Ultra-rich. Millions of dollars worth of investable assets. Largest shareholding in qualifying company. Hundreds of millions more as qualifying annual turnover. Compulsory investments into approved funds. Singapore PR. Singapore Permanent Residency. PR Singapore.
These are the words that go well together in light of the recent news regarding GIP. There are significant changes to the scheme to align established business owners and entrepreneurs to the way forward for Singapore’s economy through strategic positioning to attract high performing firms.
Needless to say, net investable assets and the worth of the eligible company have significantly been bumped up – triggering a sudden surge in interested applicants heading to submit their interest before 1 March 2020. A major change is also part of the requirements for renewal of PR status which will be tightened. Firms will have to incur annual total business costs of at least $2 million as compared with the current $1 million – a significant increase!
Another key point besides meeting the criteria shall be direct investment (via one of the 3 options) in Singapore, clearly outlined below:
Option A: Invest S$2.5 million in a new business entity or in the expansion of an existing business operation.
Option B: Invest S$2.5 million in a GIP fund that invests in Singapore-based companies.
Option C: Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.
*Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore
POST-APPROVAL INVESTMENT REQUIREMENTS
You will be required to make your investment within the 6-month period of your AIP (Approval-In-Principle) 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.
After making the required investment, you must submit the documentary evidence in hard copy of your investment to EDB. Some of the required documents include:
i. A certified true copy of investment documents (e.g. ordinary share certificates for Option A and C investments).
ii. Bank statements/Debit and Credit advices showing that the investment was made from your personal bank account opened in your sole name with a Singapore-registered bank in Singapore.
iii. Original signed undertaking on the Terms and Conditions of the investment made (the
iv. Bank reference letter certifying that your account with the Bank has been satisfactorily
conducted. Information in the bank reference letter should include:
b. Passport number
c. Account type
d. Account number
Please note that:
For an Investment Undertaking made in the United Kingdom or in a Commonwealth
country, it can be signed in the presence of a notary public, Justice of Peace or other person authorised under the law of that country.
If the applicant is in Singapore, the Investment Undertaking must be signed in the presence of an Advocate and Solicitor of the Supreme Court of Singapore or a notary
public appointed pursuant to the Notaries Public Act (Cap. 208).
For non-Commonwealth countries (e.g. China), the Investment Undertaking must be signed in the presence of an authorised Singapore embassy or consular staff in the non-Commonwealth country.