If you are planning to relocate to Singapore and you have sufficient funds to invest, you could consider using the GIP Scheme to acquire your PR status. Your investment into Singapore’s economy is valuable as it will generate economic spin-offs and create employment. Singapore’s business-friendly policies, relatively low taxes, modern infrastructure, safety and clean environment have always appealed to foreign investors who are looking to relocate here.

Using your investment funds, you could consider either launching a new enterprise or enriching an existing one in Singapore. You must, however, prove to the authorities that you have what it takes to make a business succeed, both in terms of your experience and how you plan to go about it. The Singapore government often acts as the link in finding suitable partnerships between foreign investors and local business networks.

Investment Options under GIP Scheme

At present, under the Investor Scheme, there are the following investment options:

• Option A: Invest at least S$2.5 million in a new business startup or expansion of an existing business operation.
• Option B: Invest at least S$2.5 million in a GIP-approved fund that invests in Singapore-based companies.

The investment input is only one of the criteria to qualify for GIP. You will also need to prove to the authorities that you have an entrepreneurial flair, by showing a good track record and furnishing a credible business proposal or investment plan in order to earn your permanent residence status through the Investor Scheme.

Eligibility Criteria

In order to qualify for the GIP Scheme you must:

• Meet the minimum investment requirement of S$2.5 million in one of the investment options (criteria for each option are further detailed below)
• Possess at least three years of business or entrepreneurial track record
• Ensure that your existing business meets the following turnover requirements:
  • For companies in other business sectors: A minimum of S$50 million in the most recent year and at least S$50 million per annum on average for the last three years
• Have at least 30% shareholding in the company if it is privately owned
• Submit audited financial statements of your company for the last three years

If you own more than one business, you must submit the financial statements of the company which has the highest turnover. You are free to consolidate your businesses in order to meet the minimum annual turnover criteria. Authorities will also take into account the factors such as your role and position in the company, and the profitability of your company.

Investment criteria for “Option A” applicants

•  Minimum investment requirement of S$2.5 million in a new business start-up or expansion of an existing business operation.
• You must submit a three-year business/investment plan with employment and annual financial projections. Note that you must meet the employment and financial milestones that you have set in your business/investment plan at the end of a three-year period.

Investment criteria for “Option B” applicants

•  Minimum investment requirement of S$2.5 million in a GIP-approved fund that invests in Singapore-based companies.
• The updated list of GIP-approved funds can be found here.

Approved business sectors for GIP Scheme

You can choose to invest in any of the following business sectors under the GIP scheme. Please note that this is the current list (as of Dec 2013) and may be updated by the authority from time to time.

• Aerospace Engineering
• Alternative Energy
• Automotive
• Chemicals
• Consumer Business
• Education
• Electronics
• Energy
• Environment & Water Technology
• Engineering Services
• Healthcare
• Infocomm Products & Services
• Logistics & Supply Chain Management
• Marine & Offshore Engineering
• Media & Entertainment
• Medical Technology
• Nanotechnology
• Natural Resources
• Safety & Security
• Space
• Pharmaceuticals & Biotechnology
• Precision Engineering
• Professional Services
• Lifestyle Products & Services (including: (a) Visual Arts, e.g. art galleries, museums, auction houses, art logistics, art storage facilities, (b) Performing Arts, e.g. art theaters, production houses, (c) Sports, e.g. sports academies, headquarters of sports companies, etc.)

Permanent Residence for Family

Currently under the GIP Scheme, you can also apply for permanent residence for your family members as per the below guidelines:

• Your spouse and children 21 years and below are eligible to apply for PR together with your PR application. Male dependents will be liable for National Service.
• Your children who are over 21 years and your parents are eligible to apply for the 5-year Long Term Social Visit Pass (LTSVP), which is renewable and tied to the validity of your re-entry permit.

Application Procedure

The following documents will be required for PR application under the GIP Scheme:

• Form A: Application for Permanent Residence for Investors
• Form B: Proposed Investment Plan
• Undertaking on the Terms & Conditions of the programme
• Form 4: Application for An Entry Permit to Enter Singapore
• Other supporting documents, wherever applicable

Note that officially endorsed translated versions must be provided for any non-English documents.

It will take 6-8 months to process the application. While processing the application, the relevant authority will invite you for an interview. If your application is approved, you will be issued an Approval-in-Principle PR which is valid for 6 months, during which time you will be required to make your investment. Documentary evidence of your investment such as share certificates and title deeds will need to be submitted and withheld by the authorities for 5 years. Once these documents have been received by the authorities, you will be conferred the final PR status.

Once you have cleared all the hurdles and formalities, and have received the blue identity card given to all Singapore permanent residents, you can start contributing to the country’s economy. You will also benefit by being able to reside in the country visa-free, enjoy tax relief and education subsidies for your children among many other rights and privileges that are given to citizens of Singapore.