Q:
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What is GIP?
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A:
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GIP accords Singapore Permanent Resident status (“SPR”) to eligible global investors who intend to drive their businesses and investment growth from Singapore. You will need to have a substantial business track record and successful entrepreneurial background to qualify.
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Q:
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What are the qualifying criteria for the GIP?
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A:
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You are eligible to apply for GIP if you meet the following qualifying criteria:
1.
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A Established Business Owners
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(1)
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You must have at least 3 years of entrepreneurial and business track record;
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(2)
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You are currently running a company with SGD200 million of annual turnover.
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(3)
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You own at least 30% shares in the company (if the company is privately held); and
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(4)
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The company must be engaged in one or more industries listed in the approved business industries.
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2.
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Next Generation Business Owners
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(1)
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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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(2)
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The operating company must have at least SGD500 million of annual turnover.
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(3)
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You must be part of the management team of the company; and
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(4)
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The company must be engaged in one or more industries listed in the approved business industries.
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3.
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Founders of Fast Growth Companies
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(!)
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You must be a founder and one of the largest individual shareholders of a company with a valuation of at least SGD500 million;
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(2)
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Your company must be invested into by reputable Venture Capital / Private Equity firms; and
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(3)
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The company must be engaged in one or more industries listed in the approved business industries.
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4.
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Family Office Principals
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(1)
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You must possess at least 5 years of entrepreneurial, investment or management track record; and
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(2)
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Your must have net investible assets of at least SGD200 million.
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Q:
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What are the investment options under GIP?
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A:
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Under GIP, you may choose one of the following investment options:
1.
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Option A: Invest at least SGD2.5 million in a new business entity or in the expansion of an existing business operation.
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2.
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Option B: Invest at least SGD 2.5 million in a GIP fund that invests in Singapore based companies.
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3.
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Option C: Invest at least SGD 2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM) of at least SGD200 million.
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Q:
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What are the approved business industries under GIP?
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A:
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Under the GIP, you may invest in the following industries:
(1)
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Aerospace Engineering
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(2)
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Alternative Energy/Clean Technology
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(3)
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Automotive
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(4)
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Chemicals
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(5)
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Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home and personal care)
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(6)
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Electronics
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(7)
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Energy
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(8)
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Engineering Services
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(9)
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Healthcare
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(10)
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Infocomm Products & Services
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(11)
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Logistics & Supply Chain Management
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(12)
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Marine & Offshore Engineering
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(13)
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Media & Entertainment
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(14)
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Medical Technology
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(15)
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Nanotechnology
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(16)
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Natural Resources (e.g. metals, mining, agri-commodities)
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(17)
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Safety & Security
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(18)
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Space
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(19)
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Shipping
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(20)
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Pharmaceuticals & Biotechnology
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(21)
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Precision Engineering
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(22)
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Professional Services e.g. consulting, design
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(23)
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Art Businesses (Performing arts businesses and Visual arts businesses, e.g. auction houses, art logistics/storage)
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(24)
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Sport Businesses
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(25)
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Family Office & Financial Services
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Q:
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How long does it take to process GIP application?
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A:
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The Economic Development Board of Singapore (“EDB”) will take around 9 to 12 months to process an application. It may take a longer time if the EDB requires further clarification from you.
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Q:
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What is the duration of SPR under GIP?
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A:
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A successful GIP candidate will be issued a Re-Entry Permit (“REP”) for 5 years upon the approval of his/her SPR status. A valid REP enables him/her to retain the SPR status while travelling in and out of Singapore. After the initial 5 years, the REP may be renewed for another 3 years or 5 years, subject to certain renewal requirements.
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Q:
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Can a successful GIP candidate bring their family members to join them in Singapore?
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A:
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Yes. Your spouse and such unmarried children as are below 21 years old as at the date of application are eligible to apply for SPR under your GIP application. Male children who obtain SPR by virtue of being your dependant will be liable for National Service. Your parents and such unmarried children as are 21 years old or older as at the date of application, are not eligible to apply for SPR under your GIP application. Instead, they can apply for a 5-year Long Term Visit Pass (“LTVP”), which is tied to the validity of your REP.
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