(Newswire.net — January 22, 2018) — When the question is about getting second citizenship, Singapore becomes of one the best choices. One of the perks of having a Singapore citizenship is that its passport offers visa-free travel to most of the North American and European countries, and it has no effect on the offshore companies.
Singapore is the fifth-wealthiest Southeast Asian Nation by GDP (world rank: 39). It is one of the most peaceful countries in the world. However, before leaving for Singapore you must know that there are some rules of the country for example military service is compulsory for every man in Singapore and it prohibits dual citizenship.
If you are thinking of moving to Singapore, they do know that you are not the only one. Singapore is a mesh of diverse cultures and is known for its diversity. With English being its official language, you will find Chinese, Indians, Malaysians and many other people carrying their distinct cultures. Permanent residence is one of the many benefits that come with the citizenship of Singapore; it allows you to have a permanent residence in the country.
Let’s talk some business
Singapore is one of the wealthiest countries in the world, and the primary reason for its such position is immigration. People from all over the world have gathered here and have now a formed a big part of its banking sector.
However, moving to Singapore is not as easy as it seems to be. Due to large immigration, the natives of Singapore have started to complain about the lack of jobs that has been aroused due to the immigrants taking many jobs and that they have raised the prices of almost everything. And the government has started to take this issue seriously. Therefore, becoming a legal resident of Singapore has now become much more difficult than it used to be. However, there are some Immigration Solutions especially if you have a promising investment to make then there is nothing stopping you from getting into this country with all the perks and rights.
Before reaching a decision, there are a few things that you need to know about
Getting a residence in Singapore
The process of getting a permanent residence in the country now takes about two years after you have spent the first year of your residence in the country. So, this practically means that you would need about eight or nine years to qualify for citizenship it would still be harder because the rules have now changed and are stricter than before.
Joining a Singapore Company with Employment Pass
It is by far the trendiest way to start a business in Singapore. The procedure for it is quite simple. You join a company in Singapore through some private service, then you apply for an Employment Pass to relocate to Singapore, and once your Employment Pass is approved then you can start your own new business.
Joining a Singapore company with EntrePass
This is another way of entering Singapore as an entrepreneur. This pass is available, however not limited, for technology creation and application. For this pass, the applicant must either have funding of at least USD100,000 from an accredited third party, or a Singapore government agency or any shareholder in a company. Additionally, a good track record of business investments also helps in getting the pass.
Getting your company registered
Singapore provides three options for the registration of foreign companies in the country.
- Join a private limited company
- Set up a branch office
- Open a representative office
Joining a private company and then getting an Employment Pass is by far the ideal case. Setting up a branch office will free you from some taxes but not full tax-exemption. Lastly opening a representative office will help explore more about migrating business to Singapore and more about the country’s business conditions.
The final decision depends on your needs and requirements. But these were a few things you needed to know about business immigration to Singapore.