SINGAPORE, September 30, 2019 (Newswire.com) - As investors remain optimistic about Singapore’s equity market, the world’s most competitive economy continues to attract high-caliber entrepreneurs from around the globe through the Global Investor Program (GIP).
GIP is also known as the Singapore Investor Visa Scheme. It allows qualified investors to acquire permanent residency (PR) in Singapore through substantial investment to the local economy. Interested investors have two options both requiring at least S$2.5 million—invest in a start-up or in an expansion or invest in a GIP-approved fund that funds Singapore-based companies.
Aside from having sufficient funds to invest, investors must have an entrepreneurial track record showing a minimum of S$50 million annual business turnover on average in the last three years. This will be validated by submission of audited financial statements. If the company is privately owned, investors must at least own a minimum of 30% share in the company.
Approved industries for the GIP scheme include aerospace engineering, alternative energy, electronics, consumer business, healthcare, education, nanotechnology, medical technology and lifestyle products and services, among others.
According to One Visa Immigration Consultant Cheng King Heng, the GIP scheme is the only “guaranteed” way to secure permanent residency in Asia’s Lion City. However, it is also crucial to establish the investor’s entrepreneurial proficiency by showing a good track record and a viable business or investment plan.
“Many investors think that just because they have the money, it’s a guaranteed approval for them,” he said. “But it is more than the money, what the authorities really need to see is investors contributing to local job creation and business in Singapore. This can be challenging to prove, which is why we always recommend working with a professional who knows the requirements.”
He added, “Can you go through the process on your own? Certainly. But with an immigration consultant, you benefit from insider knowledge and expertise based on years of experience. Working with an expert is also an investment toward your future in Singapore.”
Qualified investors can extend the PR application to family members, specifically their spouses and children below 21 years old. Children over 21 years of age can apply for the renewable five-year Long-Term Social Visit Pass.
Once PR is formalized, qualified GIP scheme applicants will be issued a five-year Re-Entry Permit (REP) that will allow them to maintain their PR status even when they are out of Singapore. After the first five years, the REP will be renewed following the fulfillment of certain investment conditions, depending on the GIP option applied for.
Permanent residents in Singapore enjoy visa-free access to the country, subsidies, tax cuts and eventually, a chance to become a citizen and enjoy the full privileges of citizenship.
Source: One Visa Pte Ltd