Investor Visa in Singapore - Apply in 2022
Investor Visa in SingaporeUpdated on Tuesday 05th April 2022
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Currently, foreign investors can acquire two types of investor visas in Singapore, under the Global Investor Program. The programs are designed especially to fit the needs of foreign businessmen who are willing to relocate to Singapore for the purpose of developing a business activity.
Below, our team of lawyers in Singapore has prepared a short presentation on this subject and, if you need legal advice on how to apply for any of the investment programs presented in this article, you can always rely on our team for legal assistance or representation.
How can foreign investors apply for the Global Investor Program in Singapore in 2022?
In order to obtain an investor visa in Singapore under the Global Investor Program, foreign investors should qualify for one of the two options prescribed by this program; please mind that this program provides the right to obtaining permanent residency in Singapore to qualified persons. Below, our law firm in Singapore has prepared a short presentation on the basic requirements of the program:
- invest minimum S$2,5 million in one of the two programs (they each have the same minimum capital investment, but other different requirements);
- have at least 3 years of proven business experience or entrepreneurial activity;
- if you already have another company elsewhere, it must have at least S$50 million turnover in the last financial year and minimum S$50 million on average in the last 3 financial years;
- as an applicant, you must have at least 30% of the shares of the said company, if the company is a private company;
- you must also provide access to the company’s last 3 years of financial records.
Please mind that if you want to participate in this program, it is required of you to start a business only in specific sectors that are approved by the institutions in Singapore. For example, you can start the business activity in sectors such as: automotive, aerospace, education, healthcare, engineering, pharmaceutical, medical technology and others. Our team of lawyers in Singapore can present other business sectors that are available when applying for this program through which one can obtain the investor visa in Singapore.
Can investors bring their family members in Singapore?
The right to bring the family members in Singapore is limited to specific types of visas. Luckily, the investor visa in Singapore provides this right, given that the foreigners will invest a large capital in the Singaporean society and that they will also be granted with permanent residency.
This is why foreign investors can rest assured that they can bring their family members to live with them in Singapore, as long as they meet the qualifying criteria. Under the above mentioned program, one can bring his or her spouse in Singapore, as well as the couple’s children with an age below 21 years old.
However, it is important to be aware of the fact that in the case in which the couple has male children with an age below 21 years old, the said persons (who are considered dependent to their family) are required to complete the National Service program.
You can request more details regarding this subject from our team of lawyers in Singapore, who can present foreigners the basic requirements young boys have to comply with, the age when the service must start as well as other important aspects concerning this matter. For any questions, do not hesitate to address to our law firm in Singapore.
In the case in which the foreign investor has children with an age above 21 years old, then a different immigration procedure must be followed. The children above 21 years old have to apply, in this case, for a Long-Term Social Visit Pass, which grants the right to live in Singapore for a period of 5 years.
How can foreign businessmen apply for the investor visa in Singapore in 2022?
The program comprises numerous steps, documents and forms that have to be prepared. The investor must complete Form A, which is necessary for permanent residence application, the Form B, in which the businessman will detail the business plan for the investment in Singapore, the papers and documents that can be used as evidence for being qualified for this program and any other documents and forms that can be required by the immigration officials.
Once you prepared the documents necessary for the visa application, then you must start the application process itself, which starts by paying the official processing fee that is established by the Singaporean Government authorities. Please be aware that this is the first thing investors must comply with once they have prepared their application for the investor visa in Singapore.
After the payment of the visa, the applicant can submit the set of documents and the application forms. These have to be presented with the local institutions in a period of one month since the application fee was paid. Then, one should be prepared to participate in an interview with the Economic Development Board of Singapore.
After this event takes place, the applicant can receive an Approval in Principle, which can be obtained in a period of 2 to 4 months since the initial formalities were started. The next step is to conclude an investment in Singapore, and this has to be done in a period of 6 months since the Approval in Principle was obtained.
The approval for the issuance of the investor visa in Singapore will be done only after the investment was made, and the local authorities will have a proof on the fact that the respective investment is a qualifying investment, as requested per the chosen investment program chosen by the foreign businessman.
Once the approval was obtained, the investor will have the right to move to Singapore and start the formalities for permanent residence. This step can be concluded in a period of 12 months since the local authorities issued the final approval for the investor visa in Singapore.
When the formalities for the issuance of the permanent residency will be finished, the investor will also be issued with a Re-Entry Permit, which is a document that will maintain the foreigner’s residence in Singapore even when he or she is outside the country. This latter immigration document is issued for a period of 5 years, but it can be renewed upon its expiration.
The Re-Entry Permit can be renewed for a period of 3 or 5 years, and this will be done based on the quality and the results of the business that the foreigner develops here. If you need more details on this subject, we invite you to send your inquiries to our team of lawyers in Singapore.
Important things to be aware of when applying for an investor visa in Singapore
Foreigners who will receive the investor visa in Singapore can obtain numerous benefits once they will be issued with this document. However, when applying for this visa program, foreigners should be aware that in the case in which they have children with an age above 21 years old, the said children can’t be included in the visa application. Our law firm in Singapore can offer more details.
At the same time, the parents of the investors can’t also qualify to be a part of this visa program, as a foreign investor is allowed to add on the visa application only the spouse and the children with an age below 21 years old. In the case that the foreigner wants to bring in Singapore his or her children with an age above 21 years old, such children will have to apply for a separate visa, where they are the main applicants. The same applies to the parents of the investor.
As presented above, the investors have to make specific investments in the local economy in order for their investments to be considered qualifying ones, as per the regulations applicable to the investor visa in Singapore. However, investors must know that they will be able to make additional investments in this country if they choose to do so, after meeting the basic investments requirements imposed by the visa program of their choice. Our lawyers can represent investors who will immigrate to Singapore from US.
With regards to personal taxation, investors have to know that they will have tax obligations in Singapore. This is given by the fact that their residency will be in Singapore, and this means that they will be liable to personal taxation in this country. Of course, they will also be liable for corporate taxation, charged to their local businesses.
This means that the tax residency of the person will no longer be in their home country, as, since the moment the investor will obtain permanent residency in this country, this will imply that the taxation of the person has to be done in Singapore and not in the home country.
However, the investors will not be taxed on their worldwide income in Singapore. If they will have an income obtained from overseas activities of any kind (property, other businesses, investments, rental activities and so on), such income will be taxed in the respective countries. Our team of lawyers in Singapore can provide more information on other tax matters.
Please be aware that the investor visa in Singapore can be issued after a period of 6 to 8 months since the application was made and in this time, the investor should prepare for the interview with the Singaporean officials. For more details, do not hesitate to contact our team of lawyers in Singapore, who are qualified to assist you in the process of obtaining a visa for investment purposes.