Business in Singapore is continuously thriving. This environment has in turn attracted numerous foreign investors whose aim is to start a business and become permanent residents of Singapore. The process is somewhat complicated since a business person has to follow the procedures as guided by the law. The process of company formation in Singapore is open to all people who feel that they are capable of conducting business here. Our interest is, however, to know how one can start the business and attain a permanent residency in Singapore.
Getting a Visa
Like many, you are looking forward to starting a private limited company for which most foreign investors qualify. But, before having the opportunity to embark on this process, there is one crucial step you need to complete. You must apply for an employment or entrepreneur pass in Singapore. You will not be granted entry by the immigration authorities without a visa indicating what you are coming here to do.
Luckily, the country allows people to access this visa without a challenge as long as they have all the minimum requirements. It is highly recommended that you seek the assistance of a professional who can aid in the process of obtaining a visa. Unfortunately, the employment pass is applied when one is still outside Singapore; you should only rely on a trustworthy agent to offer services for the money paid.
Starting a Business
There are various ways to get a permanent residency in Singapore. These include being a spouse of a Singaporean, obtaining an employment or entrepreneur visa, or investing in Singapore. The last two mean that you are planning to start a form of a business here. If so, it is a mandatory process to register your private limited company as follows.
- Select a business name.
- Make a list of directors. A minimum of one director is required.
- Create a list of shareholders.
- Appoint a company secretary.
- Have minimum paid up capital of 1 Singapore dollar.
- Register an address in Singapore.
What most people do not know is that failure to comply with any of the above will lead to an unsuccessful application. In turn, you will not receive the appropriate documents to start your private limited company in Singapore. When the business is approved and the operations start, then one can proceed to the next step.
Applying for Permanent Residency
Just like any other process in Singapore, applying for a permanent residency is a sensitive procedure. Successfully running a business does not mean that you will automatically qualify. Officers from the immigration offices claim that each application is treated differently. One has to prove beyond reasonable doubt that her or his business is going to keep thriving and aid in building the Singaporean economy. Sometimes, they may ask you for more time to assess your strengths and weaknesses. Upon a successful application and the granting of permanent residency for the entrepreneurs and their close family members, there are numerous benefits to enjoy. Movement in and out of the country is not restricted, which means that the business you started will have higher chances of succeeding. Furthermore, you can enjoy the low taxes for such a business.