Among numerous efforts that the Singaporean government has made to drive up economic growth in the country, one of the initiatives that’s gotten the most traction is the Global Investor Programme (GIP). The GIP, an official division of Singapore’s Economic Development Board (EDB), is a programme whose goals are (1) to attract promising investors and entrepreneurs from across the globe, and (2) invite them to contribute their talents to Singapore’s world-class economy.
If it’s been a dream of yours to work in Singapore—and to earn a comfortable life there for your family—find out if you’re eligible for the GIP. Here’s everything you need to know about Singapore’s flagship residency-by-investment programme.
It Affords You the Chance to Secure Permanent Residency or Citizenship in Singapore
One of the most appealing incentives of the GIP is that it serves as a way to attain either permanent residency (PR) or citizenship status in Singapore. If you are successful in your application, you’ll be able to earn a Singapore investment visa. This will allow you to work and reside in Singapore in the long term and even secure citizenship for you and your nuclear family two years after you obtain PR status.
Not only will you be able to do business in Singapore and contribute your investment acumen towards the country’s economic growth, you will also be able to live in a city-state that is consistently lauded for its healthcare system, public infrastructure, and general quality of life. If it’s within reach, this is one of the best avenues to start a prosperous life in Singapore.
It’s Open to Established Business Owners, Next-Generation Business Owners, Family Office Principals, and Founders of Fast-Growing Businesses
At a glance, there are four types of investors who are welcome to apply to Singapore’s GIP:
- An established business owner with rich entrepreneurial experience spanning at least 3 years, and whose annual business turnover is at least SGD 200 million
- A member of a high-value family business whose immediate family possesses at least 30% of shares, and whose annual turnover for the said business is at least SGD 500 million
- A founder and one of the largest shareholders of a fast-growing company that’s worth at least SGD 500 million
- A family office principal with at least 5 years’ worth of experience in entrepreneurship, management, or investment activities and net investable assets of at least SGD 200 million
Does your investor’s profile match any of these? If it does, look up the additional eligibility requirements from EDB and see if you meet them.
You Must Be Involved in Certain Industries to Be Qualified for the Programme
The GIP is a highly selective programme, and one criteria that an applicant must meet is that their business and investment interests must be represented in the GIP’s list of accepted industries. Some examples that reflect Singapore’s biggest economic drivers are the sectors of consumer business, automotive business, logistics and supply chain management, financial services, healthcare and medical technology, electronics, energy, and information communication. Other exciting areas of investment that are eligible under the GIP are aerospace engineering, marine and offshore engineering, nanotechnology, the arts, and sports businesses.
A full list of eligible industries is available on the EDB’s official website. If you intend to apply for the programme, be sure that your sector is represented.
You Can Invest in a New Business Entity, a GIP Fund, or a Family Office with SGD 200 Million in AUM
There are three options for investing your money into the GIP, and they comprise the following:
- Investing SGD 2.5 million in a brand-new business entity. If you choose this route, you will need to submit a detailed business or investment plan to the EDB complete with financial projections, anticipated expenditures, and employment schemes.
- Investing in an existing GIP fund that’s based and incorporated in Singapore. The EDB will assess you based on the viability and thoroughness of your investment plans.
- Investing in a new or existing family office with at least SGD 200 million in assets under management, or AUM. Offshore assets count, but at least SGD 50 million must be transferred to and held in Singapore.
You Must Be Ready to Make Your Investment within 6 Months of Your Application Approval
Lastly, if you’ve been approved for entry into Singapore through the GIP, you are required to complete your investment within six months of your application approval. This should be made through your personal bank account, under your sole name, with a Singapore-registered bank that’s based in the country.
You will also need to take stock of all true copies of your investment documents, like bank statements, credit and debit advisories, a bank reference letter certifying the validity of the transaction, and other additional documents required by the EDB. Be prepared to complete this paper trail so that you are not amiss in your standing with the agency.
Final Words
The requirements may be tedious and the field may be quite competitive, but you’ll have an exceptional opportunity to live and invest in Singapore if your GIP application is successful. Contact an authorised representative from the EDB and see how you can get started on the application process!