Finally, a clear guidance on how to collect the physical Singapore Employment Pass (EP) after receiving the In-Principle Approval (IPA).

Earlier, Singapore authorities announced adjustments to the EP evaluation criteria, set to take effect in September this year. As a result, a considerable number of overseas professionals rushed to apply for the EP before the policy “tightening” was enforced. Now, many individuals have already received a preliminary approval letter. So, the question arises: how can they proceed to obtain the physical EP card?

The Story of Ms. D’s Overseas Journey

Ms. D, a graduate from a university in East China with a degree in English, embarked on a career in translation and language-related work upon graduating. At the age of 37, she assumed a C-level executive role in a maritime services company, where her responsibilities encompassed recruitment, planning, and brand management.

Singapore, strategically positioned at the entrance of the Malacca Strait, ranks among the world’s busiest maritime passages, often referred to as the “Golden Waterway.” Serving as a vital link between the Indian and Pacific Oceans, Singapore acts as a crossroads connecting Asia and Oceania while also serving as a pivotal conduit bridging the West and the East.

With her company’s growth trajectory, Ms. D and the executive team concurred on intensifying their presence in the Southeast Asian market. Thanks to Singapore’s geographically advantageous location, it emerged as the preferred choice for Ms. D and her company, aligning with the strategic moves of numerous other Chinese corporations venturing abroad.

An initation extended by Go Global Gem prompted Ms. D’s visit to their premises, facilitating comprehensive discussions and in-depth understanding of the solutions available for overseas services in Singapore. After meticulous assessment and review, Ms. D opted for the self-employed EP program tailored by Go Global Gem. Guided diligently by her account manager, her EP application secured successful approval, marking the initiation of an invigorating new chapter.

In the imminent future, Ms. D is poised to land in Singapore armed with the IPA to formally acquire her physical EP.

Go Global Gem has meticulously compiled a detailed walkthrough for switching to a work visa through the IPA route.

*The theft must be investigated

 

Guide to Collecting Your EP Card

After receiving a job offer from a Singaporean company, the company will assist you in submitting your Employment Pass (EP) application. Upon approval, you will receive an In-Principle Approval (IPA) Letter.

(If you’re applying for a self-employed EP, you can hire yourself as an employee of your company and then proceed to apply for the EP.)

Step 1: Once you have the IPA, you’re all set to book your flight to Singapore. The IPA serves as a visa for your single entry into Singapore. Prior to your Singapore arrival, remember to complete the SG Arrival Card.

Step 2: Upon entry, follow the instructions on the IPA and undergo a medical examination at a designated clinic, bringing along your passport and the IPA.

Step 3: Send the medical examination report and SG Arrival Card to your account manager at Go Global Gem. We will assist you in applying for physical EP card issuance.

Step 4: After receiving the Notification Letter via email, schedule an appointment for EP registration. On the appointed date, bring your passport, printed Notification Letter, and Appointment Letter to the EP Service Center for photography and fingerprinting. You can also register for Singpass on-site.

Step 5: In approximately five working days, your physical EP card will be sent to your company’s address.

If you have any further questions, feel free to leave a comment below or reach out through private messaging in the background.

*The picture comes from pexels

 

What are the Adjustments to EP Applications?

Earlier, Singapore announced adjustments to the Employment Pass (EP) application criteria. In addition to stringent salary requirements and other essential prerequisites, the Ministry of Manpower has established specialized assessment criteria and industry groups. However, even with these changes, the enthusiasm of applicants remains undeterred.

As per official announcements, the new policy will introduce a scoring mechanism, evaluating factors such as salary levels, the number of local employees, educational qualifications, and the diversity of the company’s workforce. A minimum score of 40 points is required for a successful assessment.

What does this policy change entail?

Educational Qualifications: The requirements for educational qualifications will be raised, demanding higher academic backgrounds for self-employed immigrants.

Local Employees: The criteria for local employee hiring will be elevated as well. Self-employed immigrants will need to employ more local workers to achieve higher scores.

Diversity: The criteria for diversity within the company’s workforce will also be enhanced. This indicates a move towards a more balanced immigration policy in Singapore, aiming to attract individuals from other countries rather than predominantly focusing on Chinese immigrants.

In essence, the new policy will raise the threshold and requirements for self-employed immigrants. This signifies the end of an era characterized by simpler processes, lower barriers, and lenient educational prerequisites for self-employed immigration that was prevalent in the past.

*The picture comes from pexels

 

Advantages of Singapore’s Self-Employed EP

If you apply before the end of August, you still have a chance to enjoy the existing policy. However, you need to act swiftly and choose a reputable company. Currently, the self-employed immigration policy in Singapore still holds several advantages:

1. No Restrictions on Educational Background: There are still chances to obtain self-employed immigrant status without limitations on educational background.
2. Lower Application Costs: Compared to other countries, the application fees for self-employed immigration in Singapore are relatively low.
3. Expedited Processing: The processing time is relatively quick, with some individuals receiving approval in as little as two months.
4. Apply With Your Family: Three generations of a family can apply together, providing convenience for family immigration.
5. Entrepreneurial Opportunities: If you’re planning to immigrate to Singapore and embark on independent entrepreneurship, consider self-employed immigration. Despite higher requirements, there’s still a chance to secure self-employed immigrant status. Prepare your documents promptly and seize the opportunity!

*The picture comes from pexels

 

It’s important to note that once you obtain a tax identification number in Singapore, you can enjoy the same favorable tax rates as local residents. This means that even if you earn a million-dollar salary, the amount of tax you pay in Singapore will be significantly lower.

As an EP holder, you can also open a bank account in Singapore. Being a tax resident, your account information, employment relationship, and communication details are all fully legal, compliant, and secure within Singapore’s borders.

 

For enquires please reach out to us:

Email: info@goglobalgem.com

In Singapore, What Can an Employment Pass (EP) Do? Listen to Ms. G’s Story of Overseas Journey

What can you do with an Employment Pass (EP) in Singapore?

In simple terms, you can: build your career in Singapore, reunite with family, apply for Singapore Permanent Residency (PR), travel freely, and not be required to reside in Singapore permanently…

Ms. G’s Overseas Journey

Ms. G graduated from a prestigious university in the East China region, majoring in English education. Currently, she holds a C-level executive position in a technology company.

Singapore places great emphasis on the development of education, considering it a fundamental national policy for achieving modernization. Continuous investments in education have led to the establishment of a robust foundational education system, complemented by state-of-the-art teaching facilities.

Singapore adopts bilingual education that aligns with international standards, fostering comprehensive student learning and thinking abilities. It aims to cultivate talents proficient in both languages and nurtures a basic education system that fosters “creative qualities.”

Furthermore, as one of the world’s top four financial centers, Singapore offers competitive opportunities for business development.

In order to provide her child with a higher-quality learning environment and to lead her company towards international growth, Ms. G engaged in thorough discussions with her family and company team. She chose the overseas solution provided by GoGlobalGem.

The GoGlobalGem account manager assisted Ms. G throughout the process of obtaining her EP. Soon, Ms. G’s EP was successfully approved. Congratulations to her and her family for embarking on a brand new journey.

*The theft must be investigated

 

Benefits of the Employment Pass (EP)

1. Obtain Tax Residency

Upon successful EP application, you will obtain a Singapore tax identification number, which helps in avoiding the Common Reporting Standard (CRS) information exchange. Moreover, EP holders are subject to the same personal income tax rates as local residents. If you apply for Dependant Pass (DP) or Long Term Visit Pass (LTVP) for your family members, you can benefit from tax deductions. If you are also a shareholder, you can enjoy tax-free dividends in Singapore. The EP salary is considered a company expense and can lead to corresponding tax deductions.

2. One Application for whole family’s immigration

Presently, individuals earning a monthly salary of SGD 6,000 or more can apply for a Dependant Pass for spouses and children below 21 years old. Children can enroll in Singaporean schools.

Those earning a monthly salary of SGD 12,000 or above can apply for a Long Term Visit Pass for parents, facilitating complete family reunion. Importantly, the applicant can collectively submit a PR application, enabling the entire family to relocate to Singapore together.

3. Eligibility to Apply for Permanent Residency (PR)

After holding the Singapore EP for 2 years, you can apply for Singapore PR, truly achieving the goal of relocating overseas.

4. Open a Private Banking Account

As an EP holder, you can open a private banking account in Singapore as a local resident, allowing for free movement of funds without foreign exchange restrictions.

*The picture comes from pexels

 

5. Freedom of Entry, No Need for Permanent Residence

With an EP, you can enter Singapore through the airport immigration channel without needing a separate visa within the validity period of the EP. You can freely enter and stay in Singapore at any time, without any residency time requirements. You can also use the green self-service channels for quick and convenient clearance.

6. No Need for Nominee Director

After obtaining the EP, you can serve as a local director in Singapore on your own, eliminating the need for a local nominee director and saving on financial costs. This also significantly enhances the security of your accounts.

Note: Starting from September 1st, the Singapore EP policy will be adjusted, and the review process will become more stringent. If you encounter any issues, please feel free to contact us through private messaging or leave a message at the end of the article.

*The picture comes from pexels

 

How to Score Points in EP Application?

The Singapore Employment Pass (EP) application process will adopt the COMPASS assessment system, making it challenging to secure approval for individuals without at least an undergraduate degree. If you intend to enhance your score, consider focusing on the following aspects:

Salary: If your salary ranks within the top 10% of your industry, you can earn the maximum score for this category. Even if your salary is within the top 35% but not in the top 10%, you can still gain some points.

Educational Qualifications: Graduates from globally recognized top 100 universities or possess highly regarded professional skill certificates in other fields can earn favorable points. Even a regular bachelor’s degree or its equivalent can contribute points.

Nationality Diversity: If your nationality constitutes less than 5% or falls within the range of 5% to 25% of your company’s nationality composition, you can receive additional points.

Employment of Local Talent (Singaporeans): If over 50% of your company’s employees are Singaporean locals, you can gain points. Even with 20% to 50% of local employees, you can still earn points.

Additional Score: In certain shortage industries, innovative projects, and internationalization criteria, you may obtain an additional 10 or 20 points.

The following traits are what Singapore is seeking in potential candidates:

1. Exceptional achievements and high salary in your industry and age group.
2. Graduation from prestigious universities.
3. Employment in a company where your nationality (non-Singaporean) is not prevalent and there are a significant number of Singaporean employees.

Individuals possessing these characteristics are more likely to achieve high scores and stand a better chance of obtaining Singaporean residency. You can use this information as a reference for self-assessment to determine if you meet the criteria.

*The picture comes from pexels

 

To learn more about the application strategies for Singaporean residency planning, please feel free to reach out to Go Global Gem. We will assess your situation and develop a tailored offshore solution for you.

 

For enquires please reach out to us:

Email: info@goglobalgem.com

Why Do High Net Worth Individuals Choose Singapore for Global Expansion? Insights from a Prominent Software Company Director’s Overseas Journey

In recent years, with increasing cooperation between China and Singapore, numerous businesses and individuals from China have been venturing abroad. Their primary choice for international expansion often leads them to Singapore. According to the official “2022 Population Report” released by Singapore, a total of 21,537 individuals acquired Singaporean citizenship in the first half of 2022. Why is Singapore becoming the preferred destination for more and more people?

Singapore Ranks High in Per Capita GDP

1.      Singapore Releases “2022 Population Report”

In the first half of 2023, the National Population and Talent Division of the Prime Minister’s Office in Singapore released the “2022 Population Report,” indicating that Singapore’s per capita GDP exceeded $80,000 in 2022.

Additionally, the economic data for the fourth quarter of 2022 was revealed, showing a 2.1% year-on-year growth in Singapore’s GDP for that quarter. The full-year GDP growth for 2022 reached 3.6%, with a total GDP of SGD 643.546 billion (approximately $46.7 billion USD) for the year. Based on Singapore’s average exchange rate against the US dollar in 2022, this amounts to about $467 billion USD.

Considering Singapore’s population of approximately 5.65 million as of the end of June 2022, the per capita GDP for 2022 is estimated to be around $82,700 USD. This per capita GDP would place Singapore among the top 9 countries globally.

Judging solely from the total GDP and per capita GDP, Singapore is indeed very prosperous and could be considered one of the wealthiest nations globally.

Due to this reason, Singapore has attracted a significant number of immigrants in recent years, including many wealthy individuals from China. According to the report, a total of 21,537 individuals acquired Singaporean citizenship in the first half of 2022. Additionally, 33,435 individuals became permanent residents, amounting to a total of 54,971 immigrants attracted to Singapore in just six months.

One of the primary reasons for the influx of wealthy individuals into Singapore in recent years, apart from the appealing local environment, is likely the various social security benefits offered by the country.

For instance, in the 2022 Global Pension Index ranking, Singapore’s Central Provident Fund (CPF) ranked as the top pension system in Asia. This marks the 14th consecutive year that Singapore’s CPF has held the top spot in Asia.

*The picture comes from pexels

 

2.      Economic Growth in Southeast Asian Countries in 2022

According to another report, the economic growth of seven Southeast Asian countries, including Indonesia, Thailand, Singapore, Vietnam, Cambodia, Malaysia, and the Philippines, has been announced for the year 2022.

Among these countries, Singapore ranks third in terms of GDP measured in US dollars, with a value of $466.708 billion USD in 2022. This represents a growth of nearly $70 billion USD compared to 2021, with a nominal growth rate of 17.60%, the highest among these countries. In terms of Chinese yuan, Singapore’s GDP for 2022 is equivalent to approximately CNY 3.14 trillion.

Despite being affected by factors like exchange rate fluctuations and the impact of the pandemic, the economic growth in the Southeast Asian region remains positive overall. With improving exchange rates, it is believed that the Southeast Asian economies will experience rapid development in 2023.

*The picture comes from pexels

 

Advantages of Registering a Company in Singapore

With the maturity of business development in the domestic market, more and more companies are shifting their focus to overseas markets. Leading enterprises have been quick to establish a global operational mindset. When it comes to the first stop for many Chinese companies venturing abroad, Singapore often stands out. What advantages are they seeking?

1.      Strong Economy and Foreign Direct Investment

Singapore possesses substantial foreign exchange reserves and lacks external public debt. Its current account remains in growth mode, and the country actively engages in overseas investments. In 2022, Singapore’s GDP grew by 3.6%. The per capita GDP, calculated at current market prices, reached $114,165 USD. The services sector contributed over 70% of nominal value, while goods-producing industries contributed around 25%.

*The picture comes from pexels

 

2.      Affordable Taxes and Capital Gains

Singapore features one of the most affordable territorial tax systems, operating on a single-tier tax basis for companies. This means that once your company pays taxes, it can distribute dividends to shareholders without them being subject to additional taxation.

A. Singapore Corporate Income Tax

Singapore’s corporate tax is levied at a flat rate of 17%. However, local companies can benefit from tax exemptions, tax holidays, and rebates, effectively lowering their tax rates to around 8.5% to 9.5%. Qualified startups can enjoy tax exemptions for their first three consecutive years. For more financial and tax planning matters, you can consult your dedicated account manager at GoGlobalGem.

B. Singapore Personal Income Tax

Singapore’s personal income tax system follows a progressive structure for tax-resident individuals:

• 0% for annual income up to SGD 20,000
• Maximum of 22% for income surpassing SGD 320,000

For non-residents:

• Employment income is taxed at a uniform rate of 15%
• Other personal income, encompassing rental income, pensions, and director’s fees, faces a 22% tax rate

C. Singapore Goods and Services Tax (GST)

As of 2023, Singapore’s GST rate is 8%, making it one of the countries with the lowest GST rates globally. It’s important to note that starting from the estimated tax year 2024, the income tax rate for non-resident individuals (excluding employment income and certain income subject to lower withholding tax rates) will increase from 22% to 24%.

Note: Information sourced from the official IRAS website of Singapore.

3.      Avoidance of Double Taxation

Singapore has signed numerous Double Taxation Agreements (DTAs) with its trading partner countries. These DTAs ensure that Singaporean companies engaged in trade with treaty countries are not subject to double taxation. This significantly reduces the complexity of cross-border trade.0

4.      High-Quality Workforce

Singapore boasts world-class educational institutions that annually contribute highly skilled students to its workforce. These individuals are known for their diligence, rule-following behavior, and high work efficiency.

5.      Strategic Geographic Location

Singapore serves as a trade gateway between the East and West, positioned as the gateway to a consumer base of 3 billion people in Asia. Singapore’s air connections to emerging markets in Asia are reliable and require only short flights. Singapore’s port is connected to over 600 ports worldwide.

*The picture comes from pexels

 

Mr. L’s Overseas Expansion Story

In today’s landscape, the overseas expansion of software and technology companies has evolved into a more rational approach. Transitioning from software tools to SaaS products, these companies are dedicated to facilitating digital transformation for clients, achieving notable success in numerous regional markets.

R Company stands as a prominent software and information technology service provider in China. Leveraging its profound industry expertise, the company serves over 1,000 domestic and international clients across more than ten critical sectors. Mr. L, a C-level executive at R Company, graduated from a prestigious domestic university with a degree in engineering. Subsequently, he pursued further studies at the Massachusetts Institute of Technology (MIT) in the United States, earning a master’s degree in engineering.

Mr. L embarked on his entrepreneurial journey in 1999. To drive the company’s business expansion across Southeast Asia and globally, he established a company in Singapore in 2022, with plans to develop it into the international headquarters of the group. This strategic move will enhance the company’s influence in the Southeast Asian market and foster global business growth. By positioning Singapore as the hub, Mr. L can seize opportunities in the Southeast Asian region, strengthen ties with local partners, and leverage the favorable business environment and global advantages to drive the company’s success.

In 2019, the Singaporean government announced an investment of SGD 4.6 billion in new economic initiatives over the next three years. These initiatives aim to assist businesses in enhancing industry skills and continue establishing Singapore as a global and Asian hub for technology, innovation, and entrepreneurship, aligning with the Fourth Industrial Revolution.

Mr. L and the company’s executive team have a positive outlook on Singapore’s software and digital technology market. Hence, they decided to enter the Singaporean market and establish an overseas management team to further expand their market share abroad.

Guided by their comprehensive analysis of Mr. L and R Company’s situation, GoGlobalGem’s account manager provided them with a tailored GIP (Global Investor Program) solution. From drafting the proposal and preparing documentation to submitting it for official review and subsequent assistance with EP (Employment Pass) approval and issuance, the GoGlobalGem account manager accompanied and supported them throughout the process, delivering high-quality overseas planning services.

*The theft must be investigated

 

Process Timeline:

• May 25, 2023: Submission of EP application
• June 5, 2023: Approval of Mr. L’s EP

 

Singapore, a country with a robust legal system and a range of favorable tax policies, offers a stable and secure living environment. This makes it a top choice for many seeking overseas investment and relocation opportunities. If you have such needs, please contact Go Global Gem. We will evaluate your situation and formulate appropriate overseas solutions tailored to your requirements.

 

For enquires please reach out to us:

Email: info@goglobalgem.com

Singapore’s Alluring Global Investor Programme (GIP) for Wealthy Individuals: An Expedited Path to Secure PR for the Entire Family Abroad

In March of this year, the GIP project underwent an elevation of its criteria, resulting in an unexpected surge in applications. What prompted this change?

The Global Investor Programme (GIP) is a venture capital-based immigration initiative launched by the Singapore Economic Development Board in 2005. Within this framework, applicants invest a stipulated amount in Singapore, thereby fueling the nation’s economic progress and becoming eligible to apply for permanent residency. This initiative stands out as one of the rare avenues for promptly attaining Singaporean PR status.

A Tale of Strategic Planning by Ms. Y Abroad:

Ms. Y, equipped with an undergraduate degree, currently holds a prominent C-level position at Company N, actively engaged in the dynamic realm of internet gaming.

Apart from its well-established financial sector, Singapore boasts a thriving internet industry ecosystem. It’s the primary choice for both Chinese and Western internet conglomerates embarking on international expansion. Renowned global internet giants like Google, Amazon, and Twitter have set up their Asian headquarters in Singapore. Similarly, Chinese enterprises such as Alibaba, Tencent, and ByteDance have made significant inroads. Moreover, enterprises like Shopee and Lazada have experienced rapid growth.

*Image frome the unsplash

 

In addition to its robust economic landscape, Singapore’s strategic geographic location seaml essly integrates it into the global economy. As one of the world’s four major financial hubs, Singapore magnetizes top-tier professionals, exemplified by individuals like Ms. Y.

To accelerate her company’s growth trajectory, Ms. Y collaborated with senior management to establish a headquarters in Singapore. Concurrently, she embarked on charting a strategic personal overseas plan. Her aspiration involves swift acquisition of Singaporean permanent residency by investing in officially endorsed projects. This strategic move culminates in relocating her entire family to Singapore.

Considering Ms. Y’s unique scenario and her association with Company N, Go Global Gem recommended a fund investment project within the GIP program. This encompassed every stage – from gathering intelligence and submitting applications to undergoing comprehensive reviews and finalizing Singaporean permanent residency application. Throughout this journey, the dedicated client manager from Go Global Gem provided unwavering support, ultimately facilitating Ms. Y’s triumphant attainment of Singaporean permanent residency status.

* Theft must be investigated

 

Decoding the Latest Investment Options of GIP

Recent developments in Singapore have brought forth adjustments to the Global Investor Programme (GIP). “Go Global Gem” has distilled a comprehensive overview from official sources, including the EDB:

1.      New Scheme A

Prospective applicants are now required to invest a minimum of 10 million Singapore dollars (inclusive of fully paid-up capital) in establishing a novel commercial entity or injecting funds into an already operational venture.

Renewal Imperative: Upon the conclusion of the initial five-year permanent residency period, investors seeking to renew their re-entry permits must ensure the employment of a minimum of 30 staff members. Of these, at least half must hold Singaporean citizenship, and a further 10 employees should be new recruits.

Furthermore, for re-entry permit renewal, the applicant’s enterprise must engage at least 10 fresh employees, among whom half need to be Singaporean citizens. Moreover, a business expenditure totaling 2 million Singapore dollars is required.

2.      New Scheme B

Opting for New Scheme B entails investing a substantial 25 million Singapore dollars in funds sanctioned by the GIP, marking a tenfold increase from previous prerequisites.

3.      New Scheme C

A targeted provision is set for family office applicants, necessitating the establishment of a single-family office boasting assets under management exceeding 200 million Singapore dollars.

This directive caters to investors seeking to establish a family office for comprehensive wealth management. Under the updated guidelines, applicants must institute a single-family office within Singapore, commanding assets under management of no less than 200 million Singapore dollars. Within six months of obtaining the Approval in Principle (AIP), a minimum of 50 million Singapore dollars must be apportioned across four distinct investment categories.

These categories encompass:

1. Companies featured on exchanges authorized by the Monetary Authority of Singapore, including those present on the Singapore Exchange Mainboard and Catalist.
2. Qualifying Debt Securities, encompassing bonds, notes, commercial papers, and certificates of deposit.
3. Funds emanating from fund managers officially registered in Singapore.
4. Private equity funds devoted to non-listed companies resident in Singapore.

*Image frome the unsplash

 

What Appeals to You Among the GIP Project’s Advantages?

The Singapore GIP program offers a multitude of advantages that cater not only to high-net-worth individuals seeking expanded career prospects, but also address concerns surrounding elderly healthcare, educational opportunities for future generations, as well as the security and diversity of wealth inheritance. Among the three primary benefits listed, which holds the greatest significance for you?

1.      Comprehensive Family Immigration

Beyond the requirement of a successful entrepreneurial background, the Singapore GIP plan omits rigid criteria such as educational qualifications, age limitations, and language proficiency. The entire application process for investment immigration takes less than a year, rendering it the swiftest and most direct approach available for pursuing Singaporean immigration. It stands as one of the fastest options for investment-based immigration globally.

2.      Instantaneous Permanent Residency

Within the current Singapore GIP framework, accompanying spouses and eligible children can concurrently apply for permanent residency through the Global Investor Programme. Simultaneously, the applicant’s parents are eligible to apply for a Long-Term Visit Pass, creating a comprehensive solution for family relocation.

3.      Investment Following Residency Acquisition

Upon securing approval for both the applicant and qualifying family members, Singaporean permanent residency becomes attainable. This affords access to Singapore’s robust educational offerings and social welfare provisions. In contrast to numerous other countries where financial investment directly secures residency, the Singapore GIP approach necessitates an initial pre-approval stage, followed by the fulfillment of investment commitments within the six-month window provided in the approval letter.

*Image frome the unsplash

 

The Singapore GIP initiative eschews strict prerequisites related to education, age, or language skills, ensuring accessibility for those who meet the stipulated conditions. Presently, it ranks as the fastest and most straightforward path to securing immigration into Singapore. Should this align with your needs, do not hesitate to engage with Go Global Gem.

 

For enquires please reach out to us:

Email: info@goglobalgem.com