Singapore is one of the most preferred destinations by not just foreign professionals but foreign business owners as well. Since more than a decade now Singapore has seen a steady number of overseas talents entering the country, so much so that currently just over one third of the entire working population in Singapore is made up of foreign workers. While the country was popular amongst skilled foreigners for a long time, the recent economic downturn around the world has made Singapore an even more attractive destination considering it is one of the few countries that still has a vibrant and developing economy.
If you are interested in relocating to Singapore as well to work or start your own business, there are a few things you need to know about the immigration policy. At the moment, Singapore is open to all highly skilled professionals from worldwide. If you possess a skill that is not widely available in the country, then it does become easier for you to obtain the necessary work passes. However, recently the eligibility criteria was made stricter for overseas professionals and you need to already possess a job with a certain salary as well as have a good educational background to successfully acquire the employment pass.
Each application for an employment pass is judged on its own merit. There are no quotas or special categories. Authorities in Singapore will go through your application and not only scrutinize your background but also the background of the company you will work for in Singapore. All employment pass applications need to be endorsed by the Singapore employer and their credentials would matter as well while judging your application. Foreigners with good work experience and possessing a higher educational degree would be given preference while approving employment pass applications.
If you are an entrepreneur and planning to relocate to Singapore after setting up a company in the country, then the first thing you need to ensure is that you have the capacity to invest at least SGD $50,000 as paid up capital in your Singapore Company. After that you will need to possess a good business plan, have relevant business experience and also would need to prove to the authorities regarding you successfully managing a business. Business plans that have a higher chance of becoming viable in Singapore, employ more Singapore residents and also have some kind of a financial backing from a funding house will be more likely to be approved by the concerned authorities.