently hold a senior management role in the company such as Chairman, CEO, CFO, CTO, etc. The company in which the applicant is employed must have an annual turnover of at least S$ 100 million. The applicant must be capable of actively managing the business in Singapore as proposed in the business plan.
Notably, only a few key sectors are approved for investments under the GIP, some of them are Biomedical Sciences, Clean energy, Professional & Educational Services, Energy, Chemicals & Engineering Services and Environment Technology. This is a clear indication of the government’s interest in promoting investments into sectors that will propel the city-state into the league of developed countries with an invincible knowledge and innovation based economy.
Financial Investor Scheme (FIS): Foreigners with minimum of $ 20 million in net personal assets qualify for this scheme. The FIS requires investors to place at least S$ 10 million with a regulated financial institution in Singapore. The invested amount must be held in the city-state for a minimum of five years. A portion of this investment, up to S$ 2 million, can be used to buy a private residential property in Singapore.
Scheme for Foreign Artistic Talent: Foreign artistic talents in art, photography, dance, music, theatre, literature and film may apply for Singapore Permanent Resident Status under Foreign Artistic Talent Scheme. This Scheme is jointly administered by the Singapore Immigration and the National Arts Council (NAC). Eligible foreign talents should have received formal training and /or have relevant working experience and have already established a reputation both at home and abroad. This scheme is an outcome of the government’s effort to build a vibrant city boasting of a cultural potpourri so that the creative productions engage, inspire and entice the diverse talents that confluence in Singapore and also to sustain its attraction on the global tourism map.
Landed Permanent Residence (LPR): Those who have outstanding professional or tertiary qualifications and are working in professional, managerial or specialist jobs and are interested in relocating to Singapore but are currently not working in Singapore can apply for LPR which if granted is valid for up to 2 years. The LPR holder must find a suitable employment or relocate their families to Singapore within the validity period. PR will be granted once employment is secured or the family has relocated to Singapore.
About Rikvin.com:
Rikvin has successfully helped hundreds of global entrepreneurs form a Singapore company. Established in 1998, Rikvin specialise in Singapore Company registration, offshore company incorporation, immigration, work pass and related corporate services.
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20, Cecil Street #14-01, Equity Plaza Singapore 049705
Main Lines : +65-6438-8887
Fax : +65-6438-2436
Email : info(at)rikvin(dot)com
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