The Singapore Global Investor Program

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.

The Singapore Global Investor Program has been designed for wealthy and experienced foreign entrepreneurs, business owners, and managers who are interested in starting a business or investing in Singapore and who wish to make the country their home. Successful applicants receive Singaporean permanent residence status within nine to twelve months.

Requirements of the Singapore Global Investor  Program

Singapore has emerged as a world-class destination with a harmonious multiracial and multicultural 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 has continued to introduce tax regulations that favor foreign investors. Singapore’s taxation system operates on a territorial basis.

Requirements of the Singapore Global Investor Program

Established business owners, next-generation business owners, founders of fast-growing tech companies, and family office principals with substantial entrepreneurial, business, and management experience may select one of the following investment options to acquire Singaporean permanent residence.

Option A:

Demonstrate an investment of SGD 10 million (including paid-up capital) into a new or existing business in Singapore, and hire at least 30 employees to be eligible for the re-entry permit renewal after the initial five-year period. At least half the employees must be Singaporean citizens and 10 must be new hires if the business was already in existence.

Option B:

Invest SGD 25 million into a fund approved by the Singapore Economic Development Board that invests in Singapore-based companies.

Option C:

Establish a Singapore-based single-family office with assets under management of at least SGD 200 million. At least SGD 50 million of the assets must be deployed and maintained throughout the five-year residence period in any one of the following investment categories:

• Companies listed on exchanges licensed by the Monetary Authority of Singapore
• Qualifying debt securities such as bonds, notes, commercial papers, and certificates of deposit
• Funds distributed by Singapore-licensed or -registered managers
• Private equity injections into non-listed Singapore-based businesses

To qualify for the re-entry permit renewal under Option C, hire at least five incremental family office professionals by the end of the five-year period. At least three employees must be Singaporean citizens.

Procedures and time frame of Singaporean residence by investment

The procedure to gain permanent residence under the Singapore Global Investor Program takes nine to twelve months. 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 after submitting the application. If an applicant meets all the criteria, the Immigration and Checkpoints Authority of Singapore will issue an approval in principle. This approval is valid for six months during which applicants must make the requisite investment under the chosen investment option. Successful applicants must formalize their permanent residence status within one year of receiving their final approval letter.

The spouse of the investor and their children (under 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

·         * Step 1: Choose a company name and business activity

*1 The first step in setting up an offshore company in Singapore is to choose a unique name for your business. The name must not be identical or similar to any existing registered company name in Singapore, and it must comply with the relevant regulations.\You will also need to decide on the nature of your business activity, which will determine the relevant business license or permit requirements.

 * Step 2: Engage a professional services firmTo register an offshore company in Singapore, you will need to engage the services of a professional services firm, such as a corporate service provider (CSP) or a law firm. These firms can provide expert guidance on the registration process, assist with the necessary paperwork and documentation, and ensure compliance with local regulations

  * Step 3: Choose a business structure

 The next step is to decide on the most appropriate business structure for your offshore company. Singapore offers several business structures, including sole proprietorship, partnership, limited liability partnership (LLP), and private limited company (Pte Ltd)

Most offshore companies in Singapore opt for the Pte Ltd structure, which offers limited liability protection and greater credibility with customers and suppliers.

·         * Step 4: Register your company with the Accounting and Corporate Regulatory Authority (ACRA)

 Once you have chosen your company name, engaged a professional services firm, and decided on your business structure, you can register your company with the Accounting and Corporate Regulatory Authority (ACRA).

 The registration process involves submitting the necessary paperwork and documentation, such as the Memorandum and Articles of Association, details of the company's shareholders and directors, and the company's registered address.

·         Step 5: Apply for business licenses and permits

Depending on the nature of your business activity, you may need to apply for one or more business licenses or permits. Some common licenses and permits required in Singapore include a business license, employment pass, and goods and services tax (GST) registration.

Your professional services firm can guide you on the necessary licenses and permits and assist with the application process.

·         *Step 6: Open a corporate bank account

Finally, you will need to open a corporate bank account in Singapore. Singapore offers a wide range of local and international banks, and it is advisable to shop around to find the best account for your business needs.

 To open a corporate bank account, you will need to provide the necessary documentation, such as your company's registration certificate, a copy of the company's Memorandum and Articles of Association, and proof of identity and address for the company's directors and shareholders.

In Conclusion, registering an offshore company in Singapore certainly could be a straightforward and streamlined process if you follow the necessary steps and meet the relevant requirements. By engaging a professional services firm, choosing the right business structure, and complying with local regulations, you can establish a successful offshore company in Singapore and take advantage of its favorable tax system, political stability, and a strong economy.