Introduction
The Singapore Global Investment Program (GIP) is an investment immigration program launched by the Economic Development Board (EDB). Launched in 2005, this program is Singapore’s only official investment immigration program and the only pathway that allows entire families to obtain Singapore Permanent Resident status at once.
Investment Plan:
Option A: Applicants must invest a minimum of S$10 million (including paid-up capital) to establish a new business entity or invest in an existing business.
Option B: Applicants who choose to invest in Singapore must commit S$25 million to a fund selected by GIP, which is a tenfold increase from the current requirement.
Option C: Family Office applicants must establish one Family Office with a minimum of S$200 million in assets under management. This applies to investors who plan to establish a Family Office. Under the new regulations, applicants must establish one Family Office in Singapore with a minimum of S$200 million in managed assets, of which at least S$50 million must be invested across four categories. This must be completed within 12 months of the approval letter being issued.
Eligibility Criteria:
✔ You must have at least three years of entrepreneurial or business experience.
✔ The company’s revenue for the last fiscal year must not be less than S$200 million.
✔ The average revenue for the previous three fiscal years must not be less than S$200 million.
✔ If your company is privately owned, you must own at least 30% of the shares.
✔ The company must operate in an industry listed in the industry list determined by Singapore.
✔ Your immediate family must hold at least 30% of the shares in the company you declare for this program, or be the largest shareholder.
✔ The company’s annual turnover in the most recent year must not be less than S$500 million.
✔ The average annual turnover over the past three years must not be less than S$500 million.
✔ You must be part of the company’s management (e.g., executive, board member).
✔ The company must operate within an industry listed in Singapore’s designated industry list.
✔ You must be a founder and one of the largest individual shareholders of a company with a minimum market capitalization of S$500 million.
✔ The company must be funded by a leading venture capital firm or private equity firm.
✔ The company must operate in a sector listed among those designated by Singapore.
✔ You must have at least five years of experience in entrepreneurship, investment, or management.
✔ You must have a minimum investable net worth of S$200 million.
Additional assessment criteria for prospective participants in Scheme A:
- You must submit a comprehensive business or investment plan for a five-year period in accordance with the requirements listed in Appendix B, including annual financial projections and a recruitment plan.
- You must achieve the objectives listed in the business or investment plan within five years of making the investment.
- Your business must be included in the business sectors listed in Appendix A.
Other supporting applications:
Spouses and children (under 21 years of age) of Singapore investment immigrants may apply for permanent residence with the main applicant through the Global Business Investor Program as dependent applicants. Male dependents are required to undergo National Service in Singapore. Please visit www.ns.sg/iPrepNS for more information on Singapore’s National Service regulations. Unmarried children aged 21 and above and parents are not eligible to apply for permanent residence status through your Global Investor Program application. However, they may apply for a Long-Term Visit Pass (LTVP) valid for up to five years. The validity period of this pass depends on the validity period of the main applicant’s Re-entry Permit (REP) and may be extended.
Once you have obtained permanent residence status, you will be granted a re-entry permit valid for five years. Permanent residence status holders must have a valid re-entry permit to enter and exit Singapore. This permit allows permanent residence status holders to maintain their permanent residence status while outside Singapore.
After the initial five-year period, you must meet the following requirements to renew your re-entry permit.
1. Three-year extension:
– You must have fulfilled the investment requirements set out in Scheme A or B of the Global Investor Program;
– You must fulfill one of the following requirements:
– You have established a qualifying business entity in Singapore, employing five or more Singaporean employees, with a minimum annual business expenditure of S$1 million;
– You or at least one dependent applicant must have resided in Singapore for more than half of the validity period of the residence permit.
2. Five-year extension:
– The investment requirements under Scheme A or B of the GBI Program must have been met;
– The business entity must have been established in Singapore, employing five or more Singaporean employees, with total annual business expenditure reaching at least S$1 million;
– You and your dependents must have resided in Singapore for more than half of the period.
To apply for the investment scheme, please submit your application documents in accordance with the following procedure:
Step One – Payment of Application Fee (Received by the Singapore Government)
1. You are required to pay an application fee of SGD 7,000 (received by the Singapore Government) before submitting the application form.
2. This application fee is payable in a single installment and is non-refundable.
3. The application fee must be transferred via international bank transfer or local interbank transfer to the Economic Development Board’s bank account.
4. After payment, keep the original transfer receipt and submit the application form within one month of the transfer.
Step 2 – Complete the Application Forms (Form A, Form B, and Form C)
Complete the application forms: Form A (Personal Data), Form B (Proposal and Investment Plan), and Form C (Payment Details).
Step 3 – After completing the application form (Form A, Form B, and Form C), submit the completed application form (Form A, Form B, and Form C).
Step 4 – Submit the following supporting documents in printed form to the government:
1. A letter of intent to comply with the terms and conditions of the Global Investor Program.
2. A sworn statement.
Note:
– If made in the United Kingdom or a Commonwealth country, the Affidavit must be witnessed by a Notary Public, Justice of the Peace, or other authorized official in accordance with the laws of that country.
– For non-Commonwealth countries (e.g., China), all Affidavits must be made before an authorized official of the Singapore Embassy or Consulate.
– If the applicant is in Singapore, the affidavit may be signed before a Local Commissioner for Oaths, Justice of the Peace, or Judge.
3. Affidavit regarding the Global Business Investor Program application documents (attached to Form A).
4. Affidavit regarding the investment proposal and plan (attached to Form B).
5. Details of the application fee payment, including a scanned copy of the proof of payment (attached to Form C).
6. Singapore Entry Permit Application Form – Form 4 (one original and one photocopy are required for the main applicant and each dependent applicant).
7. Supporting documents required for Form A, Form B, and Form C.
Note: Applicants must submit an official English translation for foreign language documents, which must be certified by a public notary.
Documents certified by a notary must be valid for one year.
1. After receiving all the necessary documents, the government will begin processing your application. If you meet the government’s requirements, an interview will be scheduled.
2. If your application is approved, you will receive a Letter of Approval in Principle (AIP) for Permanent Resident (PR) status from the Immigration and Checkpoints Authority (ICA). This approval letter is generally valid for six months.
3. Within the six-month validity period of the AIP, you must fulfill the investment commitment stated in your agreement. This requires an investment of S$10 million (may vary depending on the specific scheme) through a separate personal account opened in your name at a bank registered in Singapore.
4. After completing the required investment, you must submit supporting documents to Contact Singapore. These documents include share certificates and bank statements proving that the investment was made through a separate personal account opened in your name at a bank registered in Singapore. These documents will be kept by Singapore for five years.
5. If your chosen investment plan involves establishing a new business entity or expanding existing commercial operations, you must submit audited financial statements annually at the end of the second, third, and fourth years after your investment.
6. After receiving your investment verification documents, you will be notified to proceed to the Immigration and Checkpoints Authority (ICA) of Singapore to complete the formalities for your permanent residence application.
The above documents should not be construed as a guarantee of the continuation of the Global Business Investor Program (whether within the existing framework or a modified one), nor as a document of approval for applications under the Global Business Investor Program or for the extension of re-entry permits. Attachment:
List of Investment Sectors Eligible for Scheme A under the Singapore Investment Immigration Program
(a) Aviation
(b) New Energy
(c) Automotive Engineering
(d) Chemical Industry
(e) Consumer Products
(f) Electronics
(g) Energy Industry
(h) Engineering Services Industry
(i) Healthcare Industry
(j) Information and Communication Products and Services
(k) Logistics and Supply Chain Management Industry
(l) Maritime Affairs and Offshore Engineering Industry
(m) Media Industry
(n) Medical Technology Industry
(o) New Technologies (Smart Systems, Nanotechnology, Emerging Technology Sectors)
(p) Natural Resources Industry
(q) Security Technology and Management
(r) Aerospace
(s) Shipping
(t) Pharmaceuticals and Biosciences
(u) Precision Engineering
(v) Professional Services
(w) Commercial Activities Related to the Arts
– Trading in Physical Artworks, e.g., auction houses, art storage
– Trading in Performing Arts
(x) Sporting Goods
(y) Family Wealth Management and Financial Services
After the official commencement of Singapore Permanent Citizenship status, applicants will be granted a Re-entry Permit valid for five years. Permanent Citizens are required to have a valid Re-entry Permit to enter and exit Singapore. This permit allows Permanent Citizens to maintain their Permanent Citizen status while outside Singapore.
After the initial five-year period, you must meet the following criteria to renew your Re-entry Permit:
Three-year extension: The applicant has established a business entity in Singapore or has resided in Singapore for more than half of the time (Main applicant or at least one dependent applicant)
Five-year extension: The applicant has established a business entity in Singapore and has resided in Singapore for more than half the time (Main applicant and dependent applicants)
What are the specific requirements for entity investment?
There are no specific requirements, although there are recommended sectors. The Singapore Economic Development Board (EDB) offers a variety of tax policies and incentives tailored to different industries. The total annual business expenditure of a commercial entity must reach at least S$1 million, covering expenditures from both the parent company and subsidiaries. Tax reduction provisions apply between China and Singapore, allowing for a 50% tax reduction when transferring income from domestic joint ventures to foreign companies.
What is the current approval rate for Singapore investment immigration applications?
Following the general election, the approval rate and processing speed of Singapore investment immigration applications have increased significantly, with stable policies. However, specific official figures have not yet been published. The Population White Paper released by the Singapore government in January 2013 proposed a 30% increase in population over the next 17 years, with a target population of 6.5 to 6.9 million by 2030. Singapore’s current total population stands at 5.3 million, comprising approximately 3.29 million citizens, with the remainder being permanent residents and non-residents. The White Paper proposes that by 2030, the citizen population, plus new citizens, will increase to between 3.6 million and 3.8 million. Permanent residents will remain at the current level of between 500,000 and 600,000, with the rest being non-residents. To achieve this target, in addition to introducing 15,000 to 25,000 new immigrants each year, 30,000 foreign nationals will be approved for permanent residence, from which suitable candidates will be selected for citizenship.
What type of entrepreneur is more likely to be approved?
Those with a strong business background, with few restrictions on industry sectors. Industry sectors that have been successfully approved include asset valuation, finance, food, metal smelting, mining, forestry, steel trading, industrial machinery manufacturing, and rubber trading.
What if children and parents are not registered in the same family register? Can those over the age of 21 apply together with their parents?
Those who are not registered in the same family register must include a birth certificate from the hospital. Children over the age of 21 cannot apply together with their parents.
How do I apply for a Singapore passport?
Permanent residents can apply for a passport after 1.5 to 2 years. The Immigration Authority assesses each case individually, prioritizing businesses that align with Singapore’s policy objectives and corporate needs, without rigid criteria. A Singapore passport provides visa-free access to more than 150 countries, including the United States, Canada, Japan, and the European Union.
The above information answers common questions that often arise during the Singapore investment immigration application process.