Tougher requirements for foreign entrepreneurs to become PRs
SINGAPORE: It is a permanent residence scheme for million-dollar investors, one which spells out clearly the financial criteria that an applicant needs to fulfill. But from Oct 1, foreign entrepreneurs applying for permanent residence under the Contact Singapore’s Global Investor Programme (GIP) will find the bar raised.
They must now have a company turnover of at least $30 million per annum in the most recent year and at least $30 million per annum on average for the last three years to qualify. Previously, they needed at least $10 million in the most recent year and $10 million on average for the last three years.
Also, from Jan 1, they will have to invest at least $2.5 million in a new business entity; or in the expansion of an existing business operation; or in a GIP-approved fund. In the past, entrepreneurs needed only to invest between $1 million and $2 million.
The changes, announced on Aug 31 on the Contact Singapore website, come on the back of a tighter immigration policy. They are also a sign that the Government is being “more selective” about the kind of foreigners the country is taking in, said Government Parliamentary Committee (Manpower) deputy chairman Charles Chong.
“In slowing down the number of immigrants, we could either set the criteria higher or resort to balloting which we don’t want. We want to attract higher category applicants. These economic migrants are beneficial for the country,” he said.
Mr Chong, who is a Member of Parliament for the Pasir Ris-Punggol GRC, dismissed the notion that this was an election ploy. He described the move as a “general policy shift to reduce the number of immigrants”.
However, he acknowledged that the changes could result in fewer entrepreneurs qualifying under the GIP scheme.
Still, Mr Chong added: “The policy is not cast in stone, I’m sure the Government will be flexible and adjust to the needs of the nation.”
Source: Channel News Asia – http://www.channelnewsasia.com/stories/singaporelocalnews/view/1083787/1/.html
