Obtaining Permanent Residency & Citizenship in Singapore with a Business
Singapore is a global business hub and a popular destination for entrepreneurs to start and run their business. Incorporating a business in Singapore not only provides a favorable business environment, but it also opens up avenues to obtain Singapore Permanent Residency (PR) and Citizenship.
Eligibility Requirements for PR and Citizenship
In order to be eligible for PR or Citizenship in Singapore, you must meet certain requirements:
PR Eligibility Requirements
- Holders of an Employment Pass, S Pass, or Entrepreneur Pass
- Have resided in Singapore for at least 6 months on a valid Work Pass at the time of application
- Have been employed for a minimum of six months
- Have a good employment record
- Have a stable income and be financially self-sufficient
- Possess relevant educational qualifications
- Have a good conduct record
Citizenship Eligibility Requirements
- Be a PR holder for at least two years
- Be at least 21 years old
- Have resided in Singapore for at least two years on a PR status
- Be gainfully employed or self-employed
- Be of good character
Obtaining PR and Citizenship with a Business
Starting a business in Singapore can increase your chances of obtaining PR or Citizenship. The following are ways a business can help in the process:
Business Investment Scheme
Under this scheme, foreign entrepreneurs who invest in Singapore through their business can be eligible for PR under the Global Investor Programme (GIP).
The GIP requires a minimum investment of SGD 2.5 million in a new business start-up or expansion of an existing business. The application process includes a thorough evaluation of the business plan and its potential contribution to the Singaporean economy.
Apart from the GIP scheme, there are other schemes aimed at attracting foreign investors such as the Financial Investor Scheme (FIS) and the EntrePass Scheme.
Employment in a Singaporean Business
If you are presently employed in a Singaporean business, you can apply for PR through your employer. Your employer’s nomination and recommendation can increase your chances of obtaining PR, provided you meet all other eligibility criteria.
Additionally, if you hold an Entrepreneur Pass, which requires a minimum investment of SGD 100,000, you must have been running an active business for at least 6 months to be eligible to apply for PR.
Benefits of PR and Citizenship
As a PR or Citizen of Singapore, you enjoy numerous benefits, such as:
- The right to work and live permanently in Singapore
- Access to government-funded healthcare and education
- Reduced taxes on global income
- Ability to purchase subsidized housing
- The ability to travel without a visa to various countries
- Eligibility for government-funded scholarships and grants
What are the chances of getting PR or Citizenship?
PR is granted on a selective basis, depending on various factors such as the current economic climate and the job market. Citizenship applications are also considered on a case-by-case basis. However, starting a business in Singapore can increase your chances of obtaining PR or Citizenship.
Do I need to stay in Singapore to maintain my PR or Citizenship status?
To maintain your PR status, you must reside in Singapore for at least six months every year. For Citizenship, you are required to be a resident of Singapore and to have claimed either one of the last three years of assessment (YA) before the year of application.
Can I apply for both PR and Citizenship simultaneously?
No, you must apply for PR first before being eligible to apply for Citizenship.
Is there an age limit to apply for PR or Citizenship?
There is no age limit to apply for PR, but for Citizenship, you must be at least 21 years old.
How long does the application process take?
The PR application process can take between 6 to 12 months while the Citizenship application process can take up to two years.
Starting a business in Singapore can be an excellent way to obtain Permanent Residency or Citizenship. It not only creates a promising business environment but also offers numerous benefits to entrepreneurs. If you want to learn more about the process of obtaining PR or Citizenship in Singapore or starting a business, it is best to consult with a certified immigration consultant.