Most of you might be thinking to get Singapore PR to do business in Singapore. If this is your next wish, you can apply for PR under the scheme of the Singapore Global Investor Programmed. This is a scheme that will give you the status of permanent resident in Singapore if you are willing to invest in Singapore as an entrepreneur.
Here, you can invest your money in various business opportunities in Singapore, and get your PR. The Singapore Global Investor Programmed is popular among business investors who are seeking to invest in Singapore as a PR resident.
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Why Apply for Singapore Global Investor Programmed PR Scheme?
You should apply for the Singapore Global Investor Programmed PR Scheme for the following reasons:
- Planning to Relocate to Singapore for Business Establishment: If you are planning to settle in Singapore and have good funds to invest there, you can apply for PR under the scheme of the Singapore Global Investor Programmed. You can use this scheme to secure your PR status. The Singapore immigration officials will process your PR application instantly because they know that your investment will boost their economy. Moreover, they will also realize that your business investment in Singapore will create more jobs for their people.
- Singapore Being a Business Friendly Place: Singapore is the place where you can do business easily without facing any hurdles. It offers you business-friendly policies, comparatively low taxes, sophisticated infrastructure, safe, and clean environment. These are the features that appeal to all the foreign investors like you who are finding ways to settle here for business establishment. You can also use this PR scheme if you are hoping to start a start-up in Singapore.
Therefore, you can use your money to either establish a new start-up or, expand your existing business in Singapore. It is entirely your choice. However, you need to prove to the immigration officials that your future business investment in Singapore will be profitable. You need to plan accordingly about how to persuade these immigration officials.
Please note that the *Singapore government also uses this GIP PR scheme to find suitable foreign investors, who can partner with the local business establishments in Singapore.
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Best Options to Invest Under Singapore GIP Scheme
Currently, the Singapore GIP PR Scheme has the following investment options. This includes:
- Option 1: Under Option 1, you need to invest at least $2.5 million in establishing a new start-up business company. You can also expand your current business operation in Singapore.
- Option 2: Under Option 2, it allows you to invest a minimum of $2.5 million in a Singapore Global Investor Programmed approved to fund that invests in Singapore origin companies.
Requirements to Qualify for Singapore GIP PR Scheme
In order to qualify for the Singapore GIP PR Scheme, you need to meet the following requirements. These are:
- You need to invest a minimum fund of $2.5 million.
- Proof of a minimum 3 years track record of your business or entrepreneurship.
- Showing proof of your current company having a minimum of $50 million turnovers. For the last 3 years, you need to maintain this average business turnover of $50 million.
- You need to show proof that you own at least 30% shares if your company is privately held.
- You need to submit all your company’s financial statements for the past 3 years.
Lists of Business Opportunities Where You Can Invest Under Singapore GIP Scheme
You can choose to invest in Singapore GIP scheme approved business opportunities. These are education, energy, electronics, environment & water technology, engineering services, healthcare, automotive, alternative energy aerospace engineering, consumer business, chemicals, Infocomm products & services, space, safety & security, logistics & supply chain management, precision engineering, professional services, pharmaceuticals & biotechnology, natural resources nanotechnology, marine & offshore engineering, medical technology, media & entertainment, and lifestyle products & services.
How to Apply for Singapore GIP PR Scheme?
The procedure of applying Singapore PR under the GIP program is explained below:
- You need to fill up 2 types of application form- Form A for investors’ permanent residence, and Form B for a proposed investment plan.
- Agreeing on the GIP scheme’s terms and conditions.
- Filling up an application form for gaining an entry permit in Singapore.
- Submitting all the required documentation as stated by the Singapore immigration officials. You need to submit all the accepted documents in English translation if these documents are issued in non- English language. For example, if your documents are in the Chinese language, get Chinese translation services for Singaporean
- After all the formalities, you need to wait for 6-8 months in order to process your application. During the course of application processing, the GIP authorities will ask you to appear for an interview. Once the application is approved, you will get an issued approval- principle PR that has a 6 months validity. You need to make an investment within these 6 months.
- You need to submit all documents of your investment proof including title deeds, share certificates, etc. to the immigration authorities. They will withhold these documents for 5 years. Once the authorities receive these documents, you will be awarded the final PR status. Once you clear all the formalities, you will get a blue ID card that is given to all the Singapore PR residents. After that, you can start investing and contributing to Singapore’s economy.
Conclusion
Now that you know how to apply Singapore PR under the scheme of the Global Investor Programmed. Once you clear all the formalities and hurdles, you will get your PR status under this entrepreneurial scheme. After that, you are free to have your stay and carry your business in Singapore. Here, you can enjoy all the rights that a Singapore citizen enjoys. This includes visa-free stay, tax relief, subsidies for your child’s education, and other rights and privileges.
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