For all foreigners who are looking to invest in an operating or start up business in Singapore, you can apply to be a Singapore permanent resident via the Global Investor Programme (GIP Scheme).
For foreigners who plan to set up a business in Singapore, if you have enough funds and a solid business plan that meets the eligibility criteria of the Global Investor Programme scheme, you should consider applying for permanent residence in Singapore. There are many benefits to business owners in Singapore who hold a permanent resident status.
For investors who are looking to invest in a business in Singapore, you should know that Singapore has very attractive policies that make for a business-friendly environment, along with lower corporate tax rates and a host of other policies that make Singapore a great place to invest in or to start up a new business.
However, you may also find the eligibility criteria of the Global Investor Programme scheme (GIP scheme) to be somewhat prohibitive. The screening process does not only assess your professional experience and track record as an investor or entrepreneur, it will also take your future investment and/or business plans into consideration. In addition, your business or investment has to fit into one of the approved business sectors as listed below under ‘Approved Business Sectors’.
To qualify for the GIP Scheme, you must:
If you own multiple businesses, you can either submit the audited financial statements of the company with the highest revenue, or even consolidate the financial statements of your businesses to meet the minimum required turnover of S$50 million.
During the screening process, various other factors will be taken into account. To name a few, you will be assessed on the profitability of your existing company, your role and position in the company, and the future plans that you have laid out to achieve in Singapore.
If your business plan involves the investment into an existing Singapore-based company, there are additional third year milestones that the company is required to fulfill:
Your investments/businesses must be engaged in one or more of the industries listed below (updated May 2017):
When applying for permanent residence under the GIP scheme, you are able to include your family members as part of your application to obtain PR status for them as well.
You will first need to prepare the following list of documents required for PR application under the GIP scheme:
Please note that any non-English documents will need to be properly translated and official endorsed before they can be submitted.
The usual processing time for an application is about 6-8 months.
During the first 2-4 months, while application is being assessed by the relevant authorities, you will be invited for an interview.
After the interview, if you meet all assessment criteria, you will be issued an Approval-In-Principle (AIP) status, which is valid for 6 months. Within the 6 months, you are to make the necessary investments and submit evidence of the investments made, such as bank statement, share certificates and other legal documents. Additionally you are required to submit the Investment Undertaking on the Terms and Conditions of the investment made.
Upon receiving the relevant documents, the authorities will issue a final approval letter for your PR status.
Once you have obtained the final approval letter, you must complete the formalities within 12 months, after which you will be given your blue NRIC and become fully local as a Singapore permanent resident.
You are now able to enjoy various benefits of being a Singapore PR and can continue to contribute towards the country via investments and/or work on successfully achieving the various milestones you have proposed during the application.