Effective 1 May 2020, the Ministry of Manpower Singapore (MOM) will be adjusting the minimum salary for foreign professionals to qualify for an Employment Pass (EP) to be raised to $3,900 per month (from $3,600 presently). This is in part due to the tightening of rules for hiring foreign workers as part of efforts to assure Singaporeans that they are competing on a level playing field.
This issue of maintaining a balanced approach in hiring foreign talent to complement Singapore's manpower requirement was debated in parliament recently. As inbound Singapore immigration specialists, we are fortunate to be in a position to analyse the situation from both sides.
So how will this impact Singapore Permanent Residence / Citizenship application?
Following on from our recent nomination acceptance in the APAC Insider Singapore Business Awards 2020, the judging panel have made their final decisions and have awarded Immigration@SG LLP
Best Immigration Consultancy Firm 2020 - South East Asia
About APAC Insider Singapore Business Awards
The Singapore Business Awards recognises hard-working individuals within the Lion City who allow Singapore to remain a major financial hub in the Asia Pacific region. Although Singapore is known for its FinTech and manufacturing sector,APAC Insider takes pride in accepting nominations from every firm regardless of size or industry enabling even the smaller sized firms and those within niche industries the chance to receive the recognition they deserve.
Effective 1 March 2020, more qualified investors can look to fast-tracking their permanent resident status (PR) under the new rules governing the Global Investor Programme (GIP). The GIP, an initiative administered by Singapore's Economic Development Board (EDB), was first introduced in 2004 and grants Singapore Permanent Resident status to eligible global investors who intend to drive their businesses and investment growth from Singapore.
To qualify, applicants need to showcase substantial business track record and possess a solid, successful entrepreneurial background.
So what are the new changes being implemented?
The heavy hand of the Singapore Law weighs down with no remorse on applicants looking to dupe the authorities by falsifying/withholding information pertaining Singapore PR / Citizenship or Work Pass applications. This week alone, two cases made the headlines with the perpetrators dealt with accordingly.
This news report is likely causing a stir among hopeful Singapore Permanent Residence and Citizenship applicants, regardless if they are applying on their own or through immigration professionals. We understand that immigration is a big decision for individuals, families, and businesses. This is not a game.
How then should we restore back trust to the selection process as a result of the doings of rogue individuals and immigration consultancies endorsing such conduct as highlighted in the report?
While we are pretty sure the relevant authorities are working tooth and nail to tighten up these loose ends, we must also do our part to ensure due diligence in partnering individuals and companies.
Singapore has climbed to the top of the annual world rankings for competitiveness, this time, according to a report by the World Economic Forum (WEF). The city-state beat the United States, Hong Kong and the Netherlands to the spot.
The Global Competitiveness Report evaluates countries along 12 basic pillars, including the strength of their institutions, capability for innovation and workforce skills among others. They key takeaways for us as Immigration professionals are :
- The pillars which Singapore ranked highly at are in tandem with the key reasons for individuals to settle in Singapore as PRs or Citizens
- There is much room for improvement in the areas of labour markets and the foreign talent policies
- While having the ability to attract MNCs and Tech bigwigs such as Google, Facebook and LinkedIn, the local talent pool may not offer the necessary expertise these companies require
- The gap between the skills of its current and future workforce underscores the need for lifelong learning
Some of the pointers above present opportunities in sharpening the talent pool and funneling only qualified applicants to attain Singapore PR and Citizenship approvals. This also echoes what the authorities have been implementing in the last few years thru the Selective Immigration policy. As Immigration professionals, we value add to our clients by applying well-thought out strategies backed by research and current affairs. We identify key areas in our client profiles to present to ICA through a solid Singapore PR / Citizenship documents package.
The result? Our stellar track record.