Gip - A Million Dollar Ticket For Singapore Residency

Singapore has consistently scored well in several economic surveys carried out globally, hence it is no surprise that foreign entrepreneurs are keen to call Singapore their second home. In line with this scenario the government and its agencies have implemented several interesting schemes to welcome investors and entrepreneurs who will generate economic spin offs as well as create employment. One such scheme is the Global Investors Programme administered by the SEDB - the Singapore Economic Development Board - to ease the entry of investors. Prospective investors and entrepreneurs may apply for Singapore Permanent Residence (PR) under the Global Investor Programme which has three options as follows

1. Invest at least S$1 million in a new business startup or expansion of an existing business operation or
2. Invest at least S$1.5 million in a new business startup or expansion of an existing operation, approved Singapore-incorporated venture capital fund or Singapore-incorporated foundation or trust that focuses on economic development or
3. Invest at least S$2 million in a new business startup, expansion of an existing operation, approved Singapore-incorporated venture capital fund or Singapore-incorporated foundation or trust that focuses on economic development. Residential property can be purchased with not more than 50% of the investment amount.

Other investment vehicles such as venture capital funds, foundations or trusts, and/or private residential properties will be considered for application for Permanent Resident applications. Up to 50% of the investment can be in private residential properties, subject to foreign ownership restrictions under the Residential Property Act (RPA).

A prospective applicant is eligible to apply if you have:

* A substantial business track record
* An entrepreneurial background
* A business proposal or investment plan (for Option 1)

The prospects claiming entrepreneurial and business track record must satisfy certain criteria as below

(a) Must have at least 3 years of entrepreneurial track record and must produce existing company's audited financial statements for the last 3 years.

(b) The annual turnover of the company must be:

- At least S$10 million in the most recent year; and

- At least S$10 million on average for the last 3 years

To satisfy this criterion one may choose to consolidate the financial performance of several existing businesses.

Apart from this the company's ownership profile and its profitability and the applicant's role in the business will also be taken into consideration.

Applicants without entrepreneurial and business track record but are senior corporate managers and applying under option 1 of GIP scheme, must have at least 10 years of corporate management experience and must currently be undertaking a senior management role in a company, the turnover of which is at least S$100 million.

The immediate family of the applicant, that is, the spouse and children (below 21 years old) are eligible to apply for PR under the same application while parents and parents-in-law are eligible for PR at an additional investment of S$300,000 per person under the same application.

Submission of Application Form A (Personal Profile) and Form B (Proposed Investment Plan) must be made via the E-application form available on www.contactsingapore.sg/GIP.Hard copy applications are not accepted. Supporting documents alone need to be submitted as hardcopies to Contact Singapore. Contact Singapore is an alliance of the Singapore Economic Development Board and Ministry of Manpower. It aims to attract global talent to invest, work and live in Singapore. Its offices in the Asia Pacific, Europe and North America also accept applications for PR under GIP.


After a careful review of the application and on satisfying the requisite criteria an interview session will be arranged with the applicant. On successful approval the Singapore Immigration & Checkpoints Authority issues an Approval-in-Principle Permanent Residence status, which is valid for 6 months, within which the investments must be channeled into Singapore. After making the investment, the documentary evidence of investment must be submitted to Contact Singapore. These include


* Bank statement showing that the investment was made from the applicant's personal bank account in a Singapore-registered bank,
* Share certificate(s) and/or title deed.

Contact Singapore, upon receipt of documentary evidence will notify the applicant to formalize the In-Principle PR at the Singapore Immigration and Checkpoints Authority. The documents will be held in custody for 5 years by Contact Singapore

If chosen investment is in a new business startup or expansion of an existing operation, audited financial statements must be submitted as at the end of the 2nd and 4th year of investment.