Singapore's success as a financial hub has resulted in many foreigners contemplating upon the possibility of becoming permanent residents there. However, it may no longer be an easy thing to do because the authorities in Singapore have tightened the migration policy. As a result of this, 127,066 permanent residency applications have been rejected in the last two years. The number of rejected applications has increased tremendously over the past few years as indicated by the statistics revealed by Immigration and Checkpoints Authority. In 2010, 68,143 requests were turned down which is 15% higher than 58,923 applicants rejected in the year 2009. The figures go on to show that the rejection rate almost doubled in 2009 compared to 2008 when 22,472 applications failed to get through. The statistics were revealed by Mr. Teo Chee Hean, who is the Deputy Prime Minister and also heading the National Population and Talent Division, after the Worker's Party MP demanded the figures since 2000 and details of the criteria that needed to be fulfilled for applications to be accepted.
Although, Singapore has been said to facilitate foreign investment to a great extent, steps were taken to alter the immigration policy after Singaporeans’ begun to feel threatened of being deprived of opportunities as a result of crowding and increasing competition. The result of the changes made in the immigration policy is visible in the drastic decrease in the number of successful permanent residency applications by foreigners since 2009. The criteria specifications were not made public due to the fears expressed by Mr. Teo that potential candidates seeking permanent residency might try to find out ways to deceive the system. However, the assessment was primarily based on an individual’s ability to becoming a useful citizen of Singapore.
Earlier, a number of opportunities for setting up business in Singapore have been provided. The immigration policy has been lenient in the past allowing foreign investors to easily relocate for setting up business in Singapore. Nonetheless, there are plenty of services that can help foreigners in obtaining permanent residency. Getting in contact with a Singapore immigration consultant is one of the immediate steps of the procedure. A Singapore immigration consultant can guide you in a professional manner so that the possibility of approval increases for your permanent residency application. The statistics revealed above are worrisome but that does not mean that foreigners have been denied of setting up business in Singapore completely. There are plenty of professional services that outline the procedure for immigration and provide the necessary help by reviewing documents and details. Singapore still has a number of wonder opportunities and a living lifestyle that most countries are unable to offer. Though, it remains to be seen if the immigration policy would be relaxed in the future, till then the applicants can consult with an experienced Singapore immigration consultant on how to become a permanent resident.