Many Europeans and Americans dream about moving to Asia because of the cultural differences and the safety countries like China and Japan offer. Now, one more small country has appeared on expats’ maps and that is Singapore. Why Singapore? Because according to several international reports, Singapore is one of the safest, cleanest and best countries for working and doing business in the world. Before rushing into moving to Singapore, let’s do a checklist with everything one needs to know before relocating to the Lion City.
As mentioned above, the city-state, as it is usually called, is a great place for doing business, so if you are thinking about starting a company in this city-state, you can rely on our Singapore company formation specialists.
You can find out from the video below what are the steps to follow when moving to Singapore:
A visa is required when moving to Singapore
The first thing one must verify before packing in order to move to Singapore is the visa requirements they are subject to. One can come to Singapore based on an employment or an entrepreneur visa. The work visa application must be submitted with the authorities by the Singapore company hiring the individual. One should also take into consideration that employment passes are obtained based on the salary the employer will offer, so have all the right questions prepared for the company before moving to Singapore.
The Government has initiated very advantageous investors programs which grant a foreign enterpriser the right to open a company in Singapore based on the entrepreneur visa. Our local company formation agents can offer more information on how to apply for this kind of visa.
Preparing the finances
After the visa was obtained, the first thing to think of is putting some money aside for moving and even opening a bank account in Singapore. It quite easy to set up a bank account with a Singapore bank from abroad and that can be arranged if one appoints a local and grants him or her a power of attorney to open the account on the owner’s behalf.
Finding a place to stay in Singapore
Relocating to Singapore means having a place to stay. There are several options to be taken into consideration: if one is coming based on an employment contract, then the company could include the living arrangements in the employment contract. If that is not the case, one can rent or buy a property in Singapore. Rentals are offered by Government through the Housing Development Board and are cheaper, but apartments, condos and even houses can also be leased from private home owners.
Choosing a school for children
Most foreign citizens move to Singapore with their whole family which often means kids. The best thing about Singapore is that is has a great education systems in the world, according to the last Global Competitiveness Index for 2016. One can find both public and private schools in Singapore, it all depends on how much they are willing to spend.
Accessing various services when moving to Singapore
Perhaps the most time consuming things ones needs to take care of right after moving to Singapore is to make sure they have everything they need. Here’s a short list with everything one must do after arriving to Singapore:
- – buying a mobile phone: one can buy a subscription which usually includes the device, or a prepaid card if they already have the phone; the only thing they will need is the passport and the visa;
- – for accessing all types of governmental services, one must apply for a SingPass which will enable them to pay their taxes;
- – renting or buying a car: car rentals are more common than buying cars in Singapore, especially since the city-state has one of the best public transportation systems in the world;
- – healthcare: in the case of employees, the employer will make sure they are enrolled with the public healthcare system by introducing them with the Central Provident Fund (CPF); investors must go and file the application themselves.
Once everything is in place, the best thing to do is to move around the city in order to get used to it.
You should also know that if you want to open a company in Singapore as a foreigner, a local representative must handle the company formation process. If you have decided to move and start a business here, please feel free to contact us.