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The Ultimate Guide To Global Investor Programme Singapore

The Ultimate Guide To Global Investor Programme Singapore

A Complete Guide To Singapore's Global Investor Programme

Singapore is a Southeast Asia city-state known for its multiculturalism, warm climate, world-class infrastructure, universities and overall high quality of life. The Singapore Global Investor Programme (GIP) is a residency-by-investment program that allows approved applicants to stay in the country permanently. After just three years of residency, citizenship is possible.

POPULATION

5.704 Million

CAPITAL

Singapore

CURRENCY

Singapore Dollar

LANGUAGE

English, Tamil & Malay

Table Of Contents

What are the Qualifying Criteria for the Global Investor Programme?

As an investor, you can apply for Singapore permanent resident status through the Global Investor Programme (GIP) if you want to start a business or invest in Singapore. If you meet the following GIP requirements, you are qualified to apply:

Established Business Owners:

  • You must have a minimum of three years of entrepreneurial and business experience.
  • You must currently be the owner of a company with an annual turnover of at least S$200 million in the year prior to your application and at least S$200 million per year on average for the three years prior to your application.
  • If your company is privately held, you should own at least 30% of the company’s stock.
  • Your company must represent one or more of the industries mentioned in Annex B.

Next-Generation Business Owners:

To qualify, the immediate family must own at least 30% of the stock in the company you use or be the largest shareholder.

The annual turnover of the corporation must have been at least S$500 million in the year prior to your application and at least S$500 million per year on average for the three years prior to your application.

You must be a member of the company’s executive committee (e.g., C-suite / board of directors).

Your company must operate in at least one of the industries specified in Annex B.

Investment Options in Singapore For Foreigners:

  • Invest S$2.5 million in the formation of a new company or the expansion of an existing one.
  • Invest S$2.5 million in a GIP fund focused on Singapore-based businesses.
  • Invest S$2.5 million in a new or established Singapore-based single-family office with at least S$200 million in assets under management.

Founders of Fast-Growth Companies:

You must be the founder of a company with a market capitalization of at least S$500 million and one of the largest individual shareholders.

Reputable venture capital/private equity firms must invest in your company.

Your company must represent one or more of the industries mentioned in Annex B.

Family Office Principals:

You must have a minimum of five years of entrepreneurial, finance or management experience.

You must have at least S$200 million in net investible assets.

Note: All financial assets, except real estate, are included in net investable assets, including bank deposits, stocks, mutual investment plans, premiums charged in respect of life insurance policies, and other investment products.

You need to invest S$2.5 million in a new or established Singapore-based single-family office with at least S$200 million in assets under management.

What are the Assessment Criteria for Investment Options?

Option A: Invest S$2.5 million in starting a new business or the expansion of an existing one

In this option, the applicant must request a comprehensive five-year business or investment plan that includes expected jobs, expenses and financial forecasts for the company (as outlined in Form B of the GIP application form). The viability of the business plan, your position in growing the company, its business activities and the development of local jobs will all be considered.

You must own at least 30% of the Option A company’s stock and be a member of the company’s management committee (e.g., C-suite/board of directors).

A company must be involved in one of the industries specified in Annex B.

Option B: Invest S$2.5 million in a GIP fund that invests in Singapore-based companies

Applicants will be judged on their future business or investment plans in Singapore if they choose this option. This may include detailed information on planned business operations, expenditure amounts, job development in the region and so on.

Option C: Invest S$2.5 million in a new or existing Singapore-based single-family office having assets under management of at least S$200 million

Applicants must request a five-year business plan that includes regular jobs and annual financial forecasts (as outlined in Form B of the GIP application form). The business plan will be evaluated based on your position in your single-family office, the roles of your family office, the investment sectors, asset types and geographic emphasis that you suggest.

Steps for Processing GIP Applications

These are the steps involved in processing GIP applicants for Singapore:

  1. Submit application forms to EDB. The agency receives completed GIP application forms (both online and hard copy) from the applicant.
  2. EDB invites the applicant for an interview.
  3. The Immigration & Checkpoints Authority (ICA) will grant approval-in-principle (AIP) status to the applicant if he or she meets the evaluation requirements. This status is valid for six months.
  4. Within six months of receiving the AIP letter, the applicant makes the required investment under the chosen investment option.
  5. Applicant submits the investment undertaking on the terms and conditions of the investment made after providing proof of the investments made (e.g., certified true copy of share certificates, bank statements and other legal documents).
  6. ICA will send the final approval letter once EDB has reviewed the investment documents.

Within 12 months of receiving the final approval letter, the applicant must formalize his or her permanent resident status in Singapore.

What are the Post-Approval Investment Requirements?

You must make your investment within the first six months of your approval-in-principle permanent resident status. The investment amount of S$2.5 million (depending on the investment choice) must be made from a personal bank account in your sole name in a Singapore-registered bank.

You must apply documented proof via a hard copy of your investment to the EDB after making the necessary investment. The following are some of the documents that are required:

  • A true copy of investment documents that have been approved (e.g., ordinary share certificates for Option A and C investments).
  • Bank statements/debit and credit statements demonstrating that the transaction was made from a Singapore-registered bank account opened in your sole name.
  • Initial signed agreement on the investment’s terms and conditions (the “investment undertaking”).
  • A letter from the bank certifying that your account with the bank has been handled satisfactorily. The following information should be included in the bank reference letter: name, passport number, account type and account number. 
  • An investment undertaking signed in the United Kingdom or a Commonwealth country may be signed in the presence of a notary public, justice of peace or other individual approved by that country’s laws. The investment undertaking must be signed in the presence of an advocate and solicitor of the Supreme Court of Singapore or a notary public named under the Notaries Public Act if the applicant is in Singapore (Cap. 208). The investment undertaking must be signed in the presence of an authorized Singapore embassy or consular staff in the non-Commonwealth country (for example, China).

Other Documents Required for Option C Applicants

You need to provide ACRA Bizfile records of your registered family office in Singapore before and after capitalization.

  • An original/latest approved true copy/latest notarized copy of supporting documents to show the assets under management and ownership of at least S$200 million in your Singapore registered family office (EDB will decide such documents at its absolute discretion)
  • A recent notarized copy of the investment management agreements must be issued for assets parked under separate investment holding companies/private trusts to show that the family office in Singapore controls the assets.

What is the Process of Formalization of Singapore’s Permanent Resident Status?

The Singapore Immigration and Checkpoints Authority will give you a final approval of your Singapore permanent resident status after providing documented proof of your investments and the signed investment undertaking. You have 12 months from the date of final approval to formalize your permanent resident status.

What is the Validity of the Re-entry Permit?

Following the formalization of your permanent residency, you will be given a five-year re-entry permit. This is a permit that allows you to keep your status when traveling outside of Singapore. If you follow the re-entry permit renewal conditions by the fifth year of your status, your re-entry permit will be extended.

What are the Renewal Criteria for Singapore Permanent Resident Status?

If you meet the following criteria by the fifth year of your permanent resident status, your re-entry permit will be extended.

Five-year Renewal Criteria:

For Option A Applicants:

  • You must have met the GIP’s investment requirements under Option A.
  • Your Singapore-based company must have at least 10 staff members, including at least five Singapore citizens, and a gross annual business expenditure of at least S$2 million.
  • You or any of your dependents who received permanent residency under your GIP application must have spent more than half of their time in Singapore.

For Option B Applicants

  • Option B of the GIP requires that you have met the investment requirements.
  • You’ve established a business in Singapore that must hire at least 10 people, including at least five Singapore citizens, and spend at least S$2 million per year on total business expenses.
  • You or any of your dependents who received PR under your GIP application must have spent more than half of their time in Singapore.

For Option C Applicants

  • Option C of the GIP requires that you have met the investment requirements.
  • You must invest in a family office in Singapore that employs at least 10 people, including at least five Singapore citizens and three professionals, and has a total annual business expenditure of at least S$2 million.
  • You or any of your dependents who received permanent residency under your GIP application must have spent more than half of their time in Singapore.

Three-year Renewal Criteria:

For Option A Applicants

  • You must have met the GIP’s investment requirements under Option A.
  • Your Option A Singapore company must have at least 10 employees, including at least five Singapore citizens, and a total annual business expenditure of at least S$2 million; or you or all of your dependents who received permanent residency under your GIP application must have lived in Singapore for more than half of the time.

For Option B Applicants

  • Option B of the GIP requires that you have met the investment requirements.
  • You’ve established a company in Singapore that employs at least 10 people, including at least five Singapore citizens, and spends at least S$2 million per year on total business expenses.
  • You or any of your dependents who received permanent residency under your GIP application must have spent more than half of their time in Singapore.

For Option C Applicants

  • Option C of the GIP requires that you have met the investment requirements.
  • You must invest in a family office in Singapore that employs at least 10 people, including at least five Singapore citizens and three professionals, and has a total annual business expenditure of at least S$2 million.
  • You or any of your dependents who received permanent residency under your GIP application must have spent more than half of their time in Singapore.

What is the Application Process for Singapore's Global Investor Programme?

A complete application process is explained below.

Payment of a Non-Refundable Application Fee

Before sending the application forms, you must pay a non-refundable application fee of S$10,000. The borrower must pay any transaction fee, and you should keep this in mind when providing payment guidance to your respective financial institutions. If the full amount is not paid, the application will not be approved. Please keep in mind that payments over S$10,000 are non-refundable. The total amount of S$10,000 should be sent in one transaction.

Only telegraphic transfers from abroad or local interbank transfers can be used to credit the application fee to the following bank account.

Only telegraphic transfers from abroad or local interbank transfers can be used to credit the application fee to the following bank account. Please make a hard copy of your payment transaction slip to submit with the other documents highlighted in the “List of Supporting Documents for GIP Application” available on the EDB official website.

Download the Application Forms

Form A (Personal Profile), Form B (Proposed Investment Plan), and Form C (Payment Details) can be downloaded and completed offline at GIP Resources.

Upload the Completed Application Forms

Please upload the completed Application Forms (Form A, Form B, and Form C) to GIP Application.

Submit the Following Supporting Documents via Hard Copy To EDB

Information on the required documents can be found in Annex A, “List of Supporting Documents for GIP Application.”

Official English translations of foreign-language documents must be given and notarized by a notary public in Singapore (Directory Listing) or the country in which the document was published. Incomplete or incomplete information/documents can result in the application being rejected.

  • The E-application type must be used to print these declaration documents. The applicant must sign the initial declaration papers.

1) Undertaking of the Global Investor Programme’s terms and conditions

2) Declaration form for Global Investor Program application (Form A)

3) Form B, Declaration Form for Proposed Investment Plan

4) Application fee payment information in Form C (along with a hard copy of the payment transaction slip);

5) Statutory declaration form

  • A print-out copy of the GIP E-application form submitted online

Form 4 – Application for an entry permit to enter Singapore. For each applicant included in the Permanent Residence application, one original and one photocopy are needed. Children under the age of 21 may be included in the main applicant’s Form 4. Please visit GIP Resources to access Form 4

  • For Section I – items 1-10 (where applicable), you must have the following supporting documents:

Each applicant for Permanent Residence must submit one original and one photocopy.

  • Supporting documents for Section II

For the relevant supporting documents for your business profile and business plans, please see the information below:

What are the Supporting Documents Required For Each Applicant Applying For Permanent Residency?

The Singapore Immigration and Checkpoints Authority needs these documents:

1) A notarized copy of the travel documents or passport pages showing personal information and official details (please include all passports if the applicant has more than one)

2) A notarized copy of the birth certificate with both parents’ names

3) A notarized copy of the official census list or family registry

4) A detailed account of immediate family members’ histories (including names, ages and occupations)

5) For children under the age of 21, a notarized copy of custody or adoption papers (if applicable)

6) If necessary, a notarized copy of the official marriage certificate

7) A notarized copy of your divorce certificate from any prior marriages (if any)

8) A notarized copy of the “Deed Poll” or “Change of Name” certificate (if applicable)

9) Form 4 – Application for an Entry Permit to Enter Singapore

10) Two passport images, one for Form A and the other for Form 4

Documents Required By Established Business Owners

  • Original audited financial results of the applicant’s main company (for the last three years) as listed in Form A. The audit firm’s original company stamp must be included in the financial reports, and a certified audit firm must audit the financial statements. Consider the following scenario:

1) For Singapore-incorporated firms, the audit company must be a public accounting corporation or an accounting LLP registered with the accounting and corporate regulatory authority.

2) For businesses operating in the United States of America, the audit firm must be included on the Public Company Accounting Oversight Board’s list of Registered Public Accounting Firms: Registered Firms

3) For companies incorporated in the People’s Republic of China, the audit firm must be one of China’s Institute of Certified Public Accountants’ 50 audit firms:

A notary public must notarize non-original financial reports if they are submitted.

  • If the applicant is using another company to meet the eligibility requirements, the above information must also be provided for that business.

A notarized copy of the applicant’s share ownership in the main business and any other businesses listed in the application;

The applicant has the option of submitting one of the following documents:

  • The company’s capital verification report, dated within the last year from the date of the application form’s submission and bearing the initial company stamp of the public accounting firm. If there is no original company stamp from a public accounting firm, the report must be notarized by a notary public
  • Suppose the capital verification report is more than one year old when the application is submitted. In that case, the applicant must request an identical report released and notarized by his country’s industry & business commercial bureau or equivalent authority
  • A diagrammatic representation of the applicant’s main business’s shareholding arrangement
  • A notarized copy of the applicant’s main business’ business registration certificate/business license, as well as any other businesses listed in the application

Detailed curriculum vitae highlighting:

1) The applicant’s position and responsibilities, as well as business experience, in the primary business specified in Form A

2) The applicant’s work and business experience in other companies or organizations.

  • A copy of the applicant’s Singapore investment registration with ACRA (accounting & corporate regulatory authority), if applicable
  • In addition to Form B, a detailed business plan is needed (applicable for Option A and C applicants)
  • The applicant’s primary company and other businesses are depicted in an organizational map
  • Any supporting documentation for the applicant’s investment decision (if applicable)

Documents Required for Next-generation Business Owners

Original audited financial reports (for the last three years) of the applicant’s immediate family’s main company, as listed in Form A. The audit firm’s initial company stamp must be included in the financial reports.

An accredited accounting firm must audit the financial statements. Consider the following:

1) For Singapore-incorporated firms, the audit company must be a public accounting corporation or an accounting LLP registered with the accounting and corporate regulatory authority

2) For businesses operating in the United States, the audit firm must be on the Public Company Accounting Oversight Board’s list of registered public accounting firms.

A notary public must notarize non-original financial reports if they are submitted.

  • The applicant’s immediate family members’ share ownership of the main business is mentioned in the most recent notarized copy of documents

The applicant has the option of submitting one of the following documents:

  • The company’s capital verification report, dated within the last year from the date of the application form’s submission, and bearing the initial company stamp of the public accounting firm. If there is no original company stamp from a public accounting firm, this report must be notarized by a notary public
  • Suppose the capital verification report is more than one year old when the application is submitted. In that case, the applicant must request an identical report released and notarized by his country’s industry and business commercial bureau or equivalent authority
  • The shareholding arrangement of the applicant’s immediate family members’ share ownership of the main company is depicted graphically
  • The most recent notarized copy of the applicant’s immediate family’s main business registration certificate/business license
  • Detailed curriculum vitae highlighting the applicant’s position and responsibilities, as well as business experience in the applicant’s immediate family’s primary business, as stated in Form A; and the applicant’s work and business experience in other companies or organizations
  • A copy of the applicant’s Singapore investment registration with ACRA (accounting & corporate regulatory authority), if applicable
  • In addition to Form B, a detailed business plan is needed (applicable for Option A and C applicants)
  • Organization map of the applicant’s immediate family’s main company
  • Any supporting documentation for the applicant’s investment decision (if applicable)

Documents Required by Founders of Fast-Growth Companies

  • The most recent notarized copy of the main business’s valuation report
  • Latest notarized copy of the main business’s investor list
  • The main business’ most recent notarized copy of the business registration certificate/business license
  • Detailed curriculum vitae highlighting the following:
    • The applicant’s position and responsibilities, as well as business experience, in the primary business specified in Form A; and
    • The applicant’s work and business experience in other companies or organizations
  • A copy of the applicant’s Singapore investment’s ACRA (accounting & corporate regulatory authority) registration (if applicable)
  • In addition to Form B, a detailed business plan is needed (applicable for Option A and C applicants).
  • The applicant’s key business organization chart
  • Any supporting documentation for the applicant’s investment decision (if applicable)

Documents Required For Family Office Principals

  • A comprehensive curriculum vitae detailing the applicant’s career, business and investment experience
  • The most recent approved statement demonstrating that the person or direct family has at least S$200 million in net investible assets. Subject to EDB approval, the net investible assets must be approved by an accredited audit firm or a Singapore-based bank, law firm, or trust company.
  • In addition to Form B, a detailed business plan is needed
  • A diagrammatic representation of the Singapore-based single-family office’s shareholding arrangement
  • A diagrammatic representation of the shareholding arrangement of the S$200 million assets operated by a single-family office in Singapore
  • A copy of the applicant’s Singapore family office’s ACRA (accounting & corporate regulatory Authority) registration (if applicable)
  • If applicable, an overview of the applicant’s main business and a business plan for the main business in Singapore.
  • Any supporting documentation for the applicant’s investment decision (if applicable).

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