Singapore Permanent Residence – Global Investor Programme

This Global Investor Programme (GIP) is a scheme meant for foreigners who are interested in securing Singapore Permanent Resident (PR) status by investing or starting a business in Singapore. Singapore’s regulatory regime, reputation as international financial center and competitive tax rates make it an ideal jurisdiction for investing.  Singapore’s ranking as the world’s easiest place to do business remains undefeated for over a decade, therefore it remains the most preferred destination for entrepreneurs.  A good number of such elite investors are interested in securing a PR status and this scheme is exclusively for such investors. PR status is offered to such elite investors, in recognition of the economic value created by the investors and designed to attract elite investors. However, the bar is set phenomenally high therefore the scheme is exclusive and not a very popular route to obtain PR. Following is an overview of the scheme and the application process.

Investment Options

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

In addition to meeting the investment criteria, you must demonstrate strong entrepreneurial track record and business ingenuity.  Mere monetary investment is not sufficient, you must be able to contribute and add to the vibrant business culture of Singapore. Your track record and entrepreneurial background will be scrutinized.

  1. You must possess at least 3 years of entrepreneurial and business track record and must produce audited financial statements of your company for the last 3 years.
  2. If your company is in the real estate or construction-related industry, your company’s turnover must be at least S$200 million in the most recent year, and an average annual turnover of at least S$200 for the last 3 years;
  3. If your company is in other sectors, your company’s turnover must be at least S$50 million in the most recent year, and an annual average turnover of at least S$50 for the last 3 years.
  4. If you have more than one company, you should submit the financial statements of your company with the highest turnover. You may also consolidate your businesses to meet the minimum turnover criteria.
  5. You must have at least 30% shareholding in the company, if it is privately held. Your role in the company, as well as the growth and profitability of your company would be taken into consideration.

Additional Evaluation Criteria for Option A Applicants

  • You must submit a detailed 3-year business or investment plan with projected employment and annual financial projections as outlined in Form B.
  • You are required to fulfil the milestones outlined in your business or investment plan 3 years from the date of investment.

Some of the sectors that have been approved for Option A investment include (not exhaustive)

  • Aerospace Engineering
  • Alternative Energy
  • Automotive
  • Chemicals
  • Consumer Business
  • Education
  • Environment & Water Technology
  • Logistics & Supply Chain Management
  • Marine & Offshore Engineering
  • Media & Entertainment
  • Pharmaceuticals & Biotechnology
  • Precision Engineering
  • Professional Services
  • Lifestyle Products & Services
  • Visual Arts
  • Performing Arts
  • Family Office

PR for Family

Legally married spouse and unmarried children under 21 years of age are eligible to be included in the main applicant’s PR application. Parents and children above 21 years of age are not eligible for PR status, but they are eligible for Long Term Visit Pass (LTVP) that is tied to the validity of the Re-Entry Permit (REP).

Application Process

  1. You are required to pay a non-refundable application fee of S$7,000 before submitting the application forms. Payment must be made in full and in one single transaction. It must be noted that payment in excess of S$7,000 is non-refundable. If payment falls short of S$7,000, application will not be processed. The payment must be made via telegraphic transfer in favour of Economic Development Board. Obtain a hard copy of the payment transaction slip to be submitted along with the application forms. The time between the remittance of the application fee and the submission of application form must not be more than one month.
  2. Download and complete application forms (Form A, Form B and Form C) from Contact Singapore website.
  3. Upload application forms – Completed Form A (Personal Profile), Form B (Proposed Investment Plan) and Form C (Payment Details), the forms can be downloaded from Contact Singapore website.
  4. The following supporting documents must be submitted in hard copy to Contact Singapore
    1. Undertakings on the terms and conditions of the GIP.
    2. Statutory Declaration Form, appropriately executed.
    3. Declaration form for Form A and Form B
    4. Payment details of application fee in Form C with hardcopy of the payment transaction slip attached
    5. Application form for Entry Permit to enter Singapore (Form 4)
    6. Supporting documents for Form A, Form B and Form C.

For documents that are not in English, official English translation of the documents that are duly notarized must be submitted.  Please note that notarized documents are valid only for a period of one year.

Review and Approval

The application will be reviewed upon receipt of all documents by Contact Singapore and if you fulfil all the qualifying criteria you may be called for an interview. The processing of the application will take at least 6 months.

If your application is approved, you will be issued an Approval-in-Principle (AIP) Permanent Residence (PR) status by the Singapore Immigration & Checkpoints Authority (ICA), which is valid for 6 months.

Upon receipt of the AIP, you are required to make the investment in full and the investment must be made from a personal bank account that is solely held by you. After making the investment, documentary evidence for the investment, such as bank statement, share certificates etc must be submitted to Contact Singapore, which will hold these documents in custody for five years.

Formalization of PR Status

Upon receiving the documentary evidence of your investment, you will be issued a Final Approval of your PR status by the Singapore Immigration and Checkpoints Authority (ICA). You are required to formalize your PR status within 12 months from the date of Final Approval.

Upon the formalisation of your PR, you will be issued a Re-Entry Permit (REP) that is valid for 5 years. The REP is a permit that allows you to maintain PR status when you are out of Singapore, so you have to ensure that its validity does not lapse when you are out of Singapore. The renewal of the REP is subject to fulfilment of conditions.

Not sure which Permanent Resident scheme to apply for?

AsiaBiz has immigration specialists who can answer your queries.
Contact us now for a free consultation.

Contact Us
Share This
Call Us
Skype
Text Us
Email Us