Step-By-Step Guide To Investing Via The Global Investor Programme
Under Singapore’s Global Investor Programme (GIP), foreigners can apply for GIP Permanent Resident (PR) status to begin investing in Singapore either of two ways: by investing in a new business entity or else in the expansion of an existing entity, also called Option A; and by investing in a GIP fund that will invest in Singapore-based companies, also called Option B.
For those who are looking into making investments in Singapore, here are the steps to follow from Contact Singapore, the official organisation in charge of accepting, assessing, and approving applications.
1. Pay the application fee of S$5,650.
This amount is non-refundable and should be paid before the submission of your completed application forms. All other transaction fees, such as that required by banks, must also be shouldered by the investor on top of the application fee. The exact amount must be deposited and credited in a single transaction only, and only upon successful transmission of such transaction can Contact Singapore start processing applications.
One can pay via telegraphic transfer from overseas or else via local interbank transfer. After successful payment, keep the hard copy of your transaction slip, a scanned copy of which must be uploaded to the Contact Singapore website along with your application form. Additionally, this scanned copy should also be attached to the application’s Form C.
Note too that you need to submit the application form within one month of paying the application fee.
2. Obtain the application forms (Forms A, B, and C) online.
Visit www.contactsingapore.sg/GIP to obtain the forms necessary for your application. Form A is your Personal Profile, Form B is your Proposed Investment Plan, and Form C is your Payment Details.
3. Upload accomplished application forms (A, B, and C).
4. Submit hard copies of documents to Contact Singapore office.
These documents include your Undertaking on Terms and Conditions of the GIP, the Statutory Declaration Form, the Declaration form for Application of Global Investor Programme in Form A, Declaration form of Proposed Investment Plan in Form B, and payment details of application fee in Form C along with your payment transaction slip.
You also need to bring hard copies of your application for an entry permit to enter Singapore, Form 4. Please make one original and one photocopy in your PR application. Hard copies of supporting documents for Forms A, B, and C must also be brought (complete lists of supporting documents are available at www.contactsingapore.sg/GIP). Documents must come in their official English translations and are duly notarised. Contact Singapore accepts documents with a one-year validity period.
After submission, wait for a call for an interview from Contact Singapore if you meet the qualifying criteria. You will then be issued an Approval-in-Principle (AIP) Permanent Residence (PR) status after approval of your application. This is issued by the Singapore Immigration and Checkpoints Authority (ICA) and is valid for 6 months.
Within this six-month validity, you need to make your investment quantum according to the investment option you have selected. This must be made from your personal bank account in your sole name which was opened in a Singapore-registered bank located in Singapore.