What You Need to Know About the Singapore Global Investor Programme
High net-worth individuals have an immense variety of residency programs at their disposal to establish residency, such as the EB-5 visa scheme in the United States. If you’re looking to do so in Asia, the Singapore Global Investor Programme is a highly-appealing option. What makes this Singapore investment immigration programme attractive? We’ll detail what you need to know about this scheme to make sure that you evaluate the application process successfully.
What makes Singapore a standout economy in Asia?
Singapore’s economy has a wealth of benefits, but its business-friendly climate stands out regionally and globally on several measures. According to the World Economic Forum’s Global Competitiveness Report, it’s the best Asian economy for intellectual property protection. It is at the forefront of sustainability, with a number one ranking in Asia in the Arcadis Sustainable Cities Index. Globally, the IMD World Competitiveness rankings found Singapore to be the world’s most competitive economy and the second easiest to do business according to the World Bank’s Doing Business ranking. If we take all these advantages with a privileged location, secure trade networks and excellent infrastructure, Singapore is a standout candidate for basing your operations in Asia.
What’s the Singapore Global Investor Programme?
The Singapore Global Investor Programme is a programme administered by the Singapore Economic Development Board’s Contact Singapore Division, which is in charge of advising business owners and entrepreneurs interested in operating in and moving to the country. Known as the GIP, it offers eligible permanent resident (PR) status in Singapore to individuals with the appropriate background in business and entrepreneurship.
What are the available investment options for the Global Investor Programme (GIP)?
Applicants have two available options when applying for the Global Investor Programme, Option A or Option B. Option A involves an investment of at least 2.5 million Singaporean dollars ($S), or as of 4 December 2019 about £1.4 million. Option B entails investing at least S$2.5 million in a Singapore government-approved GIP fund that invests in enterprises based in Singapore. The GIP funds are companies dealing with investment in Singapore that are similar to the EB-5 regional centres in the United States that have approval from their respective governments. An updated list of approved funds is on the GIP website.
How can I be eligible for the GIP?
Eligibility for this visa stands on two points, that you have a strong background as an entrepreneur and that your track record in business is also sizeable. The Singapore government defines the substantial business and entrepreneurial track record as at least three years, which you must present as part of the application. You must also submit audited financial statements for your enterprise for the three previous years. The reports must be from an accredited auditing firm in your jurisdiction of origin.
Your company must also be involved in at least one of the industries stipulated in the Singapore government fact sheet, which include family office and financial services, logistics and supply chain management, media and entertainment and more.
Not only that, there are strict turnover criteria. “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.” They recommend submitting the financial statements of your entity with the highest turnover, but you may merge the accounts of all your enterprises to meet the minimum requirement. Finally, if you own a privately-held company, you must hold at least 30% of the shares in the entity, as they will evaluate your role in the enterprise as part of your application.
Extra requirements for Option A
If you’re choosing to apply via Option A, there are additional requirements you must present, as well as KPIs your business must make for you to renew the initial permanent residency status you receive in GIP. All Option A applicants “...must submit a detailed 5-year business or investment plan with projected employment and annual financial projections.” You must fulfil the third year milestones of your business plan and complete all goals within five years of approval. Also, if your business plan involves investing in Singaporean entities, you must hire a minimum of five more employees and put at least S$1 million into the company.
What are the benefits of this scheme?
Upon approval, applicants will receive permanent residency for five years, which is renewable depending on the achievement of objectives. The requirements depend on for the length you wish to renew and the success of your venture. Spouses and unmarried children under the age of 21 will also receive your PR status. While your parents and older children are not eligible, they instead can apply for a Long-Term Visitor Pass (LTVP). Male children who receive PR status through the GIP will have to perform National Service in Singapore. As part of your permanent residency status, you will obtain a re-entry permit valid for five years that will let you enter and exit Singapore for the validity of the permit.
How can I apply for the Singapore Global Investor Programme?
If you’re interested in applying for the Singapore Global Investor Programme, our team of residency, relocation and company formation experts will guide you through the steps of successfully creating your business or investment plan for an approved application. Get started on your investment journey in Singapore with Europe Emirates Group today.
Darrach Campbell ACSI
Senior Executive, Quality Management Services