Introduction The Financial Investor Scheme (“FIS”) was a programme that allowed investors to acquire Singapore Permanent Residence (“SPR”) status by meeting specific investment criteria. Since its termination in 2012, FIS clients need to navigate a challenging landscape when renewing their Re-Entry Permit (“REP”)s. This article highlights the challenges faced by FIS clients as they seek […]

Introduction The Ministry of Manpower (“MOM”) in Singapore has introduced a new system for Employment Pass (“EP”) renewals, applicable for EPs expiring on or after 1 September 2024. Prospective renewal applicants must navigate a two-stage eligibility framework. Stage 1: Qualifying Salary In the first stage, applicants must meet the EP qualifying salary threshold. This benchmark […]

Introduction Being a Singapore Permanent Resident (“SPR”) is a status coveted by many foreigners across various nationalities. This is premised on a myriad of personal considerations such as business, relocation, education, property purchase, and citizenship plans in Singapore. Where obtaining SPR is concerned, there are two routes for consideration: The first and more commonly-known route […]

Introduction Single Family Offices (“SFO”) in Singapore must meet a variety of statutory and compliance requirements ensure the SFO remains in good standing with regulatory authorities. Here are the key components of the obligations of an SFO in Singapore: Corporate Secretarial Services: Engaging a corporate secretary is mandatory. The corporate secretary ensures compliance with corporate […]

What is Tech@SG Tech@SG programme is administered by two government organizations, the Singapore Economic Development Board (“EDB”) and Enterprise Singapore (“ESG”). It aims to help fast-growing companies establish their core teams in Singapore and bring aboard skilled foreign talent. Under the programme, eligible companies are assisted in two aspects: Company-level endorsement to the Ministry of […]

Introduction On March 15, 2024, the Monetary Authority of Singapore (“MAS”) announced changes to the application process for the S13O and S13U tax incentive schemes for single-family offices (“SFOs”). Notable changes to the application process include MAS consolidating the old Annex A and Annex B stages and requiring all necessary information to be prepared for […]

Introduction Singapore has emerged as a global hub for digital innovation and tech start-ups – ranked as the 2nd easiest country to do business in globally[1], 5th most innovative economy in the world[2], having the 8th best startup ecosystem globally in 2023[3]. With the 2nd strongest IP regime in the world[4], nationwide digitally driven initiatives, […]

Introduction The onshoring of funds in Singapore provides a choice of various structures: this article discusses the difference between a single-family office structure and a private investment company. Both options enable investors to consolidate their assets, diversify their portfolios and manage their assets more efficiently. Utilising private limited companies, the structures limit a shareholder’s liability […]

Introduction With the globalisation of wealth, high net worth individuals (“HNWI”) often look beyond their home countries for investment and residency options. Singapore has established itself as a prime destination for HNWI from across Asia and around the world, ranking third place after the UAE and Australia on the highest inflow of HNWI according to […]

Introduction There are only six pathways to becoming a Singapore Permanent Resident (“PR”), eligible to: A spouse of a Singapore citizen or Singapore PR An unmarried child aged below 21 years old, born within the context of a legal marriage to, or legally adopted by, a Singapore citizen or PR An aged parent of a […]

Introduction Professionals looking to live and work in Singapore would typically apply for the Employment Pass (“EP”) under the sponsorship of the employing company. However, the benefits of obtaining an EP, as well as it being a precursor for foreigners looking for longer-term relocation plans to Singapore, have resulted in some individuals intentionally flouting the […]

Introduction The EntrePass, administered by the Ministry of Manpower (“MOM”), is a work visa for foreign entrepreneurs looking to set up and operate businesses in Singapore that are venture-backed or own innovative technologies. This article will elaborate on the objective and purpose of the EntrePass, the eligibility criteria for interested applicants, the passes available for […]

Introduction Obtaining Singapore Citizenship (“SC”) can be done in a number of ways, all of which require proper planning and preparation. The most crucial requirement to apply for SC, amongst others, is for one to first be a Singapore Permanent Resident (“SPR”). At Sim Mong Teck & Partners, the 2 main ways our high-net-worth clients […]

Introduction The Singapore tax incentive scheme for single family offices (“SFO”), also referred to as the Section 13O and Section 13U of the Income Tax Act (“SG Scheme”), has been attracting global high-net-worth individuals (“HNWIs”) to Singapore when looking to set up their SFOs for wealth preservation and management. Similarly, Hong Kong has a concessionary […]

Introduction On 5 July 2023, the Monetary Authority of Singapore (“MAS”) announced changes to the requirements for the S13O and S13U tax incentive schemes for single family offices (“SFOs”). Notable changes to the qualifying criteria for the schemes include conditions for the fund’s assets under management, hiring of investment professionals, minimum business spending requirement and […]