Singapore is always one of the most favored places when it comes to conducting business. This has been the scenario in Singapore for a long period of time. Singapore has always been known as one of the smartest countries. It has a growing economy because of continuous flow of investments. It has a lot of new schemes and convenient ways to attract money to make its economy continuously developing. If an entrepreneur set up a company n Singapore it has an option to apply for the programme
From the easy ways or easy policies when it comes to starting or expanding a business in Singapore, there are also investment schemes that cater to foreign individuals. One of the schemes that exist to target foreign individuals that want to relocate to Singapore is the global investor program.
In Singapore, foreign individuals can work when they acquire a work permit or S pass work permit. These two different permits have different perks and benefits. Some individuals may even want to change their residency status once already in Singapore for a long period of time.
These foreign individuals can change their working status to a permanent resident status when the qualifications are met. The global investor program is one of the things that Singapore offers for foreign individuals to have a more convenient and easy way of changing their residency status.
What is the Global Investor Programme?
The Global Investor Program is a government program that helps foreign individuals. The program helps them change their status in Singapore to permanent residency status. This program allows foreign individuals to be a permanent resident by investing in the Singapore economy. That is why aside from the benefits that the foreign individual would get this program is also beneficial to the Singaporean economy.
Singapore acknowledges the need for more investors to make its economy one of the top in the world. As long as there is a steady investment in the Singaporean economy, the company incorporation Singapore procedure would stay the same and would stay as easy as it is. These new investors are what makes it easy when you set up company in Singapore.
3 things to know
When you set up company in Singapore there are many criteria and qualifications that you need to meet. The same thing is true for the global investor program. both the company and corporation Singapore procedure and the global investor program requires you to have a clean criminal record. The company is required to present three years’ worth of audited financial statements to ensure that you can afford to invest. The program also requires an individual to at least have a running business that has gone through the company incorporation Singapore procedure.
When you want to set up company in Singapore there is a certain budget or capital that you must have to be able to set it up. That is why the global investor program requires individuals to invest at least S$2.5million. There are investment options when it comes to this program. The first option is to invest this money into new businesses that have gone through the company incorporation Singapore procedure or businesses that want to expand. In line with this, they should have a plan from when they set up company in Singapore up to the operations of the company.
The second option is to invest this kind of money in an already existing business in Singapore. The business should have gone through the company incorporation Singapore process and should be a GIP-approved business. These processes may look tiring and complicated, however, the Singaporean government makes it easy for foreign individuals to invest in their economy as it also benefits them. It allows individuals to set up company in Singapore or to put money into an already existing business in Singapore. Either way, this kind of investment helps the Singapore economy thrive.
How to apply
When you want to apply for the global investor program, you have to pay some fees to get your application going. The fee is paid to the Economic Development Boards’ bank account as it is the one that consolidates every business-related finances in Singapore. After this, you have to fill out two forms as a starter to your application. The first form is the application for permanent residency in Singapore which signifies your interest in changing your residency status.
The second form is the investment plan. This part explains in detail how and where you want the required investment to be put in. These steps will then be followed by an interview to ensure eligibility for the PR status. When the applications are given the go signal to invest, the foreign individuals are given six months to complete the investment. After this, the ICA will have to verify and double-check necessary documents that state that the investment was successful. Necessary documents will be approved by ICA. Last step is changing the status from work permit holder to a permanent resident in Singapore.
To make processes like the company incorporation Singapore procedure and the changing of residency status easier for any individual or entity, it is advisable to hire a third-party firm. This way, you can be assured that all requirements are met. Contact WLP Group today to know more.
former teacher, traveler and writes when there’s time