Singapore Allows More Investors to Qualify for Fast-track PR Scheme – Global Investor Programme
Singapore is set to add three more categories of eligible candidates for its Global Investor Programme which allows successful applicants to obtain permanent residency in Singapore under certain conditions.
Eligible Candidates for Fast-track PR Scheme
Introduced in 2004, the Global Investor Programme is managed by Singapore Economic Development Board (EDB) and will have four categories of eligible candidates from March 2020 onwards:
- Established Business Owners
To qualify as an established business owner, a candidate must be able to prove an entrepreneurial or business track record of at least 3 years. Candidates must be one of the largest individual shareholders if their company is publicly listed, or at least own 30% if it is a private company. A new requirement will also be added for candidates to qualify under this category:
- Companies must have an annual turnover of at least S$200 million in the year before.
- Companies must have had an average of S$200 million a year for the past three years.
The previous turnover threshold to qualify for this category was S$50 million.
- Next-generation Business Owners (New)
Candidates for this category must be able to prove the following:
- They are part of the management team such as on the board of directors or C-suite.
- Their company has an annual turnover of at least S$500 million in the year before.
- Their company has had an average of S$500 million a year for the past three years.
- Their immediate family is the largest shareholder if their company is publicly listed, or at least own 30% if it is a private company.
Companies qualifying for these conditions will likely be unicorns or potential unicorns.
- Founders of Fast-growing Companies (New)
To qualify as a candidate under this category, the candidate must show that:
- They are a founder and one of the largest individual shareholders in their company. Their company is valued at S$500 million or more.
- Their company has “reputable venture capital/private equity firms” as investors.
- Family Office Principals (New)
Under this category, the requirements for a candidate are:
- They have an entrepreneurial investment or management track record of at least five years.
- They have net investible assets of at least S$200 million (examples include bank deposits, and life insurance premiums).
- Their company must employ 10 or more people, including at least 5 Singaporeans.
Singapore continues to remain attractive for businesses due to its strategic location and economic stability. Opportunities for investors also represent opportunities for Singapore and the government is keen to maintain its business-friendly environment while adjusting to global economic conditions.
Being able to attract successful businesses from around the world and having top talent in Singapore is a great way for the country to remain competitive and reach even greater heights.