Global Investor Programme

CLICK HERE TO LEARN FROM THE FACTSHEET OF NEW PR SCHEME THROUGH GIP W.E.F. 01-APR-2020

Profile

To Qualify

Investment Options

Established business owners

b) You should currently be running a company1with an annual turnover of at least S$200 million in the year immediately preceding your application, and at least S$200 million per annum on average for the three years immediately preceding your application;

c) If your company is privately-held2, you should have at least 30% shareholding in the company; AND

d) Your company must be engaged in one or more of the industries listed in Annex B.

Option: A or B Or C

Next-generation business owners

b) This company’s annual turnover must be at least S$500 million in the year immediately preceding your application, and at least S$500 million per annum on average for the three years immediately preceding your application;

c) You must be part of the management team of the company (e.g. C-suite/Board of Directors); AND

d) Your company must be engaged in one or more of the industries listed in Annex B.

Option: A or B Or C

Founders of fast-growth companies

b) Your company must be invested into by reputable Venture Capital/Private Equity firms; AND

c) Your company must be engaged in one or more of the industries listed in Annex B.

Option: A or B Or C

Family office principals

b) You must have net investible assets of at least S$200 million.

• (NB: Net Investible Assets include all financial assets, such as bank deposits, capital market products, collective investment schemes, premiums paid in respect of life insurance policies and other investment products, excluding real estate. Contact Singapore reserves the right to exercise judgement in determining the suitability of the applicant’s Net Investible Assets.)

Option: C

Option A

• Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.

Option B

• Invest S$25 million in a GIP-select fund3 that also invests in Singapore-based companies.

Option C

• Establish a Singapore-based Single-Family Office with Assets-Under-Management (AUM*) of at least S$200 million, where minimally S$50 million must be deployed in any of the 4 investment categories of: (i) equities, REITS or business trusts listed on Singapore-approved exchanges; (ii) qualifying debt securities listed on MAS’ enquiry system; (iii) funds distributed by Singapore-licensed/registered managers or financial institutions; and (iv) private equity investments in non-listed, Singapore-based operating companies.

Remarks:

1 You may also consolidate up to 2 of your businesses, all of which must only be engaged in 1 or more of the industries listed in Annex B, to meet the minimum turnover criteria.

2 If your company is publicly listed, you must be one of the largest individual shareholders.

3 Please download the updated list of GIP-select funds from EDB’s website at www.edb.gov.sg/gip.

* Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been deployed into any of the specified 4 investment categories in Singapore

Option A:

Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.

• Applicants who apply for Option A must submit a detailed 5-year business or investment plan with projected employment, expenditure and financial projections that will incur in the Option A company (as outlined in Form B of the GIP Application Form, available at http://www.edb.gov.sg/gip). The business plan will be assessed based on its feasibility, your role in growing the Option A company, the business activities and the creation of local jobs; and
• You should have at least 30% shareholding in the Option A company and must be part of the management team of the company (e.g. C-suite/Board of Directors); and
• Your Option A company must be engaged in one of the industries listed in Annex B.

Option B:

Invest S$25 million in a GIP-select fund* that invests in Singapore-based companies.

• Applicants who apply for Option B may be requested to share any other business plans for Singapore apart from the investment in a GIP-select fund.
• Please refer to http://www.edb.gov.sg/gip for the updated list of GIP-select funds.

Option C:

Establish a Singapore-based Single-Family Office with Assets-Under-Management (AUM) of at least S$200 million, where minimally S$50 million must be transferred into Singapore and deployed in any of the 4 investment categories listed below.

• Applicants who apply for Option C must submit a detailed 5-year business plan with projected employment and annual financial projections (as outlined in Form B of the GIP Application Form, available at http://www.edb.gov.sg/gip). The business plan will be assessed based on your role in your Single-Family Office, the functions of your family office, your proposed investment sectors, asset types, geographical focus and philanthropy interest.
• Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore upon Approval-in-Principle of your PR status. At least S$50 million must be deployed in any of the below 4 investment categories no later than 12 months from the Final Approval of your PR status, and thereafter maintained throughout the validity of the Re-Entry Permit:

i. Equities, REITS or Business Trusts listed on Singapore-approved exchanges;

ii. Qualifying debt securities listed on MAS’ enquiry system;

iii. Funds distributed by Singapore-licensed/registered managers or financial institutions; and

iv. Private equity investments in non-listed, Singapore-based operating companies.

Note:

4 Applicants will be assessed based on information submitted in their application and shared during their GIP interview.

• *An investment in a GIP-select fund is a decision made solely by the applicant and the applicant is advised to be familiar with any additional charges imposed by the individual GIP-select Fund Company before making an investment at their own responsibility. While the GIP-select funds are assessed on their investment and operational capabilities, the selection does not serve as an endorsement of any fund. Contact Singapore shall not be held responsible in any way or liable in any way for any claims or losses (including, without limitation, damages for loss of profits, business interruption or loss of information) arising from consequences that may be incurred directly or indirectly to the applicant as a result of investing in a GIP-select fund. For more information, please refer to the fund list available on http://www.edb.gov.sg/gip.

• 1) Applicant submits completed GIP Application Forms (both online and hardcopy) to EDB.

• 2) Applicant is invited for an interview with EDB.

• 3) If Applicant meets the assessment criteria, the Immigration & Checkpoints Authority (ICA) will issue an Approval In Principle (AIP) status to the Applicant which is valid for 6 months.

• 4) Applicant makes the necessary investment under the selected investment option, within 6 months from the date of the AIP letter.

• 5) Upon making the investment, Applicant provides evidence of the investments made (e.g. Certified true copy of share certificates, bank statements and other legal documents) and submits the Investment Undertaking on the Terms and Conditions of the investment made.

• 6) Once investment documents are verified by EDB, ICA will issue the Final Approval letter.

• 7) Applicant must formalise his/her Permanent Residence status in Singapore within 12 months from the date of the Final Approval letter.

Remarks:

• 5 Note: It will take approximately 12 months for a GIP Application to be processed. This is subject to complete submission of all required supporting documents at the point of application. Your application will also be subject to due diligence checks.
• 6 Your spouse and unmarried children below the age of 21 as at the date of application submission are eligible to be included as dependants under your GIP application. Male children who obtain PR by virtue of being your dependant will be liable for National Service. Male dependants whose spouse is the main applicant may be liable to serve National Service. Please visit www.cmpb.gov.sg for more information on National Service in Singapore.
• Note: Your parents and unmarried children above the age of 21 years as at the date of application submission are not eligible to be included as dependants under your GIP application. Instead, they can apply for a Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP).

1

Payment of a Non-refundable Application Fee

• a) You are required to pay a non-refundable application fee of S$10,000 before submitting the application forms. Any transaction fee must be borne by the applicant and you should take this into account when issuing instructions to your respective financial institutions for the making of this payment. The application submitted will not be processed if the full amount is not received. Please also note that payments in excess of S$10,000 are not refundable. You should send the sum of S$10,000 in a single transaction.
• b) The application fee is to be credited to the following bank account using only telegraphic transfers from overseas, or local interbank transfer. Bank account details:

Receiving Account: Economic Development Board

Bank Name: DEUTSCHE BANK AG

Bank Address: 1 Raffles Quay #15-00 South Tower Singapore 048583

Bank Account: 2547701000

Bank Code: 7463001

Swift Code: DEUTSGSGXXX

(Note: All intermediary bank charges should be borne by the sender and should not be deducted from the sum of S$10,000.) Please include the following information in your transfer: ‘Application Fee for <Applicant’s Name; Date of Birth>, Contact SG’

• c) The application fee is to be credited to the following bank account using only telegraphic transfers from overseas, or local interbank transfer. After making the payment, please ensure that you obtain a hard copy of your payment transaction slip for submission with other documents highlighted in “List of Supporting Documents for GIP Application” uploaded on EDB website – www.edb.gov.sg/gip.

2

Download the Application Forms

• Please download Application Forms to complete offline:
• www.edb.gov.sg/gip
• Form A (Personal Profile);
• Form B (Proposed Investment Plan); and
• Form C (Payment Details)

3

Upload the Completed Application Forms

• After completing the Application Forms (Form A, Form B and Form C), please upload the forms to:
• https://application.sgip.gov.sg/public

4

Submit the following supporting documents in hard copy to EDB

• Please refer to Annex A “List of Supporting Documents for GIP Application” for details on the required documents.

Important Note:

• In order to process the GIP application, all the above required supporting documents must be submitted to EDB within 1 month from the date of remittance of the application fee.
• Please mail the documents to:

Singapore Economic Development Board, Contact Singapore, 250 North Bridge Road, #28-00, Raffles City Tower, Singapore 179101.

Benefits and Features of Investor Visa in Singapore / GIP

• The minimum monetary investment quantum is SGD2.5 million which gives an investor a privilege to apply for Singapore Permanent Residence for himself and his family members right away with In-Prinicple Approval (IPA). IPA is subject to formalisation within specified time frame for final approval of SPR.

• Investors of GIP are given half a year for performing their investments.

• Investor and his spouse and unmarried children below 21 years old can be eligible to apply for Permanent Residence after qualifying for the GIP.

• Children above 21 years old can be brought to Singapore on Long Term Visit Pass (LTVP).

• Parents and other relatives can be brought along to Singapore on the Long Term Visit Pass (LTVP) for 5 years.

• After 2 years living and working in Singapore, the Permanent Residents can be eligible to apply for Singapore citizenship provided that the foreigner is ready to renounce his present citizenship.

• The approval of citizenship is subject to meet out criteria set by ICA.

Disadvantages of Singapore Investment Visa / GIP

• GIP applicants to pay a non-refundable application fee of SGD10,000/-.

• GIP applicants will have to attend an interview with the authorities.

• Not all business niches qualify under the GIP scheme. Some niches require a more massive investment for getting the PR (Eg: The minimum investment for the construction sector is much higher in millions of dollars).

• Business of every potential investor will be closely scrutinised. The government is interested in involving only successful investors or entrepreneurs globally.

• Children above 21 years old can be taken to Singapore only on Long Term Visit Pass (LTVP) as they will have to apply for PR on their own merits.

• Singapore does not allow dual citizenship, so getting Singapore citizenship is possible only after renouncing your home country citizenship when you have spent at least two years as PR in Singapore.

• Sons of investors who get the PR are obliged to attend a National Service when they are 18 years old.

• After becoming permanent residents, the investor and his dependants must renew their Re-Entry Permits (REPs) every 5 years if they plan to travel in and out of Singapore which is subject to prevailing eligibility criteria.

• The REPs will be subject to renewal only after meeting out the stricter conditions such as employing with a minimum number of local employees, minimum incurring annual total business expenditure, etc.

• The future of REPs is not secured due to meeting out the stricter criteria for every renewal which may be posing an uncertainty to some investors and they may not be able to make firm decision for settling down in Singapore with their families unless they obtain citizenship.

Obligations

• One of the key obligations is the serving of National Service for second generation male Permanent Residents. Second generation male permanent residents refer to those who became SPRs under the sponsorship of another person, for e.g. their parents or spouse. Upon reaching 16 ½ years of age, they need to enlist for National Service (NS) and will serve two years of full-time NS at 18 years of age. Thereafter, they will serve intermittent duty as a citizen-soldier for a cycle of 10 years.

• Corporate matters such as Companies, Businesses, etc
  

• The Accounting and Corporate Regulatory Authority (ACRA)
• Economic Development Board (EDB)

• CPF matters

• CPF Board

• Fair Employment Practices (FEP)

• Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP)

• Immigration matters & Student Passes

• Immigration Checkpoints Authority (ICA)

• Taxation and GST

• The Inland Revenue Authority of Singapore (IRAS)

• Skills Development Levy (SDL)

• SkillsFuture Singapore Agency

• Work Passes

• The Ministry Of Manpower (MOM)