The Global Investor Program (GIP) has been designed for investors who are interested in starting up a business or investing in Singapore and thereby receiving Singaporean Permanent Residence (PR) status.
Under the GIP, the investor can choose one of the following options:
· Option A: Invest at least SGD 2.5 million in a new business entity or to expand an existing business operation
· Option B: Invest at least SGD 2.5 million in a GIP-approved fund that invests in Singapore-based companies
Eligibility for GIP
The investment input is only a single component that allows individuals to qualify for GIP. An investor is eligible to apply for permanent residence under the Global Investor Program if they have a substantial business track record and a successful entrepreneurial background. It is a must to furnish an investment plan, as well as a credible business proposal to earn permanent residence status.
The investor must possess at least three years of entrepreneurial and business track record and must produce audited financial statements of their company for the three years prior to their application.
If the company of the investor is in the real estate or construction-related industry, the company’s turnover must be at least SGD 200 million in the most recent year and at least SGD 200 million per annum on average for the last three years.
If the investor’s company is in other sectors, the company’s turnover must be at least SGD 50 million in the most recent year and at least SGD 50 million per annum on average for the last three years.
· Meet the minimum investment requirement of $2.5 million in either Option A or B
· Must have an entrepreneurial or business track record of at least three years
· Have a minimum 30% shareholding in the company if privately owned
· Submit at least three years audited financial statements of the company
For individuals who own more than one business, it is a must to submit the company’s financial statements with the highest turnover. Businesses can be combined in order to meet the annual minimum turnover criteria. Other factors which will be taken into account are the company’s profitability and your role and position in the company.
· Minimum investment of $2.5 million in a new business or in an existing business
· Submit a three-year investment or business plan with employment, as well as annual financial projections
· Employment and financial milestones must be met according to the business or investment plan within a three-year period
· Minimum investment of $2.5 million in a GIP-approved fund that invests in Singapore-registered companies.
GIP-approved Business Sectors
Investors can choose to put their money in any of the following business sectors under the GIP scheme. This may be updated by relevant authorities from time to time:
· Aerospace Engineering
· Alternative Energy
· Consumer Business
· Environment & Water Technology
· Engineering Services
· Infocomm Products & Services
· Logistics & Supply Chain Management
· Marine & Offshore Engineering
· Media & Entertainment
· Medical Technology
· Natural Resources
· Safety & Security
· Pharmaceutical & Biotechnology
· Precision Engineering
· Professional Services
· Lifestyle Products & Services
· Visual arts
· Performing Arts
· Sports and sports academics
Individuals who obtain permanent resident status through the GIP application will be given a Re-Entry Permit or REP. The REP will allow the applicant to retain the PR status even if they frequently travel in and out of Singapore. An applicant who wants to stay outside of the country for long periods can get their REP renewed for a period.
Subsequent to the first five years, the REP would be renewed for either three or five years, subject to the investor fulfilling certain conditions.
Conditions for renewal include the set-up of a business in Singapore with five or more Singaporean employees and incurring at least SGD 1 million in total business spending a year.
The investor and/or their dependents, who are also permanent residents under the Global Investor Program, must have resided in Singapore for more than half of that time period.
The spouse of the investor and his/her children (below 21 years old) are eligible to apply for PR under the GIP application. Male dependents will be liable for National Service.
Parents and unmarried children of the investor who are 21 years old and above are not eligible to be included in the GIP application for PR status, but instead, they can apply for a five-year Long Term Visit Pass.
After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship.
Singapore is a single citizenship country and this is strictly enforced. For this reason, Singapore is not attractive if you are interested in holding more than one citizenship and passport.