Singapore's first-class standard of living, healthcare, and education, as well as its strategic geographic position in Asia, make permanent residency an enviable status to have.
While the Singapore Global Investor Program may be a suitable option for individuals meeting very stringent eligibility requirements and willing to invest at least SGD 10 million in a local company, Harvey Law Group's Singapore Start-Up Visa ("SUV") program is a more affordable alternative well suited to entrepreneurs wishing to develop their own business in Singapore with the support of a local incubator.
Through the Singapore Startup Visa, the foreign investor first obtains a temporary renewable visa for up to two years, and then will apply for permanent residency as a second step of the process. During all this time, the applicant continues to receive the support not only of Harvey Law Group but also of a designated local business incubator.
It is a suitable program that allows seasoned and new entrepreneurs to work with designated local businesses recognised by the Singapore authorities to help develop their connections and business in Singapore and neighbouring countries. Through this program, applicants can have the necessary support and resources to get their business off the ground. This includes access to a network of mentors, investors, and other entrepreneurs who can provide valuable advice and guidance. The program also provides funding and support for research and development, which is crucial for startups that are looking to innovate and create new products or services.
Importantly, under this program scheme, there are no conditions of age limit, language test, financials, skills or educational achievements, or business experience required to apply for a Start-Up Visa and then Permanent Residency in Singapore. It is however recommended that the foreign investor spends at least half of the time in Singapore.
The start-up visa can be obtained within 8 weeks of submission of an application. After that, HLG will assist to set-up the new company in Singapore. From the onset, we would work hand in hand with the foreign investor and the incubator to ensure the applicant receives the necessary support.
Legally married spouse and children under 21 years old may be added to the start-up visa and to the application for permanent residency.
The application can be completed online. The foreign investor will not be required to travel to Singapore until the start-up visa has been approved. Note that applicants will be required to be in Singapore within 6 months of receiving the approval.
Overall, it is a suitable program for individuals seeking a fast and straight-forward business-oriented program with a pathway to permanent residency in Singapore for themselves and their dependents.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
