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Global Investor Programme - Becoming A Permanent Resident

Updated: Aug 11, 2019

The Global Investor Programme (GIP) accords Singapore Permanent Resident status (PR) to eligible global investors who intend to drive their businesses and investment growth from Singapore. It is for entrepreneurs and business owners who are interested in relocating to and investing in Singapore.


You will need to have a substantial business track record and successful entrepreneurial background to qualify.


Overview

As an investor who is interested in starting up a business or investing in Singapore, you may apply for the Singapore Permanent Residence status (PR) through the Global Investor Programme (GIP).


Investment Options


Under GIP, you can choose one of the following investment options:


Option A: Invest at least S$2.5 million in a new business entity or in the expansion of an existing business operation.


Option B: Invest at least S$2.5 million in a GIP fund that invests in Singapore-based companies.


Eligibility For GIP Application


You are eligible to apply for PR under the GIP if you have:


(a) A substantial business track record; and


(b) A successful entrepreneurial background.


Assessment Criteria For GIP Application


(a) 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.


The financial statements must be audited by an accredited audit firm.


(b) Your company must only be engaged in one or more of the industries listed in Annex A.


(c) Your company’s turnover must be at least S$50 million in the year immediately preceding your application, and at least S$50 million per annum on average for the three years immediately preceding your application.


You should submit the financial statements of your company with the highest turnover. You may also consolidate your businesses, all of which must only be engaged in one or more of the industries listed in Annex A, to meet the minimum turnover criteria.


(d) If your company is privately-held, you should have at least 30% shareholding in the company. Your role in the company, as well as the growth and profitability of your company would be taken into consideration.


Additional Assessment Criteria For Option A Applicants


You must submit a detailed 5-year business or investment plan with projected employment and annual financial projections.

You are required to fulfill the third year milestones outlined in your business plan and fulfil your business plan within 5 years of Singapore Permanent Residence Final Approval.


If the business plan involves the investment into an existing Singapore-based company, the additional third year milestones that the company would be required to achieve are:


(a) the hiring of at least 5 additional employees and


(b) an additional annual total business expenditure of at least S$1 million. To illustrate, if the company’s annual total business expenditure as at the date of investment is S$X million, the company would be required to achieve as its third year milestone an annual total business expenditure of at least S$(X + 1) million.


Your company must be engaged in any of the industries listed in Annex A.


Your Family Members


Your spouse and such unmarried children as are below 21 years old as at the date of application are eligible to apply for PR under your GIP application. Male children who obtain PR by virtue of being your dependant will be liable for National Service.


Your parents and such unmarried children as are 21 years old or older as at the date of application, are not eligible to apply for PR under your GIP application. Instead, they can apply for a 5-year Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP).


Validity Of Re-Entry Permit


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.


Subsequent to the first 5 years, your REP would be renewed if you fulfill the following conditions:

For GIP Option A applicants:


a) For a 3-year renewal:


i. You must have fulfilled the investment conditions under Option A of the GIP; AND


ii. EITHER


I. (A) The company that you will be investing in under GIP Option A employs in Singapore at least 5 more employees, in addition to those employed at the third year milestone, with at least 5 Singapore citizens amongst all employees, and


(B) The company that you will be investing in under GIP Option A incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third year milestone;


OR


II. You or at least one of your dependants, who also has PR under your GIP application, must have resided in Singapore for more than half of the time.


b) For a 5-year renewal:


i. You must have fulfilled the investment conditions under Option A of the GIP;


AND


ii. (A) The company that you will be investing in under GIP Option A employs in Singapore at least 5 employees, in addition to those employed as at the third year milestone, with at least 5 Singapore citizens amongst all employees, and


(B) The company that you will be investing in under GIP Option A incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third year milestone;


AND


iii. You and your dependants, who also have PR under your GIP application, must have resided in Singapore for more than half of the time.


For GIP Option B applicants:


a) For a 3-year renewal:


i. You must have fulfilled the investment conditions under Option B of the GIP; AND


ii. EITHER


A. You have set up a business in Singapore which employs at least 5 Singapore citizens as employees and has incurred in Singapore at least S$1 million in annual total business expenditure;


If you have invested into an existing Singapore-based company instead of setting up a new business or company in Singapore, only incremental headcount employed and incremental annual TBE incurred by the existing company from the date of investment may be taken into consideration for the purpose of determining the fulfillment of the headcount and annual TBE conditions.


OR


B. You or at least one of your dependants, who also has PR under your GIP application, must have resided in Singapore for more than half of the time.


(b) For a 5-year renewal:


i. You must have fulfilled the investment conditions under Option B of the GIP;


AND


ii. You have set up a business in Singapore which employs at least 5 Singapore citizens as employees and have incurred in Singapore at least S$1 million in annual total business expenditure;


If you have invested into an existing Singapore-based company instead of setting up a new business or company in Singapore, only incremental headcount employed and incremental annual TBE incurred by the existing company from the date of investment may be taken into consideration for the purpose of determining the fulfillment of the headcount and annual TBE conditions.


AND


iii. You and your dependants, who also have PR under your GIP application, must have resided in Singapore for more than half of the time.


Application Fee


To apply for GIP, the application fee is S$7,000.


Assessment And Approval

Your application will be processed upon the receipt of all the necessary documents. An interview session will be arranged with you if you meet the qualifying criteria.


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.


Timeline for GIP application processing is 4 - 8 months.


Upon Obtaining AIP PR Status

You will be required to make your investment within the 6-month period of your AIP PR status. The investment quantum of S$2.5 million must be made from your personal bank account in your sole name opened in a Singapore-registered bank in Singapore.


After making the required investment, you must submit the documentary evidence in hard copy of your investment.


Formalization Of Singapore Permanent Residence Status

Upon receiving the documentary evidence of your investments and the signed Investment Undertaking, 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.


Required Documents After Formalization Of Singapore PR Status


If your chosen investment is in a new business entity or expansion of an existing operation under Option A, you will need to submit the audited financial statements as at the end of the 2nd, 3rd, and 4th year of your investment.


Annex A: List of industries

(a) Aerospace Engineering

(b) Alternative Energy/ Clean Technology

(c) Automotive

(d) Chemicals

(e) Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care)

(f) Electronics

(g) Energy

(h) Engineering Services

(i) Healthcare

(j) Infocomm Products & Services

(k) Logistics & Supply Chain Management

(l) Marine & Offshore Engineering

(m) Media & Entertainment

(n) Medical Technology

(o) Nanotechnology

(p) Natural Resources (e.g. metals, mining, agri-commodities)

(q) Safety & Security

(r) Space

(s) Shipping

(t) Pharmaceuticals & Biotechnology

(u) Precision Engineering

(v) Professional Services e.g. consulting, design

(w) Arts Businesses - Visual arts businesses, e.g. auction houses, art logistics/storage - Performing arts businesses

(x) Sports Businesses

(y) Family Office & Financial Services


[EDB]


For more information on the Global Investor Programme and application process, please contact Bestar.



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