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Path to Singapore PR Via the Singapore Global Investment Programme (GIP Scheme)
If you intend to apply for a permanent residency (Singapore PR) in Singapore, the Global Investor Programme (GIP Scheme) might be the pathway for you.
The GIP Scheme is the pathway for those who are willing to invest in Singapore and support their funds via their proven entrepreneurial skills. You will be required to have the sufficient funds needed before you can be considered for this scheme and subsequently, the Singapore PR.
GIP, also referred to as the Investor Scheme, values an investor’s contribution and investment into the country’s economy. Particularly since the investment will help create more business opportunities and local jobs. The business-friendly policies that Singapore has in place which is designed to appeal to foreign investors, especially those who are keen to relocate here.
The available options for investors who intend to take up this stream could choose to either launch a new enterprise or invest in one of Singapore’s existing enterprises. Before you can though, you must prove that you are capable handling a successful business.
Investment Options Available in Singapore
Investors have two options to choose from under Singapore’s Investor Scheme:
- S$2.5 million investment either in a new business or expanding an existing business.
- S$2.5 million investment in a GIP-approved fund which invests in Singapore-based companies.
However, keep in mind that investment input is just one qualifying criteria for GIP. You must also prove that you have a good business track record, and provide a credible business plan or investment plan to earn your Singapore PR status.
GIP Scheme Eligibility Criteria
To be eligible for this scheme, you must fulfil the following conditions:
- Have a minimum investment requirement of S$2.5 million for the provided investment options.
- Have 3 years of successful business track record.
- Hold 30% shareholding in a privately-owned company.
- Submit the last 3 years of your company’s audited financial statements.
- Your existing business must have a minimum turnover of S$500 million in the most recent year.
- Your existing business must a minimum turnover of at least S$500 million per annum on average over the last 3 years.
Any investor owning more than one business, you will need to submit the financial statements of the company that has the highest turnover.
List of GIP Scheme Approved Sectors
The current list of GIP-approved business sectors are as follows (the list may be updated by the Singapore authorities periodically):
- Aerospace Engineering
- Alternative Energy
- Consumer Business
- Environment & Water Technology
- Engineering Services
- Infocomm Products & Services
- Logistics & Supply Chain Management
- Marine & Offshore Engineering
- Media & Entertainment
- Medical Technology
- Natural Resources
- Safety & Security
- Pharmaceuticals & Biotechnology
- Precision Engineering
- Professional Services
- Lifestyle Products & Services:
- Visual Arts
- Performing Arts
Applying for Singapore PR for the Family
The current GIP Scheme allows applicants to apply for Singapore PR status for family members as well. The guidelines are as follows:
- Spouse and children below 21-years. Male dependents will be considered liable for National Service.
- Children above 21-years and parents can apply for the 5-year Long Term Social Visit Pass (LTSVP). This visa is renewable and will be tied to the validity of your re-entry permit.
To apply for Singapore PR, you will need to provide the following documents:
- Form A: Application for Permanent Residence for Investors
- Form B: Proposed Investment Plan
- Undertaking on the Terms & Conditions of the programme
- Form 4: Application for An Entry Permit to Enter Singapore
- Other supporting documents, wherever applicable
Any translated documents must be officially endorsed. Documents which are not in English must be translated accordingly.
An Approval-in-Principle PR will be issued if your application is approved. This is valid for 6-months, and during this period you will be required to carry out your investment. The evidence of this investment must be documented and submitted to the authorities and held for 5-years.
Only after the documents have been received by the authorities will be you be issued with the final PR status. All Singapore PR’s will be issued with a blue identity card and enjoy many of the rights and privileges that Singapore citizens get to enjoy.