GIP
GIP (Global Investor Programme) is a business program monitored and implemented by the Singapore Economic Development Board. It is aimed at entrepreneurs who wish to obtain Singapore permanent residence for themselves and their families. GIP is currently the only fastest way in Singapore and the only program that can get a green card in one step.
Project advantages:
- The Fastest Way to Get Singapore Permanent Residency
- One person can bring three generations of family members with him/her
- Opportunities to apply for high-quality public schools in Singapore
- Realize overseas asset allocation and security
- Wealth management and family inheritance without inheritance tax
- Tax exemption granted by the Monetary Authority of Singapore
- Establishing a business entity helps promote internationalization of business
Application requirements:
- Applicants need to spend S$2.5 million to purchase government-designated funds or establish a business entity
- Applicants are required to submit financial statements for the past three years. The company's turnover in the most recent year is no less than S$200 million, and the average annual turnover in the past three years is at least S$200 million.
- The applicant company must meet one or more of the business areas specified by the government
- The applicant must own the equity of 30%
- Applicants need to have extensive business experience and a successful entrepreneurial background
- Cannot work as a builder/developer/4S shop
Application Process:
Formal submission of GIP application form
Applicants are notified that they must come to Singapore for an interview with relevant officials from the Singapore EDB (Singapore Economic Development Board).
Once ICA receives the application form and responds to the applicant, the applicant must implement the requirements promised in the application form within six months from the date of receipt of the letter from Singapore ICA.
After the applicant has fulfilled the requirements promised on the application form, he/she must submit relevant supporting documents, such as stock certificates, bank statements, etc., to EDB for safekeeping for five years.
Once EDB receives the supporting documents, Singapore ICA will notify the applicant in writing that permanent residence has been approved and how to go through the relevant formal procedures.
Applicants must go to Singapore ICA to complete the formal procedures within one year.
# Solution
Option A: Not less than S$2.5 million to establish a new business entity or expand an existing business operation.
Option B: Not less than S$2.5 million in GIP funds that mainly purchase Singapore companies.
Option C: Not less than S$2.5 million in a new or existing single-family office established in Singapore. The office must have assets under management of not less than S$200 million.
Family Office Singapore
As Singapore continues to rise as a global economic center, more and more family businesses have begun to flock to this small Asian country, and more entrepreneurs have begun to consider setting up their own family offices. A family office is a professional organization that serves family businesses and family members, and is an important infrastructure for corporate family governance and future development. Applying modern asset management methods to family businesses and optimizing family businesses in asset and tax planning is the main work of a family office.
To establish a family office in Singapore, you need to understand what conditions are required to apply and successfully land. This article will elaborate on the following three aspects:
1. Qualifications for applying for a Singapore family office
The eligibility criteria for establishing a family office in Singapore mainly depend on the following:
The assets managed by the family business have reached or will soon reach S$10 million.
Family businesses require long-term management and planning.
Family members have increasing demands and need to manage complex issues related to asset and property arrangements.
The family office is needed to provide management consulting services to the enterprise.
The family business has a certain scale and is developing steadily.
The above five points are the basic qualification requirements for establishing a family office in Singapore. If you meet the requirements, you can apply. In addition, you also need to prepare basic documents such as the company registration certificate and business license.
II. Documents Required for Family Office Registration
After confirming that you meet the qualifications, you need to prepare the necessary application documents. Arrange the following items:
Business Plan: Applicants must submit a business plan that describes the management and operation of the family business office, including company introduction, future strategies and plans, business plans and models, market analysis, as well as service content, pricing strategy, etc., in order to pass the review and obtain registration and certification for the office.
Operating budgets and financial reports: Calculate expected revenues, operating losses and profits, and provide proof of cash flow, cash flow and other financial transformations.
Financial audit report: Submit 3 years of financial audit reports, which should outline the profit and loss income. The auditor needs to be a Singapore certified public accountant.
Business license and other certifications: You must apply for a work permit for the business you are in. After obtaining a business opportunity, you need a corresponding system, not the various strategies of the enterprise itself.
After the above materials are prepared, they can be submitted and wait for review.
3. Application Process for Family Office
1. Client consultation – planning a plan based on the family’s situation and needs
2. Design the family list publicity structure (3 days)
3. Company registration and formal establishment of structure (3 days)
4. Bank account opening (1-2 weeks)
5. Capital injection (1-3 months)
6. Apply for Employment Permit (EP) and Dependent Pass (DP) (1-2 months)
7. Book an interview with the Monetary Authority of Singapore (MAS)
8. Apply for MAS's fund-exempt license and tax-free license (3-4 months)
9. Plan your financial goals
10. Execute your financial plan
4. Establishment and operation of family office
The establishment and operation of a family office is also extremely important. Singaporean company Ying Jin Group said that only standardized and professional management methods can keep the family office stable in the long-term operation and better serve family members and family businesses. But in reality, it is not necessary to operate the family office. The family office can be handed over to a more professional accounting team for management and operation.
In short, the purpose of establishing a family office is to improve corporate management, operational efficiency and financial stability, while also providing family members with a full range of high-quality customized services. Before establishing a family office, applicants should carefully study and understand the relevant laws and regulations in Singapore, fully understand the establishment and management methods of the family office, so as to establish an excellent family office management team and improve the governance level of the family business.
Singapore Permanent Resident (PR)
Specific conditions for applying for Singapore Permanent Resident (PR)
As a foreigner, you are eligible to apply for PR if you are:
1. The legal spouse of a Singapore citizen or PR;
2. An unmarried child under 21 years of age who is legally married to, or legally adopted or born to, a Singaporean citizen/PR;
3. Immediate family members of Singapore citizens – parents;
4. For those who hold EP or SP, applicants must have worked for more than 6 months under this permit before they can apply, and they must provide six months of salary slips as proof. If you have been working for a long time, you only need to submit the salary slips for the last six months.
5. International students studying in Singapore must have lived in Singapore for more than two years and passed the Singapore national examination.
6. Foreign entrepreneurs and applicants can apply through GIP.
Apply for PRYou can enjoy the following advantages:
1. No separate visa is required. You can live in, enter and leave Singapore without applying for a separate Singapore work visa or travel visa.
2. Visa convenience for relatives and friends. You can apply for PR for your spouse and unmarried children under 21 years old. Apply for a long-term residence visa for your parents. If relatives or friends want to come to Singapore, PR holds the Singapore electronic identity password (SINGPASS) and is the applicant's introducer, and can apply for a Singapore tourist visa for them by using the visa electronic system (SAVE). At the same time, PRs can also provide guarantees for domestic relatives and friends who come to study in Singapore.
3. Get education priority. If your child is of school age, you will have priority after Singapore citizens in choosing a school and can attend a public school of your choice. PRs can also enjoy discounts on tuition fees.
4. Enjoy the CPF plan in your old age. Singapore permanent citizens can flexibly contribute to the world's most complete and advanced compulsory social security plan, the Singapore Central Provident Fund (CPF), and withdraw their CPF savings in one lump sum when they reach the retirement age of 55. Enjoy the financial and tax benefits provided by the Singapore Central Provident Fund (CPF) plan. According to the CPF plan, before the applicant is 55 years old, the applicant's employer will contribute to your CPF account at a ratio of 17% and 20% per month. It can be used for purposes related to medical care, home purchase, family protection and asset appreciation.
5. Home purchase and loan benefits. PRs have an advantage in credit rating and can apply for various loans and get higher lending priority, such as applying for housing loans when purchasing real estate. Singapore permanent residents are also eligible to purchase government flats in the resale market (only Singapore citizens can purchase new HDB flats).
6. Tax rate concessions. When buying a property in Singapore, there are huge differences in the taxes that citizens, PRs and foreigners have to pay. For example, compared to the additional buyer’s stamp duty (ABSD) of 30% that foreigners have to pay, PRs only have to pay an additional buyer’s stamp duty of 5%.
7. Have the opportunity to obtain the most valuable Singapore passport. After becoming a Singapore permanent resident for a specified number of years, you are eligible to apply for Singapore citizenship. You will be able to obtain a Singapore passport and enjoy the same rights as local-born citizens.
8. More job opportunities and entrepreneurship convenience. Benefit from the stable job market in Singapore and enjoy ample job opportunities. If you want to start your own business, you can choose different business structure options and enjoy various government subsidies to help start your business.
9. Better job stability. Change jobs freely without having to reapply for a Singapore work permit. If you hold a Singapore work visa and want to change jobs, you will have to cancel your old Singapore visa and reapply for a new visa, and you will also have to bear the risk of delays or application rejection. It is much easier for PRs to find jobs in Singapore because employers can save the cost and responsibility of helping employees solve identity issues.
World-class healthcare. Enjoy a comprehensive range of quality healthcare facilities in public and private hospitals, polyclinics and private clinics.
Note that along with the rights you get as a PR, the government also has some rights. For example, if you have a young son who is a PR, he must register for the military (commonly known as "National Service") before he turns 16.5 and serve for two years when he turns 18. After that, they need to attend 40 days of In-Camp Training every year until they turn 50 (for officers) or 40 (for non-officers).
Documents required for application
The Singapore government has updated the PR application process starting from 26 June 2024. For most types of PR applications, the required documents are largely the same. Generally, applicants will need to prepare the following documents:
- Personal identification document
- Photo (electronic passport size)
- Educational qualification certificate
- Employment-related certification or employer information
- English translation of the document
- Application Form
- Other supporting documents
1. Personal identification document
You will need a valid travel document or passport page showing personal details and official remarks, and a valid work permit (if applicable). You will also need a national identity card (if applicable); a birth certificate or a family register showing the names of both parents.
2. Photo (electronic passport size)
Passport-sized color electronic photograph that must meet ICA requirements.
- 35mm wide and 45mm long, no borders, and must be taken within the last three months;
- The background is white, matte or semi-matt texture;
- Pixel size: 400X514;
- The face must be clearly visible and hats are not allowed. Exceptions can be made if the applicant has religious beliefs, but headscarves etc. cannot cover the face;
- The recommended size for the face is 25-35 mm;
- Photo format: JPEG.
3. Educational qualification certificate
Your highest educational credentials (including all post-secondary education), transcripts, professional licenses/memberships, and professional skills certifications.
4. Employment-related certification or employer information
- You may also include a reference letter from a previous employer, stating the nature of the employment, duration, and last base salary received (if any);
- Pay slips for the last 6 months;
- A letter of employment confirmation from your current employer, with employment history of at least 3 months.
- Recommendation letters to ICA should be no older than 1 month before the submission date.
- If you are self-employed, you will need to show a valid business registration certificate, the name of your business partner or a professional license related to your job. You will also need to submit a list of your CPF contributions for the past 12 months.
- Income tax assessment notice for the past 3 years before the date of application
5. Translation of documents
All documents must be translated into English and notarized. This can be done at the embassy of the issuing country or at a local notary office.
6. Application Form (Declaration forms)
The applicant and dependents (if applicable) need to prepare one application form each. The application form must be signed before uploading to the e-PR system. Please note that all information in the form must be completed. All information provided must be accurate and verifiable.
The most important thing to note is the applicant's signature. If there is a space on the form for the applicant to sign, you must sign. The signature serves as a confirmation of the information provided, ensuring that all information is accurate and valid.
7. SingaporePRRequest additional documents (Attachment)
If the applicant is married, the following documents are required:
- Official marriage certificate;
- Death certificate or divorce certificate from previous marriage (if applicable);
- Child custody documents from previous marriages (if any);
- Spouse's highest educational certificate (including all levels of education), transcripts, professional licenses/memberships, and professional skills certifications.
If you are applying with your spouse, please provide the following:
- Spouse's valid travel document, valid laissez-passer and passport page showing personal details and official remarks (required);
- Spouse's birth certificate (which should show the names of both parents);
- Proof of spouse's name change (if applicable);
- Spouse's ID card (if applicable);
- If there is a previous marriage, a death certificate or divorce certificate and custody documents for the children will be required.
If you are applying with your child, please provide the following information:
- The child's valid travel document, a valid pass and passport page showing personal details and official remarks (required);
- Child's birth certificate showing the child and parents' names;
- Adoption documents for non-biological children (if applicable);
- Proof of change of name of the child (if applicable)
Other supporting documents (optional):
Supporting documents can help showcase your credentials as a bona fide applicant who is committed to making economic and social contributions to Singapore. Additional supporting documents may include:
- Self-recommendation letter
- Recommendation Letter
- Proof of social integration
- Local insurance policies
- Bank accounts, deposit certificates, property certificates, retirement accounts, etc.
Depending on individual circumstances, additional supporting documents can help ICA officers understand and assess the applicant’s likelihood of becoming a Singapore PR, greatly increasing the chances of approval.
Things to note when applying
- After logging into the e-PR system, applicants must download and print the relevant declaration forms for themselves and their family members (if any), and each applicant must fill out an application form. When submitting supporting documents, applicants must upload the declaration form with their signature through the system.
- When completing the online application form, please enter "N/A" for all unfilled fields.
- The form can be filled out online or downloaded and then uploaded.
- The entire online application process is timed and needs to be completed within 48 hours.
- All form information must be complete, accurate and well-documented. If the applicant fails to complete the application process or provides invalid information and documents, the application will be rejected.
- Applicants will be asked to provide additional information or documentation if necessary.
- The entire application process will take about four to six months. You must check carefully to see if there is anything missing, otherwise ICA will return your application and you will have to wait again, which is very troublesome.
Application approval time
The application status can be checked online through MyICA; applicants will be notified of the application results by post.
