How To Apply For Singapore Permanent Residence If You Are An Oversea Investor
You can apply for a Permanent Residence ( PR ) in Singapore if you are an investor from Overseas who satisfy some conditions
An investor who starts up a business or invests in Singapore may apply for the Singapore Permanent Residence (PR) status through the Global Investor Programme (GIP).
Let me explain…
Under GIP, you can choose one of the following investment options:
Option A: Invest minimum S$2.5 million in a new business entity or to expand an existing business operation.
Option B: Invest minimum S$2.5 million in a GIP fund that invests in Singapore- based companies.
You are eligible to apply for PR under the GIP if you have:
(1) A substantial business track record; &
(2) A successful entrepreneurial background.
3 Phases you would need to go through :
(A) Phase 1 : Before Application
(1) You must possess minimum 3 years of entrepreneurial & business track record &
(2) must produce audited financial statements of your company for the last 3 years.
(3) If your company is in the real estate or construction-related industry, your company’s turnover must be minimum S$200 million in the most recent year, & minimum S$200 million per annum on average for the last 3 years;
(4) If your company is in other sectors, your company’s turnover must be minimum S$50 million in the most recent year, & minimum S$50 million per annum on average for the last 3 years.
* You should submit the financial statements of your company with the highest turnover.
* You may also consolidate your businesses to meet the min turnover criteria.
(5) If your company is privately-owned, you should have minimum 30% shareholding in the company.
(6) Your role in the company, as well as the growth and profitability of your company would be taken into consideration.
7) You must submit a detailed 3-year business or investment plan with projected employment & annual financial projections. ( Corporate BackOffice can assist you )
LIST OF INVESTMENT SECTORS APPROVED FOR OPTION A
Under the GIP programme, you may invest in the following business areas:
a) Aerospace Engineering
b) Alternative Energy
c) Automotive
d) Chemicals
e) Consumer Business
f) Education
g) Electronics
h) Energy
i) Environment & Water Technology
j) Engineering Services
k) Healthcare
l) Infocomm Products & Services
m) Logistics & Supply Chain Management
n) Marine & Offshore Engineering
o) Media & Entertainment
p) Medical Technology
q) Nanotechnology
r) Natural Resources
s) Safety&Security
t) Space
u) Pharmaceuticals & Biotechnology
v) Precision Engineering
w)Professional Services
x) Lifestyle Products & Services
– Visual Arts, e.g. art galleries, museums, auction houses, art logistics, art
storage facilities
– Performing Arts, e.g. arts theaters, production houses
– Sports, e.g. sports academies, headquarters of sports companies
y) Family Office
(B) Phase 2 : Upon Approval
(1) If your application is approved, you will be issued an Approval-in- Principle (AIP) Permanent Residence (PR) status by the Singapore Immigration & Checkpoints Authority (ICA), which is valid for 6 months.
(2) You will be required to make your investment < 6 months’ period of your AIP PR status. The investment quantum of S$2.5 million (according to the investment option selected) must be made from your personal bank account in your sole name opened in a Singapore- registered bank in Singapore.
(3) If your chosen investment is in a new business entity or expansion of an existing operation under Option A, you will need to submit the audited financial statements as at the end of the 2nd, 3rd, & 4th year of your investment.
(4) Upon receiving the documentary evidence of your investment, you will be issued a final approval of your PR status by the Singapore Immigration and Checkpoints Authority (ICA). You are required to formalize your PR status within 12 months from the date of your investment.
(C ) phase 3 : After Approval
(1) You are required to fulfill the milestones outlined in your business or investment plan 3 years from the date of investment.
(2) Upon the formalisation of your PR status, you will be issued a Re-Entry Permit (REP) for 5 years. A valid REP is necessary whenever a PR wishes to travel in and out of Singapore. It enables you to retain your PR status while away from Singapore.
(3) Subsequent to the 1st 5 years, your REP would be renewed if you fulfill the following conditions:
a) For a 3-year renewal:
* You must have fulfilled the investment conditions under either Option A or Option B of the GIP; &
* EITHER
i) You have set up a business in Singapore with 5 or more Singaporean employees & have incurred minimum S$1 million in total business spending a year ; OR
ii) You or minimum 1 of your dependents, who is also a PR under GIP, must have resided in Singapore for >50% of the time.
b) For a 5-year renewal:
i) You must have fulfilled the investment conditions under either Option A or Option B of the GIP; &
ii) You must have set up a business in Singapore with 5 or more Singaporean employees and have incurred minimum S$1 million in total business spending a year; AND
iii)You and your dependents who are also PR under GIP, must have resided in Singapore for >50% of the time.
If you need help, feel free to contact us at :
(M) +65 90880669
