In his book “Talk Like TED,” American writer Carmine Gallo wrote: “We are born to love stories that prove who we are. We all want to prove that our lives have meaning, and nothing does that like stories. It can overcome the barriers of time, whether past, present or future; It allows us to experience the various similarities between ourselves and others, between reality and fantasy.”
Indeed, stories have a unique power to connect us and make our experiences relatable. When it comes to overseas status planning and application processes, many individuals have memorable stories to share. Success stories often share common themes, while failures tend to be unique in their challenges. If you have any remarkable experiences from your own journey of overseas status planning and application, we would love to hear your story. Share with us your tales of triumph, lessons learned, and hurdles overcome as you navigated the complex world of international status planning and applications. Your stories can inspire and guide others who are embarking on similar paths, and highlight the importance of storytelling in our lives.
Singapore overtook Hong Kong to become the third largest financial centre
On September 22, 2022, the latest edition of the Global Financial Centers Index (GFCI), which garners widespread attention from the global financial industry, was released. The latest index revealed new trends and features in the world’s financial centers amidst the changing economic and financial landscape. The evaluation and ranking of major global financial centers in the index are based on factors such as business environment, human capital, infrastructure, financial industry development, and reputation.
While New York and London maintained their positions as the top two global financial centers, Singapore surpassed Hong Kong to become the world’s third largest financial center. Hong Kong ranked fourth globally, with only a one-point difference in score compared to Singapore. Shanghai slipped two places to rank sixth globally. Paris made a comeback to the top ten, replacing Tokyo at the tenth spot, while Tokyo dropped to the 16th position. Moscow’s ranking slipped by 22 places to the 73rd spot.
Despite the impact of “black swan” events, many countries and regions have been affected in their business operations. However, Singapore has risen against the odds and maintained its position as a world financial center, even surpassing others in the rankings. It has gained favor among elite professionals from around the world.
The venturing story of Mrs. C
1. Ten years of a Letter of approval
33x48mm, 2.5×3.5cm, is the size of a personal photo of a Singapore PR application form.
For many, obtaining permanent residency (PR) in Singapore is a dream that requires years of effort and preparation. The personal photo required for the PR application form, measuring 33x48mm, may seem small, but not everyone is eligible to have their photo affixed on it. Applicants must go through a rigorous selection process by multiple Singaporean government departments, demonstrating competitive advantages in areas such as salary, work experience, education, and skills. With the guidance of Go Global Gem, a reputable agency with over 10 years of experience in overseas residency planning, each step of the application process is meticulously handled by experienced professionals to ensure a smooth journey for the applicant.
The “Garden City” — Singapore, is now 33x48mm away.
There is a common belief in the industry that after holding an Employment Pass (EP) in Singapore for six months, one becomes eligible to apply for PR. However, based on past customer experiences and official case approvals, Go Global Gem advises clients to wait until they have held an EP for two years before applying for PR.
There is a common belief in the industry that after holding an Employment Pass (EP) in Singapore for six months, one becomes eligible to apply for PR. However, based on past customer experiences and official case approvals, Go Global Gem advises clients to wait until they have held an EP for two years before applying for PR.
2. Ms. C’s overseas plans
Ms. C, a graduate from a prestigious university in Southern China with a major in accounting, pursued further studies in the United States, specializing in business administration. With rich experience in financial management and investments from working in various banks, she currently holds the position of CEO in a company in Hong Kong, China.
According to the latest rankings released in September 2022, Singapore has emerged as the top financial center in Asia and the third in the world. The financial industry has a growing demand for accounting professionals, and Singapore is particularly known for its focus on attracting talent in this field.
With her eyes set on international opportunities two years ago, Ms. C compared various countries and ultimately chose Singapore with the recommendation of a friend. She approached Go Global Gem, and the client manager formulated an Employment Pass (EP) plan for her based on her strengths and Singapore’s emphasis on financial accounting talent. During the Chinese New Year holiday, Ms. C received the official approval letter.
Of course, Ms. C’s goal is not just limited to obtaining an EP; she also aims to apply for permanent residency (PR) in Singapore and eventually obtain a Singaporean passport. At Go Global Gem, our services are not limited to a starting point but continue to provide high-quality solutions for clients in their overseas journey.
Singapore investment self-employment immigration application guide
In previous articles, we have discussed various strategies for applying for the Singapore Entrepreneur Pass (EP). In this issue, we will focus on the application process for investment and self-employment. The process involves steps such as registering a company, submitting an EP application, opening bank accounts and making investments, and EP renewal. During the application process, attention to details is crucial, and you can consult your dedicated client manager for further information.
1. Documents required for company incorporation
- Copy of passport and identity card of the applicant;
- Overseas address proof of the applicant, such as utility bills or tax statements, bank or credit card statements, or letters from government or other public institutions (not exceeding 3 months)
2. Submitting your EP application
- Approval period: approximately 2-3 months (the Ministry of Manpower may request additional documents based on individual circumstances)
- Upon approval, the applicant will receive an In-Principle Approval (IPA) letter, which is valid for 6 months, and the applicant must enter Singapore and collect the EP within this period.
3. Opening bank accounts and managing investments
- There are 3 accounts need to be opened:
- Investment account (for securities company);
- Operation account (bank account, for company’s operational expenses and employee salaries);
- The personal bank account for the EP holder (for receiving salary);
4. EP renewal
- To renew the EP, the business must be operational, with no withdrawal of capital, and the company/EP holder must comply with tax reporting and payment requirements.
Note: The EP is initially granted for a maximum of 2 years. If the conditions are met, it can be renewed for up to 3 years after the expiration.
What else do you know about Singapore EP application? If you have further questions about applying for the Singapore EP, feel free to send a private message or leave a comment. We provide integrated solutions for business services, overseas asset allocation, and overseas identity planning.
For enquires please reach out to us:
Email: info@goglobalgem.com