Singapore Global Investor Programme: how to gain permanent resident status
The Singapore Government is offering Permanent Residence status to individuals who invest directly into the economy using a scheme known as the Global Investor Programme. Using this scheme, investors can choose one of the following options to gain permanent residence status:
Option A: Invest SGD $2.5 million in a new company or business entity or expand an existing company.
Option B: Invest a minimum of SGD $2.5 million into a Global Investor Programme fund that invests in Singapore-based companies.
Who is Eligible to Apply?
Any Investors can apply under the Global Investor Programme if they have:
- A substantial business track record and
- Can show proof of a successful entrepreneurial background.
Application Assessment Criteria
- The investor must be able to provide a substantial business track record for a minimum of 3 years and produce the company’s audited financial statements for the last 3 years.
- If the company is in the real estate or construction sector, the turnover must be a minimum of SGD $200 million in the most recent financial year and an average of SGD $200 million each year for the last 3 years.
- If the company is in other sectors, the 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 3 years. NB: Several companies can be consolidated to meet the minimum turnover criteria.
- If the company is privately-owned, the investor needs to have a minimum shareholding of 30%. The role of the investor in the company, including the company’s growth and profitability are also taken into consideration.
To apply for GIP, you can submit your application according as per the following procedure:
1. An application fee of SGD $7,000 must be made before submitting any application forms.
The time between the payment of the application fee and the submission of application forms along with the supporting documents has to be1 month or less.
*Note: Any bank transferal charges should be paid by the sender and cannot be deducted from the application fee.
2. Downloading, completing & uploading application forms:
- Form A (application declaration).
- Form B (declaration for proposed investment).
- Form C (the payment details form needs to be submitted together with a hard copy of the payment transaction slip).
3. Submit the following supporting documents in hard copy to Contact Singapore.
A detailed 5 year business or investment plan with proposed employment and financial forecasts must be submitted (as outlined in Form B). Investors must also fulfill the third year milestones outlined in the business plan and fulfil the business plans within 5 years of the final approval of Singapore Permanent Residency.
Application Assessment & Final Approval
Once the application has been processed, if the qualifying criteria have been met, a face-to-face interview will be organised. If the application is successful, Congratulations! An Approval in Principle will be issued granting Permanent Residence status by the Singapore Immigration & Checkpoint Authority (ICA), which is valid for 6 months.
After Obtaining AIP PR Status
Investors are required to make the SGD $2.5 million investment during this 6-month timeframe of the AIP PR status. The investment must be made directly from the investors personal bank account opened with a Singapore-registered bank.
If you have any questions or require any assistance about the Singapore Global Investor Programme, get in touch. We can help!
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