The Ministry of Foreign Affairs has laid out the process for non-Singaporeans to become Singapore Permanent Residents (PR). Anyone who wishes to obtain this status should apply for an Entry Permit, which is normally issued to the four categories of people listed below:
- Foreign spouses or children of Singaporean citizens or Singaporean Permanent Residents
- Parents of Singaporean citizens
- Workers holding pass class P, Q, or S and currently working in Singapore
- Investors and Entrepreneurs
In this article, we focus on applying for a Singaporean Resident Permit via investment. Read on below to find out more.
1. Learn about Singapore’s Global Investor Program
The Global Investor Program (GIP) was first introduced in 2004. Since then, the Singapore government has been actively attracting foreign investors and entrepreneurs by making it easier to obtain permanent residence through the GIP.
Through this program, foreign entrepreneurs can apply to be a Singaporean Permanent Resident in 2 ways:
a. Invest at least S$ 2.5 million in a new business or inject it to an existing company
b. Invest at least $ 2.5 million in a fund-approved under the GIP – that invests in Singapore-based companies
2. Investor criteria
The GIP program targets founders of rapidly-growing companies and high net-worth individuals who wish to set up base in Singapore.
Prospective entrepreneurs or residents under option ‘A’ must submit a three-year business or investment plan. After three years, the enterprise is assessed to check if it has met the targeted milestones. On the other hand, prospective residents under option B will inject the entire S$2.5 million to a GIP-approved fund.
With your investment plans, they should be complete with financial projections and employment strategies. Hence, consulting and contacting a Singapore-based accounting services firm like Ackenting Group is the best way to ensure that your plan is crafted thoroughly. Not only can our experienced and professional accountants help you to assess and create the best investment plan that you need, but we can also provide you with financial solutions and accounting bookkeeping services.
3. Check eligibility under the GIP
In addition to all of the criteria mentioned above, the investor’s business track record will also be assessed. They must produce three-years of audited financials for their company or companies. The applicant must also own at least 30% shareholding. The company’s annual turnover must also be able to meet a predetermined figure, for instance, a minimum of S$50 million in the most recent year.
4. Application procedure
The application procedure to become a Singapore Permanent Resident under GIP are also required to submit the following documents:
- Form A: Investors’ Application for Permanent Residence
- Form B: Investment Plan
- Commitment to abide by the Terms & Conditions of the program
- Form 4: Submission for an Entry Permit
- Relevant supporting documents
Applications are processed between 6-8 months, during which applicants are interviewed. Successful applicants are issued with an Approval-in-Principle, which will be valid for six months. During this time, you should look to reach out to a firm offering incorporation services, like Ackenting Group, that can aid you in submitting your corresponding documents to the authorities. We ensure that our services are fast and hassle-free so that you will not have any worries when it comes to securing your application. Our expert knowledge and extensive experience allow us to know the best way to help you achieve your desired success.
Once all of the requirements are met successfully, you will then be granted with the Permanent Resident status. You will also be able to receive other benefits, such as tax relief and visa-free travel to nearly 170 countries. You can use your permanent residency as a springboard to achieve even bigger goals in Singapore.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
