Singapore is widely recognised as one of the world’s best places for people to live and work. It is also well known as a global business hub due to its political stability and business-friendly policies.
One of the most important reasons why many foreign professionals from all over the globe are attracted to this country is that Singapore offers favourable immigration policies. Its high quality of living is also why many investors apply for a Singapore permanent residency.
The Global Investor Programme (GIP) is an immigration path specifically offered for global investors by Singapore to provide Permanent Residence status for foreign professionals and their families.
What is the Global Investor Program (GIP)?
The Global Investor Programme (GIP), most often referred to as the Singapore Investment Visa, is a route to gain the Singapore permanent residency status for investors and their families. However, it is applicable only to investors who meet the qualifying criteria. But in case you don’t meet the requirements of the GIP scheme, you can consider other schemes to apply for Singapore PR.
The GIP was introduced in 2004 and is administered by Contact Singapore – a government-based agency that is a division of the Singapore Economic Development Board.
Global Investor Programme (GIP) Eligibility Criteria
The applicants for the GIP must qualify for one of the investment groups mentioned below.
For everyone – Proof of at least three years of business and entrepreneurial track record (last three years of audited financial statements of your company are required).
Established Business Owners Must:
- Have experience in business activities and entrepreneurship with a track record of at least three years.
- Be running a company with a turnover of at least S$200 million annually over the three years preceding the application.
- Own at least 30% of the shareholding in the company if it is held privately.
- Be involved in one or more of the qualifying industries.
- Commit to making an investment in one of the investment options – either A, B or C.
Next-Generation Business Owners Must:
- Have immediate family members hold at least 30% of the shareholding in the company they are making use of to qualify.
- In the year immediately preceding the application, the company’s turnover must be at least S$500 million and have averaged at least S$500 million per year for the three preceding years.
- Be a part of the company’s management team ( e.g. Board of Directors or C-Suite).
- Be engaged in one or more of the qualifying industries.
- Commit to making an investment in one of the investment options – either A, B or C.
Founders of Fast Growth Companies must:
- Be a founder and also one of the largest individual shareholders of a company valued at at least S$500 million.
- Private equity firms or reputable venture capitalists must invest in the company.
- The company must be engaged in one or more of the qualifying industries.
- Commit to making an investment in one of the investment options – either A, B or C.
Family Office Principals must:
- Have experience of at least five years in investment, entrepreneurship or management.
- Have investable assets of at least S$200 million. These include financial assets such as capital market products, bank deposits, premiums paid in life insurance policies, collective investment schemes and other investment products but not including real estate.
- Only investment option C is available.
Global Investor Programme Investment Options
Those applicants who meet the criteria of one of the four categories mentioned above must choose from one of the three below-mentioned investment options in order to obtain a PR in Singapore.
Option A
- To qualify for this option, applicants are required to invest S$2.5 million in a new business entity or the operation of an existing business expansion.
- Submit a detailed 5-year business or investment plan detailing expenditure, financial projections and projected employment. The business plan will be evaluated based on your role in growing the company, feasibility, and creation of local jobs and business activities.
- Hold at least 30% of the Option A company shares and be a part of the management team (e.g. Board of Directors or C-Suite).
Option B
- You are required to invest S$2.5 million in a GIP-approved fund that invests in Singapore-based companies in order to qualify for this option.
- The assessment of your application will be based on your future investment or business plans in Singapore. This might include details on the amount of investment, proposed business activities, creation of local jobs etc.
Option C
- You must invest at least S$2.5 million in an existing or new Singapore-based single-family office with assets of at least S$200 million under management.
- Submit a detailed 5-year business plan with employment and annual financial projections. The assessment of the business plan will be based on your role in the single-family office, your family office functions, asset types, proposed investment sectors and geographical focus.
Approved Business Sectors for the Global Investor Programme
To qualify for the GIP scheme, investors are required to have a business or invest in one of the following industries:
- Aerospace engineering
- Alternative energy or clean technology
- Arts businesses (visual arts businesses, e.g. auction houses, art logistics or storage, and performing arts businesses)
- Automotive
- Chemicals
- Consumer business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care)
- Electronics
- Energy
- Engineering services
- Family office and financial services
- Healthcare
- Infocom products and services
- Logistics and supply chain management
- Marine and offshore engineering
- Media and entertainment
- Medical technology
- Nanotechnology
- Natural resources (e.g. metals, mining, agri-commodities)
- Safety and Security
- Space
- Shipping
- Pharmaceuticals and biotechnology
- Precision engineering
- Professional services, e.g. consulting, design
- Sports businesses
Procedure for Applying for the Global Investor Programme
- Step 1. Submit an application
- Step 2. Interview
- Step 3. Approval-in-Principle
- Step 4. Investment
- Step 5.Presentation of evidence
- Step 6. Final approval
The application procedure is hassle-free and usually takes 6-8 months. The acquired Permanent Resident status will offer a number of benefits such as lower medical expenses, tax benefits, visa-free residence in Singapore and also many educational options.
Conclusion
If you want to move to Singapore and start your business as a high-net-worth investor, you must consider the Global Investor Programme. Those business owners and high net-worth individuals who meet the required criteria are offered Permanent Resident status through the GIP.
While you are driving business growth, you must also be able to create employment opportunities for Singaporeans and establish a plan to infuse capital into the country’s economy.
If you are keen on knowing more about GIP or the PR application process, you should consult an immigration agency to help you plan your move better. A knowledgeable consultant will be able to guide you about the requirements and will always have up-to-date information regarding the scheme. They can also apply for PR on your behalf and handle all the paperwork while you manage your investments.
