SINGAPORE START-UP VISA
The Singapore Start-up Visa Program is designed for entrepreneurs with innovative ideas who will spur economic growth and entails consequent commitment from a designated organization. This program requires a financial commitment of at least USD 185,000. Successful applicants are granted a renewable 2-year visa that may lead to permanent residency after 2 years.
Minimum Investment: USD 185,000
Permanent Residency: After 2 years
ADVANTAGES
- Renewable Start-up Visa (SUV) (subject to conditions)
- Singapore permanent Residency (PR) for successful applicants after 2 years of SUV
- Ability to apply for Singapore citizenship after 2 years of PR (subject to separate agreement between HLG and client)
- Attractive tax regime: low taxes, no tax on foreign income, capital gains or inheritance
- No minimum residency requirement
- No language requirement
- No age limit
- Live and work in Singapore
- Ability to bring dependents after 12 months subject to conditions (spouse, unmarried children under 21, parents)
PROCESS
- Client information intake process
- Meet incubator to discuss the business
- Submission of immigration application forms, supporting documents, and fees.
- Efficient processing: Typically, 8 weeks for SUV; and 6 months to process PR after 12-18 months of local business activity
- Within 30 days following approval of SUV, establish a Singapore private limited company
- A year after issuance of SUV: renew SUV, and submit applications to bring dependents to Singapore
- 12-18 months after issuance of SUV: apply for PR (for applicant, legally married spouse and children)
SINGAPORE START UP VISA REQUIREMENTS
- SUV gives immigrant entrepreneurs who will spur economic growth the right to live and work in Singapore on their venture
- Intent to establish and own a Singapore private limited company
- Incubation with an entity recognized by Singapore Government
CONDITIONS TO RENEW START UP VISA PENDING PR
- SUV may be renewed pending PR or if applicant does not wish to apply for PR, subject to meeting specified minimum annual spending and local employment requirements.
- Male main applicant applying for PR will be exempted from National Service. However, other Singapore Citizens and Permanent Residents (for instance, male spouse of main applicant or children) may be required to serve.
[1] Calculated by deducting the following from the total operating expenses: (i) Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies; (ii) expenses due to outsourcing of work overseas; (iii) total remuneration to company’s SUV holders.
[2] Full time Singaporean or PR earning at least SGD1,400 (USD1,018)
[3] Singaporean or PR professional, manager or executive earning at least SGD 3,900 (USD2,837) per month.
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The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.