Singapore permanent resident status is quite sought after by business owners from all over the world as it allows them to set up a business in the country and manage the same from Singapore itself without requiring to apply for the appropriate work passes or business visas each time they want to travel to and from the country. For high net worth entrepreneurs who have an excellent business background and are owners of successful businesses at the present, Singapore had launched the Capital Investor PR Scheme. As per this scheme, if a foreign entrepreneur fulfills all eligibility criteria and is ready to make a stipulated minimum investment in the country, they would directly receive permanent resident status. This was quite a popular scheme for established foreign business owners and some of the highlights of the scheme are as follows:
1) The foreign business owner must be ready to make an investment of at least SGD $ 2.5 million in a new business start-up or for expansion of an existing company in Singapore. They may also choose to invest the same amount in a GIP approved fund.
2) The foreign entrepreneur would also require submitting a genuine and feasible business plan for the operations in Singapore. This business plan should be created as prescribed by the concerned authorities in the country and it will be scrutinized thoroughly to check its viability and growth potential in the country.
3) Apart from investing in Singapore, the foreign business owner must have an existing business that had at least SGD $ 30 million in turnover in the most recent year and at the same time had SGD $ 30 million in turnover as average for each of the past three years.
4) The Capital Investor PR scheme is usually meant for the best of the entrepreneurs from world over. Since they will be getting direct permanent resident status, the authorities would check the entrepreneur's background, their shareholding in the existing business, the profitability of the business and a whole lot of other factors.
5) Just in case you do not have a business background but are a senior manager and want to apply for the capital investor PR scheme, in that case you need to be currently holding a senior position such as a CEO, CTO, Chairman etc. and have at least 10 years of corporate management experience. At the same time, the company you are currently working for should have a minimum annual turnover of SGD $ 100 million for you to be eligible for the capital investor PR scheme.
by Bryan B Wong