How To Get Investor Visa In Singapore
One of the most popular questions asked by people coming to Singapore is “How can I get and Investor Visa in Singapore?” The nature of the application process and the restrictions do tend to create some confusion. In this article we will attempt to clear some of that confusion and lay out what is needed for an application from a genuine business perspective.
If you are an entrepreneur, getting investor visa in Singapore could be your golden ticket to unlocking the startup potential of Southeast Asia’s most promising economy. But what does it take to get an investment visa in Singapore? What do you need to know about investor visa in Singapore before submitting your application? This article will show you what investors can expect when applying for Singapore’s Global Investor Program (GIP) and answer some of the common questions surrounding the investor visa application process.
Are you looking for a step-by-step guide to the Singaporean Investor Visa? You are not alone. If there is one visa that confuses everyone in Singapore, this is it. There is a lot of conflicting information out there, and not always well-researched.
Touriangle is replete with all the relevant information you need on investment in Singapore for foreigners, Singapore investment immigration 2022, Singapore citizenship by investment 2022, and so much more. Take out time to visit our catalog for more information on related topics. You don’t want to miss this!
How To Get Investor Visa In Singapore
In Singapore, you may be eligible for an investor visa. This is known as an investor/passport holder of Singapore (IPHIS). There are numerous types of visa that you can use to get residency in Singapore – and one is the Investor visa. In this blog post, we will discuss what the investor visa is, how much it costs and the typical investment requirements.
You might already know about investor visa in USA , but getting one for ASEAN countries is considerably easier and with more benefits, such as here in Singapore . Its all about the ‘Entrepreneur Pass’, which stands for the Investment Visa.
Do you want to migrate to Singapore for a better life? If yes, there is a list of criteria that needs you to fulfill. We have an excellent team of immigration experts and consultants who will help you with the entire process. Migrate and get settled in one of the best countries in Asia – the place that makes people feel at home.
Singapore Investment Immigration 20 Million
It is one of the Singaporean government’s objectives to attract talent to the country for residence and work. The government’s intention is for foreign nationals to make Singapore their home by becoming permanent residents.
Singapore is frequently voted the best Asian city in which to live, due to its excellent infrastructure and public services. It has one of the lowest crime rates in the world and Singapore residence offers a high quality of life to its residents. Globally, Singapore is rated one of the wealthiest countries when measured by GDP per capita.
Singapore has emerged as a world-class destination with a harmonious multi-racial and multi-cultural community. It has a population of 6 million people, with English and Mandarin as the main languages spoken. Living in Singapore means that residents benefit from the country’s political stability and economic prosperity. Singapore also has a reputable education system and a reliable healthcare system.
The country has a friendly tax regime and over recent years has continued to introduce tax regulations that favor foreign investors. Singapore’s taxation system operates on a territorial basis.
The Singapore Global Investor Program is designed for entrepreneurs or investors who are interested in making substantial financial investments in Singapore and is designed to attract wealthy foreign entrepreneurs and investors who wish to make Singapore their home.
The procedure to gain permanent residence under the Singapore Global Investor Program takes a considerable length of time. Applicants who wish to live in Singapore must submit a personal profile and a proposed investment plan using an e-application form with supporting documentation in hard copy. They are required to attend an interview within three to four months of submitting the application. If an application meets all the criteria, the applicant will be issued with an approval-in-principle. This approval is valid for six months during which applicants must make the requisite investment under the chosen investment option and submit documentary proof of doing so.
Singapore citizenship is offered on a single citizenship basis. After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship. The country does not allow dual citizenship, and this rule is strictly enforced.
Singapore Global Investor Program
The Global Investor Program has been designed for investors who are interested in starting a business or investing in Singapore and thereby receiving Singapore permanent residence status.
Investment options
Under the Global Investor Program, the investor can choose one of the following options:
Option A:
Invest at least SGD 2.5 million in a new business entity or expansion of an existing business operation.
Option B:
Invest at least SGD 2.5 million in an approved fund that invests in Singapore-based companies plus the implementation of a business plan in Singapore.
Option C (Family Office Option):
An investment of SGD 2.5 million, used to establish a single family office in Singapore, which is required to have assets under management of at least SGD 200 million (minimum SGD 50 million of assets in Singapore and SGD 150 million in offshore assets).
Investment Visa
Eligibility Criteria
An investor is eligible to apply for permanent residence under the Global Investor Program if they have a substantial business track record and a successful entrepreneurial background. Each Singapore residence category has a specific application process and a particular set of documentary requirements that must be fulfilled.
The Global Investor Program’s qualifying options are geared towards:
1. ESTABLISHED BUSINESS OWNERS
The investor must possess at least three years of entrepreneurial and successful business track record. Investors must own at least 30% equity of a company (or a summation of two companies) and must produce audited financial statements of their company for the three years prior to their application. The company’s turnover must be at least SGD 200 million in the preceding 12 months and at least SGD 200 million per annum on average for the previous three years.
2. NEXT-GENERATION BUSINESS OWNERS
The investor’s immediate family must own at least 30% equity of a company (or a summation of two companies) and must produce audited financial statements of their company for the three years prior to their application. The company’s turnover must be at least SGD 500 million in the preceding 12 months and at least SGD 500 million per annum on average for the previous three years. The investor needs to be a member of the company’s management board.
3. FOUNDERS OF FAST-GROWING COMPANIES
The investor must be a founder and one of the company’s largest individual shareholders. The company must have a valuation of at least SGD 500 million.
4. FAMILY OFFICE PRINCIPALS
The investor must possess at least five years of entrepreneurial, investment or management track record and net investible assets of at least SGD 200 million. This category of applicant is restricted to the Family Office Option.
Family Provisions
The spouse of the investor and their children (below 21 years old) are eligible to apply for permanent residence under the investor’s application. Male dependents will be liable for national service.
Parents and unmarried children of the investor who are 21 years old and above are not eligible to be included in the application for permanent residence status, but they may instead apply for a five-year long-term visit pass.
Re-entry Permit Validity
Upon the formalization of their permanent residence status, the investor will be issued with a re-entry permit (REP) for five years. A valid REP is necessary whenever you wish to travel in and out of Singapore. It enables the investor to retain their permanent residence status while away from Singapore.
After the first five years, the REP can be renewed if the investor fulfills certain conditions that are subject to the chosen option. There are different renewal requirements for the REP at the end of the fifth year, based on business milestones being met, physical time spent in Singapore, or a combination of these.
How To Get Singapore PR
You can apply for Singapore PR (permanent residence) if you are willing to invest in the country and support your funds with proven entrepreneurial skills. This particular scheme, officially known as Global Investor Programme (GIP Scheme), is often referred to as the Investor Scheme.
If you are planning to relocate to Singapore and you have sufficient funds to invest, you could consider using the GIP Scheme to acquire your PR status. Your investment into Singapore’s economy is valuable as it will generate economic spin-offs and create employment. Singapore’s business-friendly policies, relatively low taxes, modern infrastructure, safety and clean environment have always appealed to foreign investors who are looking to relocate here.
Using your investment funds, you could consider either launching a new enterprise or enriching an existing one in Singapore. You must, however, prove to the authorities that you have what it takes to make a business succeed, both in terms of your experience and how you plan to go about it. The Singapore government often acts as the link in finding suitable partnerships between foreign investors and local business networks.
Investment In Singapore For Foreigners
Investing In A New Or An Existing Business
You must invest at least S$2,500,000 setting up a business in Singapore, or invest in an existing one.
You will be required to detail a 5-year business or investment plan with projections regarding employment and finance. The 3rd year milestone detailed in your business plan and the whole business plan must be achieved within the first 5 years of Permanent Residence.
If you are investing in an existing Singaporean company, the 3rd year milestone must be at least the hiring of 5 additional employees, an additional annual business expenditure of S$1,000,000 to the company’s workforce and annual expenditure from the date of your investment.
The company must be engaged in at least one of the following industries:
Aerospace Engineering, Alternative Energy/Clean Technology, Automotive, Chemicals, Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home and personal care), Electronics, Energy, Engineering Services, Healthcare, Infocomm Products & Services, Logistics & Supply Chain Management, Marine & Offshore Engineering, Media & Entertainment, Medical Technology, Nanotechnology, Natural Resources (e.g. metals, mining, agri-commodities), Safety & Security, Space, Shipping, Pharmaceuticals & Biotechnology, Precision Engineering, Professional Services e.g. consulting, design, Arts Businesses, Sports Businesses, Family Offices & Financial Services.
Investment must be made within 6 months after your permanent residency approval-in-principle.
Once you get your Permanent Residence permit, a 5-year Re-entry permit (REP) will be issued. This permit allows you to maintain your Singaporean immigration status when you are abroad.
For a three-year renewal:
– You or at least one of your dependents have resided in Singapore for more than half the time in the previous 5 years; OR
– The company that you have invested in employs at least 5 more employees in addition to those employed at the 3rd year milestone, with at least 5 Singaporean citizens amongst all employees, and the annual business expenditure is at least S$1,000,000 more than the expenditure incurred at the 3rd year milestone.
For a five-year renewal:
– You or at least one of your dependents have resided in Singapore for more than half the time in the previous 5 years; AND
– You have fulfilled investment conditions; AND
– The company that you have invested in employs at least 5 more employees in addition to those employed at the 3rd year milestone, with at least 5 Singaporean citizens amongst all employees, and the annual business expenditure is at least S$1,000,000 more than the expenditure incurred at the 3rd year milestone.
Your spouse and unmarried children below 21 y.o. may be included in your Permanent Residency application. Note that your male children who become PR may be liable for National Service.
If you wish to bring your parents and unmarried children 21 y.o. and above, they may apply for a 5-year Long-term Visit Pass (LTVP), which will be tied to your REP.
Citizenship
After two years of Permanent Residence, you may be eligible for citizenship under the economic scheme, based on your own merits. You will need to show exceptional economic merits and/or family ties with a citizen to get the application approved. The final decision is at the sole discretion of the Government of Singapore.
It is important to note that Singapore does not recognize dual citizenship. Therefore, to become a Singaporean citizen, you must renounce your previous nationality.
Requirements
– You must have at least 3 years of an entrepreneurial and business track record and must show evidence of it, with an audited financial statement of your company for the last 3 years by an accredited audit firm.
– Your company’s turnover must be at least S$50 million in the year preceding your application, and at least S$50 million per annum on average for the three years preceding your application. You may consolidate your businesses to meet the minimum turnover criteria, all of which must only be engaged in one or more of the industries detailed above.
– If your company is privately-held, you should have at least a 30% shareholding in the company. Your role in the company, as well as the growth and profitability of your company, will be taken into consideration.
– After making the required investment, you must submit the documentary evidence of it via a certified copy of the investment documents, a bank statement showing that the investment was made from your personal bank account opened in your sole name with a Singaporean registered bank, and the original signed undertaking on the Terms and Conditions of the investment made.
– Submit the audited financial statements at the end of the 2nd, 3rd, and 4th year of your investment.
Restricted Nationalities
No nationality is officially restricted
Dual Citizenship
Dual citizenship is not recognized in Singapore. To become a citizen of Singapore, you must renounce your previous nationality.
Documents Required
- Certified copy of passport
- Original or Certified copy of Birth Certificate (if applicable)
- Notarised copy of Family Census/Household Registry
- Evidence of Business Background
- Family members background
- Original or Certified copy of Marriage Certificate (if applicable)
- Two passport-size photos
- Audited accounts of the company (3 years) (if applicable)
- Certificate of shareholders by the Registrar of Companies (if applicable)
- Certified copy of Business License or Incorporation documents (if applicable)
- Curriculum Vitae
- Copy of ACRA (Accounting & Corporate Regulatory Authority) (if applicable)
- Business Plan
- Receipt of payment of fees
Investment Options under GIP Scheme
At present, under the Investor Scheme, there are the following investment options:
- Option A: Invest at least S$2.5 million in a new business startup or expansion of an existing business operation.
- Option B: Invest at least S$2.5 million in a GIP-approved fund that invests in Singapore-based companies.
The investment input is only one of the criteria to qualify for GIP. You will also need to prove to the authorities that you have an entrepreneurial flair, by showing a good track record and furnishing a credible business proposal or investment plan in order to earn your permanent residence status through the Investor Scheme.
Eligibility Criteria
In order to qualify for the GIP Scheme you must:
- Meet the minimum investment requirement of S$2.5 million in one of the investment options (criteria for each option are further detailed below)
- Possess at least three years of business or entrepreneurial track record
- Ensure that your existing business meets the following turnover requirements:
- For companies in other business sectors: A minimum of S$50 million in the most recent year and at least S$50 million per annum on average for the last three years
- Have at least 30% shareholding in the company if it is privately owned
- Submit audited financial statements of your company for the last three years
If you own more than one business, you must submit the financial statements of the company which has the highest turnover. You are free to consolidate your businesses in order to meet the minimum annual turnover criteria. Authorities will also take into account the factors such as your role and position in the company, and the profitability of your company.
Singapore Citizenship By Investment 2022
The Singaporean passport is the strongest travel document in the world, according to the Henley Passport Index. It provides the holder with visa-free or visa-on-arrival access to 192 destinations, including Europe’s Schengen Area, Canada, China, and the USA.
After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship.
Singapore is a single citizenship country, and this condition is strictly enforced. For this reason, Singapore is not the ideal options for individuals who are interested in holding more than one citizenship and passport