Investment Options |
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Option A |
Invest S$2.5 million in a new business entity or in the expansion of an existing business operation. |
Option B |
Invest S$2.5 million in a GIP fund3 that invests in Singapore-based companies. |
Option C |
Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.
Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore. |
Established Business Owners |
Investment Options |
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To qualify |
a) You must possess at least 3 years of entrepreneurial and business track record; |
Option A or B or C |
b) You should currently be running a company 1 with an annual turnover of at least S$200 million in the year immediately preceding your application, and at least S$200 million per annum on average for the three years immediately preceding your application; |
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c) If your company is privately- held2, you should have at least 30% shareholding in the company; AND |
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d) Your company must be engaged in one or more of the industries listed in Annex B. |
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Next Generation Business Owners |
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To qualify |
a) Your immediate family should have at least 30% shareholding or is the largest shareholder in the company you use to qualify |
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b) This company’s annual turnover must be at least S$500 million in the year immediately preceding your application, and at least S$500 million per annum on average for the three years immediately preceding your application; |
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c) You must be part of the management team of the company (e.g. C-suite / Board of Directors); AND |
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d) Your company must be engaged in one or more of the industries listed in Annex B. |
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Founders of Fast Growth Companies |
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To qualify |
a) You must be a founder and one of the largest individual shareholders of a company with a valuation of at least S$500 million; |
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b) Your company must be invested into by reputable Venture Capital /Private Equity firms; AND |
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c) Your company must be engaged in one or more of the industries listed in Annex B. |
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Family Office Principals |
C |
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To qualify |
a) You must possess at least 5 years of entrepreneurial, investment or management track record; AND |
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b) You must have net investible assets of at least S$200 million. |
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(NB: Net Investible Assets include all financial assets, such as bank deposits, capital market products, collective investment Programmes, premiums paid in respect of life insurance policies and other investment products, excluding real estate.) |
Investment Options |
Qualifications |
Option A |
Invest S$2.5 million in a new business entity or in the expansion of an existing business operation. |
· Applicants who apply for Option A must submit a detailed 5-year business or investment plan with projected employment, expenditure and financial projections that will incur in the Option A company (as outlined in Form B of the GIP Application Form). The business plan will be assessed based on its feasibility, your role in growing the Option A company, the business activities and the creation of local jobs; and · You should have at least 30% shareholding in the Option A company and must be part of the management team of the company (e.g. C-suite / Board of Directors); and · Your Option A company must be engaged in one of the industries listed in Annex B. |
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Option B |
Invest S$2.5 million in a GIP fund that invests in Singapore-based companies. |
· Applicants who apply for Option B will be assessed based on their future business or investment plans in Singapore. This may include specific details on proposed business activities, amount of investment, creation of local jobs, etc. |
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Option C |
Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.
* Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore. |
· Applicants who apply for Option C must submit a detailed 5-year business plan with projected employment and annual financial projections (as outlined in Form B of the GIP Application Form). The business plan will be assessed based on your role in your single family office, the functions of your family office, your proposed investment sectors, asset types and geographical focus. |
1 |
Applicant submits completed GIP Application Forms (both online and hardcopy) to EDB |
2 |
Applicant is invited for an interview with EDB |
3 |
If Applicant meets the assessment criteria, the Immigration & Checkpoints Authority (ICA) will issue an Approval-in-Principle (AIP) status to the Applicant which is valid for 6 months |
4 |
Applicant makes the necessary investment under the selected investment option, within 6 months from the date of the AIP letter |
5 |
Upon making the investment, Applicant provides evidence of the investments made (e.g. Certified true copy of share certificates, bank statements and other legal documents) and submits the Investment Undertaking on the Terms and Conditions of the investment made |
6 |
Once investment documents are verified by EDB, ICA will issue the Final Approval letter |
7 |
Applicant must formalise his/her Permanent Residence status in Singapore within 12 months from the date of the Final Approval letter |
(1) |
It will take approximately 9-12 months for a GIP Application to be processed. This is subject to complete submission of all required supporting documents at the point of application. Your application will also be subject to due diligence checks. |
(2) |
Your spouse and unmarried children below the age of 21 as at the date of application submission are eligible to be included as dependants under your GIP application. Male children who obtain PR by virtue of being your dependant will be liable for National Service. Male dependants whose spouse is the main applicant may be liable to serve National Service. Please visit www.cmpb.gov.sg for more information on National Service in Singapore. |
(3) |
Your parents and unmarried children above the age of 21 years as at the date of application submission are not eligible to be included as dependants under your GIP application. Instead, they can apply for a Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP). |
(1) |
A certified true copy8 of investment documents (e.g. ordinary share certificates for Option A and C investments). |
(2) |
Bank statements/Debit and Credit advices showing that the investment was made from your personal bank account opened in your sole name with a Singapore-registered bank in Singapore. |
(3) |
Original signed undertaking on the Terms and Conditions of the investment made (the “Investment Undertaking”). |
(4) |
Bank reference letter certifying that your account with the Bank has been satisfactorily conducted. Information in the bank reference letter should include name, passport number, account type, account number |
(1) |
For an Investment Undertaking made in the United Kingdom or in a Commonwealth country, it can be signed in the presence of a notary public, Justice of Peace or other person authorised under the law of that country. |
(2) |
If the applicant is in Singapore, the Investment Undertaking must be signed in the presence of an Advocate and Solicitor of the Supreme Court of Singapore or a notary public appointed pursuant to the Notaries Public Act (Cap. 208). |
(3) |
For non-Commonwealth countries (e.g. China), the Investment Undertaking must be signed in the presence of an authorised Singapore embassy or consular staff in the non- Commonwealth country. |
(1) |
ACRA Bizfile records of your registered family office in Singapore before and after capitalisation. |
(2) |
Original/latest certified true copy8/latest notarised copy of supporting documents to demonstrate the AUM and its ownership of at least S$200 million in your Singapore registered family office; such documents submitted to be determined by EDB in its sole discretion. |
(3) |
For assets parked under separate investment holding company/private trusts, a latest notarised copy of the Investment Management Agreements must be provided to demonstrate that the assets are managed by your family office in Singapore. |
(1) |
The list of required documents may be revised depending on the investment option selected. Upon receiving AIP status, applicants will receive an email from EDB to outline the full list of documents required. |
(2) |
Certified true copy of the required documents must be done by an accredited audit firm, or Singapore-based bank, law firm or trust company, subject to EDB's approval. |
(1) |
The list of documents required to be submitted by the applicant depends on the applicant's investment proposal. Once the applicant has been granted an approval-in-principle letter for permanent residency, an email will be sent to the Singapore Economic Development Board. This email will contain a list of documents that the applicant is required to submit. |
(2) |
Certified copies must be provided by an internationally renowned or Singapore-registered accounting firm, bank, law firm or trust company approved by the EDB. |
(3) |
Certified copies must be provided by an internationally renowned or Singapore-registered accounting firm, bank, law firm or trust company approved by the EDB. |
(4) |
The amount of staff employed and business expenses is the value added after the approval in principle letter is granted and the committed investment is implemented. |
(5) |
the three employees in the Single Family Financial Office must be non-family members who are responsible for advising on legal, tax or investment matters. The employees of a Singapore incorporated company that is a direct investment of the Single Family Office may be recognised for renewal assessment if (i) the business must be in one of the industries specified in Appendix B and (ii) the applicant holds not less than 30% of the equity in the business. |
Option |
For a 5-year renewal |
For a 3-year renewal |
A |
i. You must have fulfilled the investment conditions under Option A of the GIP; AND ii. Your Option A company in Singapore must employ at least 10 employees with at least 5 Singapore Citizens, and incurs an annual total business expenditure of at least S$2 million; AND iii. You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
i. You must have fulfilled the investment conditions under Option A of the GIP; AND ii. EITHER (A) or (B) (A) Your Option A company in Singapore must employ at least10 employees with at least 5 Singapore Citizens, and incurs an annual total business expenditure of at least S$2 million; OR (B) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
B |
i. You must have fulfilled the investment conditions under Option B of the GIP; AND ii. You have set up a business9 in Singapore which must employ at least 10 employees with at least 5 Singapore Citizens, and incurs an annual total business expenditure of at least S$2 million; AND iii. You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
i. You must have fulfilled the investment conditions under Option B of the GIP; AND ii. EITHER (A) or (B) (A) You have set up a business9 in Singapore which must employ at least 10 employees with at least 5 Singapore Citizens, and incurs an annual total business expenditure of at least S$2 million; OR (B) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
C |
i. You must have fulfilled the investment conditions under Option C of the GIP; AND ii. The Family Office in Singapore that you will be investing in must employ at least 10 employees with at least 5 Singapore Citizens and 3 professionals; and incurs an annual total business expenditure of at least S$2 million; AND iii. You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
i. You must have fulfilled the investment conditions under Option C of the GIP; AND ii. EITHER (A) or (B) (A) The Family Office910 in Singapore that you will be investing in must employ at least 10 employees with at least 5 Singapore Citizens and 3 professionals11; and incurs an annual total business expenditure of at least S$2 million; OR (B) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. |
(1) |
If you have invested into a new or existing Singapore-based company/Family Office, only incremental numbers for employment and total business expenditure incurred from the date of your investment may be taken into consideration for the purpose of determining the fulfillment of the economic conditions for your REP renewal. This company must be engaged in one of the industries listed in Annex B and your shareholding in the company must be at least 30%. |
(2) |
If you have invested directly or indirectly, or through your Family Office in any new or existing companies in Singapore, incremental number of employees incurred by these companies may be taken into consideration for the purpose of determining your fulfillment of the economic conditions for your REP renewal, provided the company is engaged in one of the industries listed in Annex B and your shareholding in the company is at least 30%. |
(3) |
The 3 professionals in the family office have to be non-family members, holding advisory roles or board appointments in functions related to legal, tax, or investment. |
(1) |
These declaration documents are to be printed from the E-application form. The original declaration documents must be signed by the applicant. (i) Undertaking* on the Terms and Conditions of the Global Investor Programme; (ii) Declaration form for Application of Global Investor Programme in Form A; (iii) Declaration form for Proposed Investment Plan in Form B; (iv) Payment details of Application fee in Form C (with hard copy of payment transaction slip attached); (v) Statutory Declaration Form*; (a) For Statutory Declaration and Undertaking made in the United Kingdom or in a Commonwealth country, it can be signed before a notary public, Justice of Peace or other person authorised under the law of that country to take/receive Statutory Declarations. |
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(2) |
A print-out copy of the GIP E-application form submitted online; |
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(3) |
Application for an Entry Permit to Enter Singapore – Form 4 [1 original and 1 photocopy required for each applicant included in the application for Permanent Residence. Unmarried children (below 21 years old) can be included in the main applicant’s Form 4]; |
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(4) |
Supporting documents for Section I - items 1-10 (where applicable); 1 original and 1 photocopy are required for each applicant included for Permanent Residence.
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(5) |
Supporting documents for Section II; Please refer to the table below for the required supporting documents for your business profile and business plans:
Note 1: Under Option C, the Singapore-registered single family finance office must manage assets of not less than S$200 million. Note 2: The accounting firm must be a public accounting firm or accounting limited partnership registered with the Accounting and Corporate Regulatory Authority of Singapore. Note 3: Under Option C, the Singapore-registered single family finance office must manage assets of not less than S$200 million. |
No. |
Name of the Industries |
1 |
Aerospace Engineering |
2 |
Alternative Energy/ Clean Technology |
3 |
Automotive |
4 |
Chemicals |
5 |
Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home and personal care) |
6 |
Electronics |
7 |
Energy |
8 |
Engineering Services |
9 |
Healthcare |
10 |
Infocomm Products & Services |
11 |
Logistics & Supply Chain Management |
12 |
Marine & Offshore Engineering |
13 |
Media & Entertainment |
14 |
Medical Technology |
15 |
Nanotechnology |
16 |
Natural Resources (e.g. metals, mining, agri-commodities) |
17 |
Safety & Security |
18 |
Space |
19 |
Shipping |
20 |
Pharmaceuticals & Biotechnology |
21 |
Precision Engineering |
22 |
Professional Services e.g. consulting, design |
23 |
Arts Businesses |
24 |
Visual arts businesses, e.g. auction houses, art logistics/storage |
25 |
Performing arts businesses |
26 |
Sports Businesses |
27 |
Family Office & Financial Services |
Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |