Fewer PR / Work Visa Granted In Singapore – What To Do?
A Singapore work visa is needed for foreigners who wish to live and work in the country, while those who wish to become residents of Singapore require a Singapore PR. Do you want to get your Singapore PR? Fret not, this article will tell you what you need to do!
The Singapore government has recently tightened restrictions for work visa applications and PR renewals, leaving many existing foreign employees and their employers curious as to the status of their ability to continue working in the city state. While these stringent measures have been long in coming, it spells uncertainty for the thousands of foreign employees who have settled in Singapore with the hope of staying for a long period of time.
Employers too worry that this might affect the well being and growth of their organisations because of the difficulty in retaining talented foreign staff. A Singapore work visa is needed for foreigners who wish to live and work in the country, while those who wish to become residents of Singapore require a Singapore PR.
According to the last census conducted in 2010, approximately 14.3% of the population of Singapore hold Permanent Residency status. It is noted that this figure has probably risen within the last year or so despite the tighter immigration laws.
This is because of the viability of Singapore as a regional, economic hub which is still able to attract and retain foreign nationals with a lot to offer in terms of talent and experience.
Additionally, those who hold PR status are able to enjoy the same benefits as Singaporean-born residents while also having to bear the same responsibilities – a fact which does not augur well with the natives who already feel that it is tough to survive without bringing in outside factors as well.
Still, something needs to be done in order to ensure that a proper balance can be struck with regards to Singapore’s immigration policies. For sure, Singapore is able to enjoy its current economic status as a burgeoning power due to the fact that talented professionals share their experience and work hard towards making the city state a regional – if not global – economic power.
While stringent rules might evoke protest among some who are still waiting for their applications to be processed, it is also an effective notion to ensure that only those who are able to contribute will be able to stay on in Singapore.
There are of course at the moment many different employment passes and work visas to choose from. Each comes with its own set of criteria and conditions which need to be met before the applicant is able to obtain approval to work legally in Singapore. If you are in doubt as to which work visa is most suitable for you, there are various organisations which are able to guide you through the whole process.
Although the rules are now tighter than ever, it is not impossible to obtain approval especially if you have all the qualities, qualifications and experience that Singapore are looking for. Do not let the stringent policies deter you from enjoying a welcoming and enriching experience in Singapore!
The solutions we offer for companies and their owners cover important areas such as incorporation, taxation, auditing, and work visas, among others.
We are always ready and willing to work with any genuine and legitimate company which requires our incorporation services or any other services we provide.
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Foreigner Seeking Relocation to Singapore
The common mistake for first time foreigner who relocate to Singapore is not applying the best working visa available such asEntrepass or Employment Pass Visaand place oneself in one of the thousands “foreign worker” category. It has a serious impact on their PR application subsequently. To differentiate, one has to try to move out of the “foreign worker” box and instead become a “foreign talent”. How to do that?
One can consider being your own boss, Singapore pro businessincentive will fund 60% of your start up cost if foreigner business owner or entrepreneur relocate their business to Singapore, Click to see our PIC tax incentive schemethat will help you in your business relocation. For further information to set up Singapore business , please refer to the following useful links:
3) SIngapore Business Guidefor licenses, yearly Singapore company compliance and relevant business information
Further, you also need to consider of moving your assets to Singapore to demonstrate your commitment however it can be complicated as its involve cross border tax issue. You might be unaware of your tax residence status, how to avoid double taxation and yearly tax reporting requirements. Let our experienced tax consultant assists you in your international tax planning to lower down your overall tax position. For further information on relocation tax planning, please refer to the following useful links:
1)Singapore Personal Tax
2) Singapore Double Tax Treaty assists you business relocation to Singapore
Contact Paul and Hype Page Co. for a FREE consultation on the different visas available to foreigners.
By Eric Eio Managing Partner of Paul Hype Page & Co.
Eric was awarded an ACCA graduate in 2000 and also graduated from University of Sydney with a Bachelor degree in Computer Science & Accounting. Since graduation, he had worked in Big 4 as an auditor , including a one year overseas stint with Ernst & Young, Shanghai in 2005. He left his last appointment as an Audit Managerial position with PricewaterhouseCoopers, Singapore in 2008 before setting up his own Certified Public Accountant Practice – Paul Hype Page & Co.His firm is being selected to be one of the advisory panel for Singapore top 500 SME.