Singapore GIP Application Procedures and Fees
The Global Investor Program (GIP) is a Permanent Residency scheme specially designed for wealthy investors who wish to relocate to Singapore. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of SGD2.5 million in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies.
Our services fees for handling the application Singapore residence through GIP are SGD5,000 (excluding out-of-pocket expenses). If you would like to apply SPR/LTVP for your family members, an additional service fee of SGD1,500 (excluding out-of-pocket expenses) for each member of your family will be charged. Fees paid are non-refundable if the application is rejected and it is subject to the approval from the relevant government authority.
The procedure to gain permanent residence under the global investor program (GIP) takes a considerable length of time. The applicant must submit a personal profile via an e-application form (with hard copies also compiled and sent), and is then required to attend an interview, usually within two to four months of submission of the application. If all the criteria are met, an approval in principle is issued and is valid for a six-month period, during which the application must make the requisite investment under the chosen investment option and submit documentary proof of such.
After two years of permanent residence is Singapore, it is possible to apply for citizenship; however, Singapore is a strictly single-citizenship country and each applicant must relinquish all existing citizenship before naturalisation is possible. Also, all male Singapore citizens and permanent resident are obliged to participate in the countries compulsory two-year national service.
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GIP Application Service Fees
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Our service fees in attending to this assignment for application for GIP are SGD5,000 (excluding out-of-pocket expenses).
If you would like to apply SPR/LTVP for your family members, an additional service fee of SGD1,500 (excluding out-of-pocket expenses) for each member of your family will be charged. Fees paid are non-refundable if the application is rejected and it is subject to the approval from the relevant government authority.
Please note that you are required to pay a non-refundable application fee of SGD7,000 imposed by the government authority before submitting the application forms. Any transaction fee must be borne by the applicant and you should take this into account when issuing instructions to your respective financial institutions for the making of this payment. The application submitted will not be processed if the full amount is not received. Please also note that payments in excess of SGD7,000 are not refundable. You should send the sum of SGD7,000 in a single transaction. The application fee is to be credited to their bank account using telegraphic transfers from overseas, or local interbank transfer (Note: All intermediary bank charges should be borne by the sender and should not be deducted from the sum of SGD7,000).
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GIP Application Requirements
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In order to be eligible, the applicant must meet the following criteria:
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(1)
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The applicant is expected to invest a minimum of SGD2,500,000 into either a GIP-approved fund or a new (existing) company.
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(2)
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The applicant must be able to prove that they have a significant 3-year business and entrepreneurial track record through the his or her company’s audited accounts from the previous 3 years of business.
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The investor must hold at least 30% of shares if the company belongs to privately-owned entities.
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The applicant has to prove his company’s turnover is at least SGD500,000,000 during the last year before the application and at least SGD500,000,000 turnover a year (on average) during the last 3 years
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(5)
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The applicant is required to provide the government with a full business plan for the next 5 years and fulfil this planned investment within the first 5 years after the visa’s issuance.
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At the end of the 2nd and 4th year of the planned investment, the applicant must provide the audited financial statements of his company to the Economic Development Board.
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Time of Billing and Payment Methods
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Upon receipt of your order, we will issue and send an invoice to you for your settlement. We require full payment in advance.
If China or Taiwan official tax invoice is required, Value-Added Tax or Business Tax at the prevailing rate in the respective jurisdiction will be charged.
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Application Process
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The following process has to be followed when applying for the PR though the GIP:
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Make the Payment
The applicant must first pay the applicant fee to the Economic Development Board’s bank account. The application must be submitted within one month of making the payment.
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Download and Submit the Application Form
After making the payment towards the application fee, the applicant must download forms A, B, and C from the Contact Singapore website. The details to be filled in the forms include the applicant’s personal details, the investment plan and the payment details made towards the application fee. The applicant must upload the filled application forms here.
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Send hard copies of the documents to Contact Singapore
After uploading the forms send hard copies of the required documents to Contact Singapore. These documents include a declaration form for the application and investment plan, the payment transaction slip (for proof of payment), an undertaking on the terms and conditions of the GIP, etc. The entire list of documents to be submitted can be found here.
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Interview Session
After receipt of all the documents, if the applicant is eligible for the PR he or she will be called to attend an interview session.
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(5)
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Approval-in-Principle PR Status:
On approval of the application, the Immigration and Checkpoints Authority will issue an Approval-in-Principle (AIP) PR status that is valid for 6 months.
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Make investment within 6 months:
On issuance of the AIP PR status, the applicant will have to invest the minimum amount of S$2.5 million either through option A of B.
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Approval of PR status
The ICA will check the documentary evidence for proof of the investment and issue the applicant’s final approval of the PR status.
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Note that Contact Singapore is an alliance of the Economic Development Board and the Ministry of Manpower that helps Singapore nationals, as well as foreign nationals work, invest and live in Singapore.
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Processing Time
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It will take 3-6 months to process the application. If your application is approved (after an interview with the authorities), you will be issued an Approval-in-Principle PR which is valid for 6 months, during which you will be required to make your investment. Documentary evidence of your investment such as share certificates and title deeds will need to be submitted to and withheld by authorities for 5 years. Once these documents have been received, you will be conferred PR status.
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Documents required
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The following documents will be required for PR application under Investor Scheme:
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(1)
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Form A: Application for Permanent Residence for Investors
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(2)
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Form B: Proposed Investment Plan
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Undertaking on the Terms & Conditions of the programme
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(4)
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Form 4: Application for An Entry Permit to Enter Singapore
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(5)
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Other supporting documents, if applicable
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Note that officially endorsed translated versions must be provided for any non-English documents.
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If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:
Email: info@kaizencpa.com, enquiries@kaizencpa.com
Tel: +852 2341 1444
Mobile : +852 5616 4140, +86 152 1943 4614
WhatsApp/ Line/ Wechat: +852 5616 4140
Skype: kaizencpa
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