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Know the way to enter into Singapore’s Global Investors Program

2020-03-16 18:05:31
Know the way to enter into Singapore’s Global Investors Program
With the increasing support of the Singapore government in the form of investor schemes and tax incentives, investors will find the business climate in Singapore to be very appealing. If you want to plan to seek permanent residency in Singapore under the GIP scheme, here’s how to go about applying for the Investor’s program

Individuals who would like to apply for the Singapore investment visa need to keep in mind that it takes at least six to eight months. While processing the application, relevant authorities will invite you for an interview.

 

Once you have cleared all the formalities and hurdles, you will then be given the much-coveted blue identity card issued to all Singapore PR and you can then start contributing to Singapore’s economy.

 

Acquiring Singapore permanent residency comes with a lot of perks, some of which enjoy tax relief and subsidies for your children, as well as enjoying the other privileges and rights given to citizens of the country.

 

Applying for Permanent Residency in Singapore though GIP requires you to submit an application along with several documents as proof of your business track record as well as your business plan and investment in Singapore. The application can also include your family members for PR status.

 

Documents

Here are the following documents you will need for your PR application under the GIP Scheme:

 

· Form A: Application for Permanent Residence for Investors

· Form B: Proposed Investment Plan

· Undertaking on the Terms & Conditions of the programme

· Form 4: Application for An Entry Permit to Enter Singapore

· Other supporting documents, wherever applicable

 

Note that officially endorsed translated versions must be provided for any non-English documents.

 

Application Process

The following process has to be followed when applying for the Global Investor Programme.

 

1. Pay

Applicants must first pay the application fee to the Economic Development Board’s bank account and the application for the GIP must be submitted not later than a month after paying the application fee.

 

2. Download and submit the application form

After paying, the applicant must download forms A, B, and C from the Contact Singapore website. Some of the details required on the form are the applicant’s personal details, their investment plan, and the payment details for the application fee. The form must then be uploaded.

 

3. Send hard copies of the documents

After uploading the forms send hard copies of the required documents to Contact Singapore. These documents include a declaration form for the application and investment plan, the payment transaction slip (for proof of payment), an undertaking on the terms and conditions of the GIP, etc.

 

4. Interview

Once all the documents have been received, the applicant will be called for an interview session if he or she is eligible.

 

5. Approval-In-Principle PR Status

Once the application has been approved, the ICA or the Immigration and Checkpoints Authority will issue the AIP or the Approval-in-Principle PR status that has a validity of six months.

 

6. Make investment within six months

Upon issuance of the AIP, the applicant has to invest a minimum amount of $2.5 million either through Option A or B.

 

7. Approval of PR Status

Documentary evidence for proof of investment will be checked by the ICA and issue the final approval of the Singapore permanent residency.

 

Processing time

It will take 6-8 months to process the application. While processing the application, the relevant authority will invite you for an interview. If your application is approved, you will be issued an Approval-in-Principle PR which is valid for 6 months, during which time you will be required to make your investment.

 

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