The Global Investor Program in Singapore, also known as the GIP scheme, is a very popular choice among foreign migrants who wish get their Singapore PR application status approval. Here is more information on this GIP scheme and whom are eligible to apply for GIP.
The Global Investor Programme GIP was introduced by national government authority – the Ministry Of Manpower (MOM) in conjunction with the Singapore Economic Development Board (EDB) for migrants interested to be investing in eligible businesses or GIP approved funds as a way to an eventual approved Singapore permanent residence. Over the years, the requirements for Global Investor Programme GIP you need have changed, and the following is the most updated assessment criteria required as of 2020 for a GIP application.
There are either of three investment options in Singapore within Global Investor Programme GIP of Singapore you can make if your profile qualifies, and different types of profiles qualify you for different GIP options. Do note eligibility criteria and conditions to meet when investing for your GIP application also varies as shown in following.
Option A – Invest S$2.5 million in a new business entity or expansion of an existing business
Under this option A, there are additional steps in the process:
- To submit a detailed 5 years business or investment plan with projected employment in Singapore, expenditure and financial projections for the company. This will be assessed based on its feasibility, your role, the activities and creation of local jobs
- Investors to have at least 30% shareholding in the company and be part of the management team
- Company must be engaged in one of the industries listed in Annex B
Who qualifies for Option A?
Successful business owners, next generation family members of an existing business operation and entrepreneurs of fast growth companies with track record.
Option B – Invest at least S$2.5 million in a GIP fund that invests in Singapore-based companies
Likewise, there are also additional steps investors will be required to take with this GIP path with minimum investment of Singapore $2.5M, which is highly similar to that of route A.
Who qualifies for Option B?
Established founders of a company, next generation shareholders and entrepreneurial founders of fast growth companies with business track record may apply.
Options C – Invest S$2.5 million into a new or current Singapore family office having Assets-Under-Management (AUM) of at least S$200 million
Under this option C, there are additional steps:
- Investors to submit a detailed 5 years business plan with projected employment and annual financial projections with the Singapore investment VISA. The investment plan will be assessed based on your position in it, the functions of it, proposed investment sectors, asset types and geographical focus.
- Offshore assets outside of Singapore can be qualified as part of the AUM requirement, if a minimum of S$50M of the investible AUM has been transferred into and held in Singapore
Who qualifies for C?
Successful C suite business owners, next generation entrepreneurs, entrepreneurial founders of fast growing companies and family office principals may qualify and apply.
For investible assets in Singapore, they can be made up of stuff like bank deposits, collective investment schemes, premiums paid for life insurance policies and such investment products, capital market products, but not including real estate.
To read more on the information guide on the definitions of the type of individuals who qualify for one or more of the above options A to C under the Global Investor Programme GIP Singapore, you may select to use EDB website factsheet. You will also need to have your company in one of the following categories like aerospace engineering, visual arts businesses, engineering services, chemicals, nanotechnology, pharmaceuticals biotechnology, performing arts, medical technology, healthcare, sports businesses, consumer business for example flavors, fragrances, home and personal care, nutrition, and such. Foreign investors who want more information, refer to their website.
While the average requirements and criteria for immigration are getting harder as the years go back, more ultra wealthy are still picking up a permanent residence in the country due to the many benefits that such a status confers on them as well as their unmarried children under 21 years and such list of dependents.