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Singapore Permanent Residence & Immigration Practice

ABOUT SINGAPORE

- Taxation :
    - No Estate Duty
    - One of the lowest personal and company income tax system in the         world

- Geographical advantage :
    - Outside earthquake, typhoon and tsunami zone

- Awards :
    - Best place in the world for Asian to live in: Singapore No.1
      *ECA Location Ratings, ECA Intl, 2010
    - Most popular country for migrants: Singapore No.1
      *Gallup Porential et Migration Index 2010
    - Best quality of living in Asia: Singapore No.1
      *Mercer Quality of Living Survey 2010
    - Most politically stable country in Asia: Singapore No.1 (Second most         politically stable country in the World)
      *BERI 2010
    - Least corrupt nations in the world: Singapore No.1
      *Transparency International 2010
    - World's easiest place to do business: Singapore No.1
      *Doing Bussiness 2010 Report, World Bank
    - Most competitive country in the world: Singapore No.1
      *IMD World Competitiveness Yearbook 2010



      




SINGAPORE IMMIGRATION PROGRAM

We handle the following Immigration Program.

  - Global Investor Programme (GIP)
    targeted at entrepreneurs

Global Investor Program (GIP)

This Program is administered by the Singapore Economic Development Board (EDB). It is targeted at successful entrepreneurs and their families who wish to obtain Singapore Permanent Residence (PR). The Singapore goverment believes that such successful entrepreneurs can contribute to the Singapore economy and warmly welcomes all qualified applicants.

Eligibility & Assessment Criteria for GIP Application

  1. (a) Possess at least 3 years of entrepreneurial and business track record, and produce audited financial statements of your company for the last 3 years.

  2. (b) Your company’s turnover must be at least S$50 million in the most recent year and at least S$50 million per annum on average for the last 3 years. If your company is in the real estate or construction-related industry, your company’s turnover must be at least S$200 million in the most recent year and at least S$200 million per annum on average for the last 3 years.

  3. (c) If your company is privately-owned, you should have at least 30% shareholding in the company. Your role in the company, as well as the growth and profitability of your company would be taken into consideration.

GIP Investment Options

You may choose one of the following investment options.

Option A: Invest at least S$2.5 million in a new business entity or to expand an existing business operation. Submit and fulfill the milestones outlined in a detailed 3 year business or investment plan. 

Option B: Invest at least S$2.5 million in a GIP fund that invests in Singapore-based companies.

Provisions for your Family

  1. - Your spouse and children (below 21 years old) are eligible to apply for PR under your GIP application. Male dependents will be liable for National Service.

  2. - Parents and unmarried children who are 21 years old and above are not eligible to be included in your GIP application. Instead, they can apply for a 5 year Long Term Visit Pass (LTVP) tied to the validity of your Re-Entry Permit (REP).

Validity of Re-Entry Permit

Upon the formalization 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.

Subsequent to the first 5 years, your REP would be renewed if you fulfill the following conditions.

  1. 1. For a 3 year Renewal, you must have fulfilled the investment conditions under either Option A or Option B of the GIP; and EITHER
    1. (a) Set up a business in Singapore with 5 or more Singaporean employees and have incurred at least S$1 million in total business spending a year; OR
    2. (b)You or at least 1 of your dependents, who is also a PR under GIP, must have resided in Singapore for more than half of the time.

  2. 2. For a 5 year renewal, you must have fulfilled the investment conditions under either Option A or Option B of the GIP; and
    1. (a)Set up a business in Singapore with 5 or more Singaporean employees and have incurred at least S$1 million in total business spending a year; AND
    2. (b)You and your dependents, who are also PR under GIP, must have resided in Singapore for more than half of the time

Advantages of GIP

  1. - No age limit
  2. - No English language proficiency requirement
  3. - Processing time approximately 8 months

The above information may be subject to changes without prior notice and does not constitute and should not be construed as legal advice by Sim Mong Teck & Partners and it is strictly for general information only.

Please take note that the ICA still reserves the right not to grant an approval even if the above criteria are met.


For more information, please contact paragon@smtplaw.com.

   Copyright Sim Mong Teck & Partners est. 1994