Singapore Global Investor Programme – gateway to investors paradise

Singapore is evolving into an entrepreneurs Mecca, proximately located to the emerging Asia, ever expanding free trade area, converging ASEAN, efficient infrastructure are not the only reasons but the governmental policies that favor the entrepreneurs and investors alike.
Global Investors Programme administered by the Singapore Economic Development Board (SEDB) is one such one which attempts to ease the entry and of relocation investors, to enable them to setup and develop their business. After its launch this programme has attracted thousands of investors into Singapore.
The success of the Global Investor Programme can be attributed to great teamwork. What started out as an internal EDB objective to review its entrepreneurship programme, became an interagency collaborative effort to develop a holistic programme that caters to global investors in terms of our entry policy for foreigners interested in doing business here. The GIP eases the way for foreign investors, entrepreneurs and business executives to set up and conduct businesses in Singapore. EDB will provide assistance in linking up foreign entrepreneurs and investors with local business networks, thus opening up more opportunities for business collaborations. This Programme comprises of four key schemes offering a range of immigration options for the investors, entrepreneurs, and business executives.

1. Permanent Residence for Investors

2. Multiple Journey visa

3. Social Visit Pass for Entrepreneurs

4. Entrepass

Permanent Residence for Investors: Under this scheme investors can seek permanent Residence status in Singapore and will be qualified if he/ she
Invest at least S$1 million in a new business startup or expansion of an existing business operation

or

Invest at least S$1.5 million in a new business startup, expansion of an existing operation, approved Singapore-incorporated venture capital fund or Singapore-incorporated foundation or trust that focuses on economic development

or

Invest at least S$2 million in a new business startup, expansion of an existing operation, approved Singapore-incorporated venture capital fund or Singapore-incorporated foundation or trust that focuses on economic development. Residential property can be purchased with not more than 50% of the investment amount.
Other investment vehicles such as venture capital funds, foundations or trusts, and/or private residential properties will be considered for application for Permanent Resident applications. Up to 50% of the investment can be in private residential properties, subject to foreign ownership restrictions under the Residential Property Act (RPA).
Multiple Journey visa facilitates the frequent entry of business executives from visa-requiring countries into Singapore. Multiple visits, each lasting up to 30 days, are allowed during the validity period of the visa which may be for 1,2 or 5 year depending on the prevailing ICA’s guidelines. The application has to be submitted along with a Letter of Introduction from a Singapore Registered company. This eliminates the Visa application for each visit. This will be of immense relief to investors who have to travel frequently to Singapore to attend to their business and investments.
Social Visit Pass for Entrepreneurs enables an applicant to stay in Singapore for 6 months, to explore business opportunities, conduct feasibility studies or complete negotiations. During the validity period the holder can leave and reenter Singapore without any hassle. The application for the SVP has to be furnished along with a support letter from the EDB. To obtain a Letter of Support from the EDB the applicant has to provide an overview of the business indicating Objective of your stay, area of business interest, Preliminary business idea, Target market , Development strategy & proposed timeline, Track record of previous business ventures ,if any, Relevant skills & work experiences. It normally takes 5 days for the letter of support to be issued by the EDB while the SVP will be issued by the ICA quite immediately on the day of submitting the application or on the following day.
Entrepass is designed to facilitate the entry and stay of entrepreneurs in Singapore to directly manage the business operations, and comes with an initial validity period of up to 2 years. It is renewable as long as the business remains viable and lucrative. The EntrePass also allows the applicant’s immediate family to live in Singapore while the successful applicants start and grow their business here. With the EntrePass a person can leave and re-enter Singapore frequently with ease. The lucrative nature of business and efficacy of the business plan are the primary criteria for the Entrepass. Normally it takes around six weeks to know the outcome of the application.

MM Lee says immigration is more viable, long-term solution

By Channel NewsAsia, 22 May 2009

TOKYO: Singapore's Minister Mentor, Lee Kuan Yew, said India and China are the only countries in Asia that will not need to depend on exports to the US.
He also debunked views that the rest of Asia could have a consumer-led economy.
Mr Lee was speaking at the Nikkei Conference - an annual meeting in Tokyo attended by Asian leaders and academics.
"Asia Confronting Challenges, Pursuit of New Frontiers" is the theme of this year's Nikkei Conference.
Mr Lee is a regular guest at the forum, and on Friday, he gave his take on what some see as "common sense advice" on how to stimulate demand and boost the economy.
In the first three months of this year, Japan - the world's second largest economy - recorded its worst ever annualised GDP fall. The country also faces a fast aging population and declining birthrate - similar to the problems faced by Singapore.
Mr Lee said: "Unless you change man's attitudes, this declining birthrate will be a disaster for Japan and for Singapore. And it is happening all over Europe. So they are getting migrants from North Africa, Turkey, black Africa, Muslims, pagans, all sorts of new entrants.
"Japan doesn't want these immigrants. It is part of the culture of the country. In Singapore, if we have not taken immigrants, the economy would have become slothful."
Japan has only recently begun to hire foreign workers from Indonesia and the Philippines for jobs such as nurses and day-care workers. But Mr Lee said this will not solve the problem, and believes that immigration is a more viable, long-term solution.

Singapore is ranked as the most attractive city for mobile wealth in Asia

Scorpio Partnership (http://www.scorpiopartnership.com/), the leading business strategy advisor to the wealth management industry, has presented the world’s first index judging the attractiveness of the most popular financial centres to the mobile wealthy.
The Mobile Wealthy Residency Index (MWRI) is the result of qualitative research by Scorpio Partnership with senior advisors to the world’s mobile wealthy. The summary of the research is following:

• Switzerland still takes top spot as the most attractive jurisdiction for residency for the international mobile wealthy individuals and families due to its “rounded offer”;
• London, in second spot, has been damaged by the UK Government’s aggressive fiscal moves to penalise the mobile wealthy community;
• Singapore’s rapid development and implementation of a modern framework with attractive policies sees it take third spot. Singapore is ranked as the most attractive destination for world mobile wealth in Asia;
• The mobile wealthy are choosing a jurisdiction in which to reside on a far wider range of factors than just the headline tax rates;
• A clear distinction has emerged between the large “all-in” global centres such as Switzerland and Singapore and the smaller “niche” centres such as Jersey, Monaco and Cayman.

In today’s economic environment, where wealth, taxation and the offshore environs are seemingly etched into every discussion in the wealth management industry, the Scorpio team has pooled the collective knowledge and thoughts of the advisory community to measure where the mobile wealthy judge to be the best jurisdictions to meet their wide ranging demands.
According to the research Singapore is a demonstration that the East has risen fast as a destination for the mobile wealthy. This is a very positive reflection of this City’s growth plans which have seen it put in place a successful framework over the last decade implementing international best practice. Spurred on by the experience of the Asian financial crisis it has done much to make itself attractive to the mobile HNW community. Singapore is viewed by the mobile wealthy as the hub from which to do business in and throughout Asia and the Government has moved to make its fiscal environment attractive in the international environment.

11 CRITERIA
The MWRI is a ranking of the 11 centres consistently described by the mobile wealthy and their advisors as the most attractive locations in which to live and work. The Scorpio team examined each across 11 criteria of competitiveness identified by the mobile wealthy as key drivers in their decision making process when choosing somewhere to live. Each jurisdiction was then scored through a ombination of qualitative and quantitative measures. Singapore was ranked to be the first on such criteria like Employment and business opportunities and security, to be the second in tax and immigration policies and legal considerations, to be the third in economic and political stability factor.

There is also clear distinction between the large “all-in” global centres such as Switzerland and Singapore and the smaller niche centres such as Jersey, Guernsey, Isle of Man, Cayman and Monaco. While these latter locations are rated among the top 11 locations for the mobile wealthy community and often offer them preferential treatment and opportunities, as one they struggle to compete with the major centres that can offer a wider and deeper range of benefits related to business, lifestyle, property and a concentration of other mobile wealthy residents with the same expectations, outlook and demands.

For further information on research, please look: http://www.scorpiopartnership.com/pdf/scorpio-pr_hnwdestinationsindex_may2009.pdf

Comparison: Singapore Entrepass versus Singapore Employment Pass

Foreign entrepreneurs who wish to establish their business in Singapore and also reside here have two options to choose from: Entrepass and Employment pass. Each one has its own advantage in terms of ease of approval, processing period and mandatory requirements. Every prospective applicant should choose the best option depending on their personal circumstances and exigency.

EntrePass
The Entrepass is designed to facilitate the entry and stay of entrepreneurs in Singapore to directly manage the business operations. Dependant passes will also be granted for the immediate family to live work and study in Singapore. You may leave and re-enter Singapore any time and it is renewable for as long as the business remains viable. An EntrePass is issued to persons who can present a detailed Business Plan based on reliable information.

For an Entrepass the educational qualification is of little consideration while the applicant’s

Entrepreneurial track record
Prospects of the proposed business
Viability of the plan
Efficacy of the management team
Salary expectations (adequate to cover living costs)
Level of paid-up capital (adequate to sustain the business during early development)
Current citizenship
as presented in the Business Plan and the accompanying testimonials will play a significant role when governments officials determine the outcome of the application.

There is no stipulation on the minimum capital injections or minimum turnover. No local Director or Shareholder is required to form your Company in Singapore, if your application is successful.
The EntrePass application must be sponsored by a well-established Singapore registered company or the applicant must furnish a banker's guarantee of SGD $3,000 if the application is approved.
Since the Entrepass is issued based on the Business Plan, it is imperative to write a sound plan giving a detailed overview of the business operations, marketing strategy, industry / market analysis, personnel strategy, economic value to the country, and the financial planning.
EntrePass applications are jointly determined by the Ministry of Manpower (MOM) and the Standards, Productivity and Innovation Board Singapore (SPRING). Business Plans are assessed by SPRING, while MOM will issue the EntrePass for successful applicants. This means the minimum processing time is at least six weeks.

Employment Pass
Alternatively, foreign entrepreneurs can first incorporate a company and later apply for an Employment Pass visa via the incorporated company. The Singapore Employment Pass comes with a valid stay visa for up to two years. The immediate family of the applicant will also be provided with a Dependent Pass to live, work and study in Singapore. The application can be submitted on-line. The outcome of the application from the Ministry of Manpower is therefore obtained within a shorter period of time and the probability for approval is higher compared to an Entrepass application. However, while incorporating a company a local Nominee Director is a prerequisite until the application is approved.

The Employment Pass is approved using the following criteria, based on a point system:

Declared Salary of the applicant
Age
Position
Educational Qualifications
Skills
Work Experience
State of the company

Both Entrepass and Employment Pass have their own intrinsic worth. The Entrepass application gets a fair appraisal of the proposed business from the Singaporean experts, which helps gauge the genuine company prospects locally. The Employment pass is ideal for seasoned entrepreneurs who are confident of their venture and require a quick entry to kick-start their business.

Singapore Employment Pass Eligibility Certificate (EPEC)

It is common for people having experienced the Singapore life seeking employment Pass followed by Permanent Residence to sustain the quality living. Beyond education qualifications, Singapore also looks for those with relevant experience and/or specific skills that can add vibrancy and diversity, and meet the needs of our economy. As the nature and needs of the economy change, Singapore governmental policies seek to adjust the requirements accordingly to ensure that new Permanent Residents (PR) and Singapore Citizens (SCs) fit the relevant profile. Generally an applicant can seek Employment Pass Eligibility Certificate (EPEC) if:

• Have good educational background and professional working experience?
• Looking for a job in Singapore?

If you are a foreigner and would like to work in Singapore, you:

Have to first secure a job offer in Singapore;
Once you have a job offer, you need to apply for an Employment Pass;
Only upon approval of the employment pass you can start employment in Singapore.
The problem faced by most potential applicants are that many Singapore based companies are reluctant to offers foreigners a job unless they have secured their employment pass, because many companies just don’t want to go thru the application hassle. To address this problem for employers and employees, the Singapore government has introduced “EPEC” employment pass eligibility certificate.

This certificate from Singapore government entitles you to stay in Singapore and find a job for the following two reasons:

• You will be issued a 6-12 months visa to stay in Singapore and look for a job.
• Your prospective employer will have the assurance that you will be issued an employment pass if they decide to hire you.

The processing time for an employment pass eligibility certificate (epec) application is about 3-4 weeks from the date of submission. We can help you with the application of employment pass eligibility certificate.

EPEC Requirements:
We will need the following documents from you for application of employment eligibility certificate:
Copies of your educational certificates and transcripts
Passport copy
2 passport size photos
A copy of your Curriculum Vitae (CV)
All documents must be in English or official English translation is required.

New long-term pass for foreign students

Asia One, May 02, 2009

The Immigration & Checkpoints Authority (ICA) has launched the new Long Term Pass (LTP) to foreigners residing long-term in Singapore.
The card will be issued to Student’s Pass (STP) holders from 4 May this year.
Plans for the LTP card were announced last July, as part of the government’s initiative to enhance national security.

A more secured card
Compared to the current paper-laminated cards, the new polycarbonate LTP pass for students has better anti-forgery features and is more durable.
It contains the same biometric security features as those in the National Registration Identity Card (NRIC), including laser-engraved photograph and fingerprint images.

Lower fees
The ICA has also reviewed the current fee structure for student pass holders.
Instead of paying the current $40 annual fee for the student pass, successful applicants will only need to pay a one-time fee of $60 for the issuance of the card, regardless of the duration of the pass granted.
This is on top of the non-refundable processing fee of $30 when submitting an application for the student pass.
Visa fees will continue to apply for those from visa-required countries.
Students will be required to pay a sum of $60 for replacement of lost or damaged STP cards. Those who lose their paper-laminated cards will be issued with the new card at the prevailing fee.