Singapore Permanent Residency (SPR) is highly coveted because it comes with numerous benefits. The country has a secure and robust economy, year-round sunny climate, world-class public transportation system, and very low crime rate.
Furthermore, an SPR under the Singapore investment immigration Program (also known as the Global Investor Programme) would lead you towards acquiring the world’s strongest passport (after 2 years of stay in the country) that does not need any visa to enter 188 destinations worldwide.
Singapore welcomes any investment because it helps generate economic spin-offs and creates employment opportunities. The country has a business-friendly environment and supports various enterprises, a few reasons why investors are drawn to the tiny city-state.
Based on the ICA, only 30,000 Singapore permanent resident spots are given annually. The good news is there is more than a single way to apply and get a guaranteed Singapore PR. Investors, for instance, have higher chances of securing a Singapore PR based on their strong business background and ability to contribute more to the economy. Investors and successful business owners who are willing to invest up to 2.5 million SGD and/or relocate their business to Singapore can take advantage of the Global Investor Programme or GIP scheme.
With the 2.5 million funds, investors can quickly launch a new enterprise or enrich an existing one. However, it is a must to prove to authorities that you have the skills necessary to ensure the business’ success with your experience and your business plan. The government will be more than happy to act as a link in helping you find a suitable partner with local networks, thereby minimizing business risks. There are two options to choose from under the GIP scheme, and they are the following:
Options Under the GIP Scheme
A. Invest a minimum of $2.5 million in a startup business or expand an existing business
B. Invest a minimum of $2.5 million in a Global Investor Programme (GIP) approved fund which invests in startup companies based in Singapore; or
Aside from choosing an investment, it is also necessary to prove to Singaporean authorities that you have entrepreneurial skills by showing a good track record or a sound investment plan and business proposal.
The Global Investor Programme Eligibility
Not everyone who applies for the GIP investment scheme is eligible, so it is necessary to confirm your qualifications.
- Meet the minimum investment requirement of $2.5 million in one of the investment options enumerated previously
- Have at least three years of entrepreneurial or business track record
- Ensure that your existing business meets minimum turnover requirements
Companies in business sectors must have at least $200 million revenue in the most recent year and an average of $50 million revenue per annum for the past three years (note: a higher business turnover is required for certain industries)
- Have at least 30% shareholding of a privately-owned company
- Submit the company’s audited financial statements for the last three years
Option A: Investment Criteria
- Minimum investment of $2.5 million in a new startup or expansion of an existing business
- Submission of a three-year business or investment plan with annual and employment projections. The financial and employment milestones set in the business or investment plan must be met at the end of the three-year period
Option B: Investment Criteria
- Minimum investment of $2.5 million in a GIP-approved fund that puts money in Singapore-based economies
You can choose to invest from a list of business sectors under the GIP scheme. A few of the industries included in the GIP scheme are:
- Aerospace engineering
- Alternative Energy / Clean Energy
- Engineering services
- Infocomm Products and Services
- Media and Entertainment
- Natural Resources
- Pharmaceuticals & Biotechnology
- Precision Engineering
- Consumer Business
- Logistics & Supply Chain Management
- Arts Businesses
- Medical Technology
- Safety & Security
- Professional Services
- Lifestyle Products & Services
Permanent Residence for Family
Under the GIP scheme, you can also apply for PR for your family members with the following guidelines:
- Your spouse and children who are below the age of 21 years old may apply for PR with your PR application. National Service for male dependents is a must.
- Children who are older than 21 and your parents can apply for the 5-year Long Term Visit Pass (LTVP), which can be renewed and tied to the validity of your re-entry permit.
The required documents for PR application under the GIP Scheme are the following:
- Form A: Application for Permanent Residents for Investors
- Form B: Proposed Investment Plan
- Undertaking on the Terms and Conditions of Singapore
- Form 4: Application for An Entry Permit to Enter Singapore
- Other supporting documents, wherever applicable
Investors who own more than a single business must submit financial statements of the company with the highest turnover. Businesses can be consolidated to meet the minimum yearly turnover criteria. Several factors will be considered such as the profitability of the company, as well as your role and position in the company.
The application process takes up to eight months, and during this time the relevant authorities will be calling on you for an interview. Once the application is approved, an Approval-in-Principle PR will be issued, and this is valid for six months, during which time you are required to invest. You must submit evidence of your investment such as title deeds and share certificates. Once the authorities receive these documents, you will be conferred your final PR status.
If you do not qualify for the Global Investor Program, you can also refer to the Singapore Permanent Resident under the scheme for Professionals/Technical Personnel and Skilled Workers (PTS). You will be delighted to know that the country has low individual and corporate tax rates. The income tax rates are progressive, so the higher the pay, the higher tax, with the highest currently at 22% and lowest at 0. Companies, on the other hand, enjoy a flat 17% rate with plenty of tax benefits. For more information about Singapore tax, click here.
If you would like to be a Singapore PR but are unsure where to start, One Visa is here to assist you. Take advantage of our risk-free assessment for your SPR eligibility, and we will be more than happy help you obtain permanent residency status. Contact One Visa Expert Today at email@example.com for an Eligibility Assessment.