Business set up in Singapore attract many entrepreneurs by the tax efficient structure. Of course, the residents of the country has some additional benefits. Well, if you want to incorporate a company in Singapore why not apply for the Permanent Resident of the country so that you can avail the benefits.
After becoming the Permanent Resident, you as well as your family members can live, work in Singapore. And even you get official permission to buy the property within the country. Your children can avail the benefits of the public education system. And your business could get the advantage of the local tax benefits. Thus, for the expansion of the business you can migrate to Singapore and get the aid in flourishing your business. Migrating to Singapore, look for the following content that might help you get the eligibility criteria for various passes for the country.
To get the PR, you need to get the entry pass which are of following types:
- Entrepreneurs Pass: It is for those who wants to set up their business in Singapore. For EntrePass, there is no requirement for work permit. If you are willing to settle in Singapore and have a business that holds good potential to flourish. The basic advantage of the Pass is that it would allow your immediately family to be a resident of Singapore. This pass is basically valid for 2 years and could be renewed till the time business is operational in the country.
- Employment Pass: Individuals who are willing to work in Singapore can apply for this Pass. The eligibility criteria can be based on the qualifications any skill based or it can be in form of income. There are two types of employment pass named as P and Q. P for those whose fixed income is above 7000 SGD, can apply for dependant pass. Q Pass Holder can apply for the dependent pass but not for longer term and has a fixed income of at least 2500 SGD.
- Dependent Pass: For the individuals who have EntrePass or Employment Pass, can apply for the Dependant Pass in Singapore. This is a temporary pass for the family members of the resident. Person with the dependent pass is eligible to work in Singapore. It can be applied along with the EntrePass or Employment Pass. The processing of the DP usually takes about 1-3 weeks.
Taking your business to international grounds requires lot of hustle. And managing this big business requires lot of hard work and efforts to keep the book keeping of the entire business. Consult the book keeping by Timcole team. They are highly professional and experienced incorporating the business.