Singapore remains one of the most thriving city-states in the world. A powered-up economy with harmonious social conditions, a top-notch education system, a stable political landscape, and a cosmopolitan atmosphere back its high-profile lifestyle. It remains a potent ground for reaping significant economic benefits, and the country knows that well. The country has put in place an attractive offer for investors to become a part of its thriving, progressively growing community of citizens and residents through investments. How? Sign up for its Global Investment Program (GIP).
Like the existing Residence by Investment Programs across the globe, the GIP does the work of inviting foreign investment by offering perks. To know more about this program, read along. Here are a few pointers about the GIP you should know.
- What it is actually about
Under the GIP, the applicant can apply for permanent residence (PR) in Singapore, provided certain levels of investments are made. The said program is administered under the auspices of Contact Singapore of the Economic Development Board (EDB). The EDB is entrusted to offer formal guidance to potential investors inclined to move to Singapore.
The program, however, requires the applicant to satisfy a set of eligibility criteria before applying. Following the submission of the application, due diligence is exercised before approval. Once approval is granted, benefits given to Singaporean permanent residents are extended to the successful applicants.
- Investment options under the GIP
There are two routes through which investors can gain PR in Singapore. The first route is Option A, in which the applicant must make a minimum investment of S$2.5 million in a new enterprise or the expansion plans of an existing enterprise in the country. Under this option, you are also required to furnish a three-year business plan with estimated projections that must be met by the end of the period. Option B is the second route, which requires the investment of the same minimum amount in a program-approved fund investing in companies based in Singapore.
- Where can you invest?
The next question may be regarding the areas of investment. Should you decide to invest in the Singaporean economy under the program, you have a host of sectors to consider for your contribution. These sectors include aerospace engineering, automotive, chemicals, electronics, education, alternative energy, healthcare, logistic and supply chain management, medical, Medical and Entertainment, Environment, Energy, Lifestyle Products and Services, Space, Safety and Security, and Nanotechnology.
- Whether your family members are covered
One of the major draws of this program is that it is extended to the family members of successful applicants. You must apply for their permanent residence and ensure they fall within certain categories. Family members under the GIP cover your spouse and children under 21; your male children will have to enroll in national service. If your children are above the stipulated age, they can apply for a Long-Term Social Visit Pass (LTSVP) that is valid for five years and can be renewed. The same option is also available for your parents.
- Other eligibility conditions the applicant needs to satisfy
It is necessary to know that the minimum investment under the program is not the sole determinant of the success of your application. You will have to satisfy other conditions as well.
These conditions include possession of a minimum of three years of business experience, documentation of requisite turnover of your existing business mentioned in the program, ownership of 30 percent of the shareholding in case the company is private, and submission of audit reports of your company for the last three consecutive years. If you own more than one company, you should submit the audit reports of the company that generated the highest turnover.
Also, for due diligence and background scrutiny, the authorities will consider your role in and profitability of the company. Aside from these, you are required to be of legal age and come with no criminal antecedents, for which police clearance reports will have to be submitted.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: firstname.lastname@example.org