Singapore as business capital, many people want to get settled in a peaceful city permanently. Quality and standard of living in Singapore are one of the best among other Asian countries. In every aspect, Singapore is a livable country whether it is health and child care, safety from crimes, business, education, etc.
Apart from these materialistic things, harmony, multicultural, this thing also make Singapore better. PR status in Singapore comes with many benefits including Central Provident Fund (CPF), which is not given to an immigrant worker. PR status will be the first of acquiring citizenship with which you can enjoy other multiple benefits. Stay tuned to the article to know How to Become a Permanent Resident in Singapore?
National Service Liability
According to the Singapore Immigration & Checkpoints Authority (ICA) “ all male citizens and also the ones who have PR, have to enroll themselves for the National Service (Enlistment Act). After the serving the full period of national service (NS), further, they are liable to enroll themselves for Operationally Ready National Service (ORNS) which is of 40 days. They have to register themselves for ORNS yearly till a person attains 65 years of age.
Principle applicant for the PR status is exempted from the NS but the family’s male members whom he is sponsoring for the PR status are bound to serve for the NS. Failure of doing so will have consequences that will include an application for the citizenship in future or study in Singapore will be sacrificed.
Singapore provides different schemes for the immigrants through they can apply for the permanent residency. Following explained are the three ways to apply for the permanent residency-:
Foreign Artistic Talent Scheme (ForArts) Scheme–
Basically, the scheme is for the professionals related to art and culture, only they can apply for the PR in Singapore. The Singapore Immigration & Checkpoints Authority (ICA) and the National Arts Council (NAC), are the main authorities behind the scheme. IAC is the authority who make the final call in granting the PR status.
Who all are eligible for ForArts Scheme for Immigrating to Singapore
- Applicant should have practical training or experience in the field of art and culture.
- Applicant must have performed outstandingly in the field of arts and design media.
- Applicant has proof of having leadership qualities by showing several engagements at various levels.
- Applicant must have intentions to carry forward his career in arts in the future in Singapore.
Professional, Technical Personnel and Skilled Workers (PTS) Scheme
Most famous type of the scheme through which 95% of the immigrants applied for the PR is PTS. Immigrants having employment pass, S pass, entrepreneur pass or personalized employment pass all are eligible to apply through this scheme. With the principle applicant his spouse and children who are less than 21 years of age are also eligible to apply for the PR status but as per the Enlistment act, male children have to register for the national service.
Who all are eligible for the PTS scheme-
- Parents of the person who is already a Singaporean citizen.
- An applicant having employment pass and S pass are also eligible for the scheme
- Foreign investors having large scale business back in their home country are also eligible for the scheme.
Processing time for the PTS application to process is approximately 4 to 6 months.
Global Investor Program scheme (GIP scheme)
GIP scheme is typically designed for the investors and entrepreneurs and it is headed by Singapore Economic Development Board (EDB) and Ministry of Manpower (MOM). The main aim of this scheme is to start and promote new ventures in Singapore. Applicants applying through GIP same as PTS scheme have to register themselves for National Service.
Who all are eligible for the GIP scheme-
- Already have a well settled and large scale business in his country.
- An applicant has a startup or has established himself as a renowned entrepreneur.
If the above two eligibility criterion is matched then an applicant can choose from below two mentioned investing options-
I. Investment of at least at $2.5 million to start a new business
For this type of investment, an applicant has to show a detailed business plan and projection of the coming 5 years. Only around 27 industries fall in this category in which an applicant can start his business or invest.
II. Investment of $2.5 million in a Singaporean company.
After the choice has been made the Singapore Economic Development Board (EDB) and Ministry of Manpower (MOM) examined your application on the basis of the following criterion-
- An applicant has to possess 3 years of experience in running the business and to prove that he must present financial statements fully audited for the past 3 years to the authority.
- Business in which applicant is involved in their home country must have $50 million of turnover per year for the last 3 years.
- If the business is privately owned then an applicant must have 30%stakes in the company. He must hold a recognizable position in the company.
Issuing of Re-entry Permit on the approval of PR status-
On granting PR status an applicant issued with Re-entry Permit which allows multiple entries in and out of Singapore for first five years only. After these five years permit has to be renewed every 3 years or 5 years but with some conditions.