Overview: Singapore PR GIP Scheme
Singapore is largely recognized as a major economic powerhouse because of its corporate-friendly regulations, favorable tax environment, and good governance. Singapore also has advantageous immigration regulations that attract international experts from all around the world. Among numerous programs that grant international talent along with their family’s Singapore Permanent Resident status, Singapore has a Global Investor Program that caters exclusively to international investors.
Global investors that meet the requirements of the Global Investor Programme (GIP) are granted Singapore Permanent Resident status (PR) if they intend to operate their companies and make new investments from Singapore.
What is the Global Investor Program(GIP)?
Singapore Investment Visa or the Global Investor Program (GIP), is a scheme for Permanent Residence only valid for the entrepreneurs and investors who are eligible and fulfill the minimum qualifying requirements.
The GIP scheme came out in the year 2004 and is handled by a sector of the government agency, the Singapore Economic Development Board. It is the job of Contact Singapore to advise and attract foreign investors so that they invest, establish their business in Singapore, and also live in Singapore.
Eligibility Criteria For Global Investor Program
The applicants of GIP should qualify for at least 1 out of 4 investment groups mentioned below.
Every group has its eligibility criteria which are explained below:
Owners with established corporations should:
- Have a minimum of 3-year record of business and entrepreneurial operations
- Be presently running a firm with a yearly turnover of S$200 M minimum
- Have a 30% stakeholding if the firm is held privately
- Be involved in multiple qualifying sectors
- Candidates can pick from any of the 3 mentioned investment options explained below.
Business owners from the next generation should:
- The firm’s yearly turnover should at least be S$500 million
- Immediate family members’ stakeholding should at least be 30% in the firm they utilize to qualify
- Join the managing team of the firm, like the Board of Directors or the C-suite
- Be involved in either one or multiple qualifying sectors
- Candidates can pick either investment options A, B, or C.
Owners of fast-growth firms should:
- Be an owner and amongst the greatest sole shareholder of a firm with a valuation of S$500 million
- This firm should be handled by a private equity firm or a renowned venture capital
- The firm should be involved in either one or more than one qualifying sectors
- Applicants can pick amongst the 3 main investment options, A, B, or C.
Family Office Principals Should:
- Have a minimum of 5 years of experience in the field of management, investment, or entrepreneurship.
- Have an investable property of a minimum of S$200 million. It comprises capital market items, bank deposits, collective investment schemes, capital market products, premiums paid to life insurance policies, and other investment items, minus real estate.
- Candidates can pick only the 3rd investment option.
Investment Options And Assessment Criteria
Candidates who can match the eligibility criteria of at least one out of the 4 categories, can pick from the 3 investment options in Singapore to qualify:
- Candidates who choose this option need to put S$2.5 million in a new corporate framework or the growth of a prevailing corporate activity.
- You should hand over an elaborate 5-year investment or commercial plan with expected employment, financial expectations, and expenditure. The projected business plan will be evaluated based on its flexibility, your effort in expanding the Option A firm, the business operations, and the generation of local jobs.
- You must have a minimum of 30% take holding in the Option A firm and should be a part of the managing team like the board of directors or C suite.
To be eligible for this alternative, you must engage S$2.5 million in a GIP fund that puts money in Singapore-based businesses.
Your request will be evaluated based on your business plans for future investment or business in Singapore. These include specifics about proposed business operations, the level of investment, the development of additional jobs, and so on.
Option C enables you to put a sum of S$2.5 million in a new or prevailing Singapore-based single-family residential office with at least S$200 million in net management assets.
You must produce a comprehensive 5-year company plan that includes work opportunities and yearly cost estimates. The business model will be judged purely on your position in the single-family headquarters, your family office’s processes, your capital investment sectors, investment types, and geographic region.
Applying for the Global Investor Programme
When applying for PR through the GIP, the following steps must be taken:
Pay the Application Fee
The candidate should first submit the application fee to the Economic Development Board’s bank account. The form must be filed within one month of the deposit being made.
Downloading and Submission of the Application Form
Once the filing fee has been paid, the claimant must retrieve forms A, B, and C from the Contact Singapore official site. Filling out the forms requires the individual’s personal information, an investment strategy, and payment information for the registration fees. The completed application forms must be uploaded by the candidate.
Submission of the document’s hard copies to Contact Singapore
Once you are done uploading the application form, you’ll have to send hard copies of the necessary documents to Contact Singapore. In these documents, you can find an investment plan and application plan declaration form, the slip for payment transaction as evidence for payment, an undertaking for the T&Cs of the Global Investor Program, etc.
After submitting all the papers, if the candidate is qualified for permanent residence, he/she would be asked to be a part of the interview.
AIP PR status
Once your application is approved, the authority of immigration and checkpoints will file an AIP (Approval-in-Principle) PR status for you, which will stay valid for 6 months.
Start investing in 6 months
Once your AIP PR status is filed, the candidate should start his/her investment of at least S$2.5 million either via investment options A or B.
PR status approval
The authority of ICA will confirm the papers for the evidence proof of the candidate’s final approval and investment of PR status.
One must note that Contact Singapore is a part of the Ministry of Manpower and the Economic Development Board. It helps the people of Singapore and all the foreign citizens to work, live and invest in Singapore.
The process of application can take up to at least 6-8 months. Once you invest, complete all the steps, and get the PR ID card, you can enjoy all the perks that are available to Singaporean citizens. Like the visa-free residence in the nation, reduced stamp duty on the purchase of real estate, tax relief, reduced expenses on health care, easy accessibility to infant care facilities supported by the government, and primary and secondary schools run by the government for your children, and several other benefits.
GIP Investment Industries
Out of 4 groups of investors just 3 (namely next-generation company owners, founders of fast-growing firms, and business owners) must have a corporation in any of the following sectors to be eligible for the Global Investor Program:
- Alternative energy or clean technology
- Aerospace engineering
- Consumer business
- Engineering services
- Logistics and supply chain management
- Infocom products and services
- Media and entertainment
- Marine and offshore engineering
- Medical technology
- Safety and security
- Natural resources
- Precision engineering
- Pharmaceuticals and biotechnology
- Arts businesses
- Professional services
- Family office and financial services
- Sports businesses
PR for the Family
An effective application under one of the aforementioned methods will provide the candidate and his or her household with Permanent Residency (PR) in Singapore.
As a result, your wife, and unmarried kids under the age of 21 can qualify for PR through your GIP petition. Male children who receive PR as a result of just being reliant will be required to serve in the military.
Your unmarried children aged over 21 and parents, though, are not eligible to register for PR through your GIP request. Alternatively, they can request a 5-year LTVP (Long Term Visit Pass), which is linked to your REP’s duration. For additional information on LTVP, kindly visit the website of the Immigration and Checkpoints Authority of Singapore by clicking here.
Re-Entry Permit and PR Renewals
Following the codification of your permanent residence, you will be awarded a 5-year REP (Re-Entry Permit). The re-entry permit lets you keep your permanent residence status when traveling outside of Singapore. If you satisfy the REP Renewal Requirements by the 5th year of your permanent residence status, your re-entry permit and permanent residence designation will be extended.
- Because Singapore has attractive taxation policies, a corporation-friendly environment, tax reliefs, excellent internet, and liberal labor regulations, it is the greatest nation to do a trade-in.
- It is like a home to some of the most well-known businesses in the world. Because of its location in the center of South Asia, it’s amongst China and India’s rising marketplaces.
- Due to its streamlined and obstacle-free start-up business procedures, Singapore maintained its position first in the World Bank’s flexibility of doing trade rankings.
- It is by far the best economic powerhouse and the finest nation when it comes to innovation, as per the Global Innovation Index (GII) and the Economist Intelligence Unit.
- Singapore’s government has inked double tax treaties with over 80 nations. These agreements make it easier to do business and trade across boundaries, resulting in reduced tax barriers, easier investment, and more opportunities for corporate expansion.
- Singapore is a nation that is world’s third-richest country, with record levels of foreign capital investment. Singapore is a land of innovators and inventive firms, so if you’re searching for a property to start or grow your company, this is the location to go.
- International investors can profit from a multitude of sectors in Singapore. Logistics, chemical, pharmaceutical, tourism, resources and communications, and many more growing businesses are among them.
- Singapore’s retail business also offers several options for business owners who would like to make a living in this contemporary city-state.
- Singapore’s business industry is regarded as the least corrupt worldwide, ranking above all 42 Asian countries for achieving the greatest per capita income levels and outstanding GDP growth.
- It’s the only nation in the world that can be termed financially independent in all areas.
- Singapore is a successful country that is praised for its flexible regulatory environment and low unemployment percentage.
- The industrial sector drives Singapore’s economy, accounting for 20 percent to 25 percent of the nation’s yearly GDP. Medical advances, space applications, sustainable energy, pharmaceuticals, and creative development are some of the other rising businesses.
Contact Singapore, a unit of the EDB that offers advice to entrepreneurs and business owners who are considering setting up operations in Singapore and making investments there, manages the GIP. The program seeks to attract knowledgeable businesspeople and investors who can benefit Singapore’s economy by fostering job creation and business ventures. If you want to move to Singapore and possess the necessary finances to invest, you could consider using the GIP Scheme to acquire your PR status.
If you wish to submit an application for the Singapore GIP program, speak with our professionals at OnDemand International. You will be guided through the application process by our professionals, who will also ensure that your applications are accepted.
Starting in 2004, the GIP scheme, which is also known as the Singapore Investment Visa, is a program for permanent residence, valid just for either the investors or businessmen who can qualify and match the eligibility criteria.
Some of the reason why you should start work and residential life in Singapore is that it is a financial hub for business, the infrastructure in this nation is best for starting a life here, the business procedures are hassle-free, and the citizens get easy access to low medical expenses, tax rates, and a reduced fee for children’s education, etc.
There are some steps that one would have to follow to fulfill the GIP application. The steps are as follows, pay the asked fee, download and submit the form, submit documents, attend an interview, get your AIP PR, start investment, and check PR status approval.
The Global Investor Programme (GIP) in Singapore offers advantages such as the chance to settle permanently there, the option to launch a business there or invest in one, and access to a number of government incentives and assistance programs.
It may take up to 6 to 8 months for a GIP application to be processed in Singapore.
Yes, the candidate’s spouse and unmarried kids younger than 21 years may be listed on the GIP in Singapore application.