Singapore is one of the few countries in the world with a very favorable and conducive environment for foreign investors to start a business. If you have enough funds, this is the country to consider investing in. The good thing is that the global investor program (GIP) in Singapore enables you to get permanent resident (PR) status, which gives you numerous benefits.
Investors are interested in this since it gives them and their immediate family stability of residence, employment opportunities, ability to study, and subsidized medical coverage, among others.
Investments That Will Earn You a PR
Under GIP in Singapore, foreign investors have two options for investment. One is to inject money to fund Singaporean businesses or projects that are under the GIP programs. The other option that will earn you a PR is starting a business in the Lion City or expanding an existing business. In both cases, the minimum amount to invest is S$2.5M.
Doing a business startup under this program has attracted many people seeking PR status in Singapore. If you are one of them, it is worth knowing some tips since investing the capital is not the only eligibility criteria.
Qualifying for PR Under Businesses Startup
Getting the right insights before investing is crucial. Experts such as the Visa Express company are always willing to help those who are interested. The list below shows the requirements that you need on top of the minimum S$2.5M capital.
- Prove that entrepreneurial expertise – Before being allowed to invest by the GIP officials, you will have to give a track record of business for three solid years.
- Business success – For investors who want to inject money int Singapore projects or those who want to expand an existing business, they must prove the success of the businesses. The requirement is to prove that your business had a turnover of S$50M in the last year of operation and two more years before that.
- Business audit – Apart from all the above, you will be required to show audited books for a similar period as the turnover you just proved. This is typically the last three years of business operations.
- Proof of shareholding – As the investor, you have to prove that you are a shareholder with at least 30% ownership of the business.
PR for Family Members
After meeting all the above criteria and successfully getting a PR, you can apply for immediate family members, but there are conditions for this. Usually, it is your spouse, with proof for this, and children who are below the age of 21. Additionally, male children will enroll for national service when they attain the minimum age.
If your children are above 21 years old, they can apply for a long-term social visit pass with a validity of five years. After that, they can renew it if they want.
See, it is easy to get a PR status in Singapore with ease. All you need is to meet the minimum criteria set under the GIP. The above insights are critical for everyone who wants to succeed in this.