Singapore Permanent Residency - route for Investors
Among the many permanent resident schemes in Singapore available to foreigners is the Global Investor Programme or GIP. This scheme is offered to foreign business people who have substantial investments in Singapore and an entrepreneurial track record.
Criteria for Eligibility for GIP Permanent residency
The following criteria must be met to qualify under the GIP Scheme:
- You must make a minimum investment of S$2.5 million in one of the industries specified in the program.
- You have minimum three-year experience in the field of business and an excellent record in entrepreneurship.
- Your existing business must meet minimum turnover requirements:
- Construction-related or real estate businesses: S$200 million in the most current year or minimum yearly turnover of the same amount in the past three years.
- Business sector: S$50 million in the most current year or minimum yearly turnover of the same amount in the past three years.
For business owners who operate more than one enterprise, a financial statement of the company with the highest business turnover is required. Entrepreneurs can fuse together all their companies in order to meet the criteria for annual turnover.
Investment Options Criteria
To qualify under the GIP scheme, a business person needs to invest a minimum of S$2.5 million in any of the two:
Option 1: Business expansion of an existing company or a new startup endeavor. Aside from the initial capital investment mentioned, the applicant must also be able to show a 3-year investment or business plan and financial projections. Financial and employment targets set within the three-year period must be fully achieved.
Option 2: GIP-approved fund to a company operating in Singapore.
Businesses that Qualify under the GIP Scheme
If you decide to go for option 1 (i.e. by investment for business expansion of an existing company or a new startup endeavor) then the venture you are funding must be in one of the following sectors.
|Aerospace engineering||Alternative energy source||Automotive industry|
|Biotechnology and pharmaceuticals||Chain management related to supply and logistics||Chemicals|
|Engineering services||Entertainment and media||Environment and water technology|
|Health care||Information tech products and services||Marine and offshore engineering|
|Medical technology||Nanotechnology||Natural resources exploration|
|Security and safety||Space industry||Precision Engineering|
|Professional services||Visual arts||Performing arts / sports|
permanent resident status for immediate family members
Business owners who qualify under the GIP scheme are given the privilege of applying for permanent resident status for their immediate family members. Qualified members of the family are children below 21 years of age and spouses. Long Term Social Visit Pass is provided to parents of GIP holders as well as to their children who are more than 21 years old.
Timeline for GIP Processing
Application for Permanent Residence under the GIP plan must come with the following documents:
• Form A: Investors’ Permanent Residence Application
• Form B: Investment Plan Proposal
• Terms and Conditions undertakings based on the programme
• Form 4: Permit Entry to Singapore Application
• Other documents deemed necessary.
All documents submitted must be in English.
GIP application process takes about six to eight months. Interviews will be conducted in the course of the approval process. Once the application passes scrutiny, an Approval-in-Principle PR will be issued. This documentation has a 6-month validity by which time the applicant must be able to meet the investment requirements. Documentary evidences of said investments must be submitted to relevant authorities for verification. Once verified, the final permanent resident status will be issued.