GIP Options in Singapore: Comparing Option A, B and C
Quick AnswerThe Global Investor Programme (GIP) offers three investment routes to Singapore Permanent Residence:
Your investment option depends on your applicant profile. Family Office Principals may only select Option C. |
GIP Options A, B and C at a Glance
| Option A | Option B | Option C | |
|---|---|---|---|
| Investment Requirement | S$10 million | S$25 million | S$200 million; S$50 million in EDB-specified investments |
| Where the Money is Invested | New or existing Singapore business | GIP-select fund investing in Singapore-based companies | Singapore Single Family Office |
| Key Involvement Requirement | At least 30% shareholding; C-suite or board role in Option A company | Investment in an EDB-assessed GIP-select fund | Establish and operate the SFO; submit 5-year business plan |
| Key Ongoing Requirement | Maintain investment; employ at least 30 staff (at least half Singapore Citizens) with at least 10 incremental hires | Maintain S$25 million investment in the GIP-select fund | Employ at least 5 incremental Family Office professionals (at least 3 Singapore Citizens); maintain S$50 million in EDB-specified investments |
| REP renewal (5-year) | Investment conditions met; employment criteria met; residency requirement met | Investment conditions met; S$25 million maintained; residency requirement met | Investment conditions met; employment and investment criteria met; residency requirement met |
The residency requirement for a 5-year Re-Entry Permit (REP) renewal applies across all three options. The main applicant and all dependants who obtained PR under the GIP application must have lived in Singapore for more than half of the 5-year validity period.
Which GIP Options Are Available for Each Applicant Profile?
The GIP is open to four applicant profiles:
1. Established Business Owners and Next-Generation Business Owners
Established Business Owners and Next-Generation Business Owners may select Option A, B or C.
Established Business Owners must meet all of the following:
- Entrepreneurial Track Record: At least three years of entrepreneurial and business track record.
- Annual Turnover: The company must have an annual turnover of at least S$200 million in the year preceding the application, and at least S$200 million on average over the prior three years.
- Shareholding: At least 30% shareholding in the company if it is privately held. If publicly listed, the applicant must be one of the largest individual shareholders.
- Industry: The company must be engaged in one or more of the industries listed in the Singapore Economic Development Board’s (EDB) Annex B.
Next-Generation Business Owners must meet all of the following:
- Family Shareholding: The applicant’s immediate family must hold at least 30% of shares or be the largest shareholder in the qualifying company.
- Annual Turnover: The company must have an annual turnover of at least S$500 million in the year preceding the application, and at least S$500 million on average over the prior three years.
- Management Involvement: The applicant must be part of the management team at C-suite or board level.
- Industry: The company must be engaged in one or more of the industries listed in EDB’s Annex B.
2. Founders of Fast-Growth Companies
Founders of fast-growth companies may also select Option A, B or C. The qualifying criteria are:
- Founder Status: The applicant must be a founder and one of the largest individual shareholders of a non-publicly listed company.
- Company Valuation: The company must have a valuation of at least S$500 million.
- Investor Backing: The company must have received investment from reputable private equity or venture capital firms.
- Industry: The company must operate in one of the industries listed in EDB’s Annex B.
3. Family Office Principals
Family Office Principals may select Option C only. The qualifying criteria include:
- Track Record: At least five years of entrepreneurial, investment or management track record.
- Net Investible Assets: At least S$200 million in net investible assets, which include financial assets such as bank deposits, capital market products, collective investment schemes, life insurance premiums and other investment products. Real estate is excluded.
Option A: Invest in a Singapore Business
Option A is designed for investors who want direct commercial involvement in Singapore. The minimum investment is S$10 million into a new business entity or the expansion of an existing Singapore operation.
The requirements under Option A are:
- Business Plan: Applicants must submit a detailed 5-year business or investment plan covering projected employment, expenditure and financial projections. EDB assesses the plan on its feasibility, the applicant’s role in growing the company, the nature of the business activities and the creation of local jobs.
- Shareholding and Management: The applicant must hold at least 30% shareholding in the Option A company and participate in its management at C-suite or board level, subject to the applicable GIP requirements.
- Industry Eligibility: The Option A company must operate in one of the industries listed in EDB’s Annex B, which spans sectors from aerospace engineering and healthcare to financial services and the arts.
For the requirements for REP renewal at the 5-year mark, Option A applicants must have met the investment conditions. They must also meet the employment criteria: at least 30 employees, at least half of whom are Singapore Citizens, with at least 10 incremental hires. Either the main applicant or all dependants who obtained PR under the GIP application must also have lived in Singapore for more than half of the 5-year validity period.
Option B: Invest in a GIP-Select Fund
Option B is the most straightforward of the three routes in terms of operational commitment. The key requirements include:
- Investment Amount: A minimum of S$25 million invested in a GIP-select fund that invests in Singapore-based companies.
- Payment Source: The investment must be made from the applicant’s personal bank account, held in their sole name, with a bank registered in Singapore.
- Fund Selection: The fund must be selected from EDB’s published list of GIP-select funds. EDB assesses the funds and their managers based on their investment and operational capabilities.
- Additional Business Plans: EDB may request that Option B applicants share any other business plans for Singapore they hold, in addition to the fund investment.
- REP Renewal: The S$25 million investment in the GIP-select fund must be maintained, in addition to meeting the residency requirement.
Option C: Establish a Singapore Single Family Office
Option C is the only route available to Family Office Principals and requires establishing a Singapore-based Single Family Office (SFO).
The requirements are more layered than the other two options:
- AUM Threshold: The SFO must manage at least S$200 million in assets under management. Offshore assets can count toward this figure, provided at least S$50 million in investable assets has been transferred into and held in Singapore upon Approval-in-Principle of the PR application.
- EDB-Specified Investments: Applicants must deploy at least S$50 million in EDB-specified investments no later than 12 months after Final Approval of PR and maintain it throughout the validity of the Re-Entry Permit. EDB-specified investments include equities listed on Singapore-approved exchanges.
- Business Plan: Option C applicants must submit a detailed 5-year business plan covering projected employment and annual financial projections. EDB assesses the plan on the applicant’s role in the SFO, the family office’s functions, proposed investment sectors, asset types, geographical focus and philanthropy interests.
For REP renewal at the 5-year mark, Option C applicants must meet the following criteria:
- Investment Conditions: Option C investment conditions must be met.
- Family Office Professionals: The SFO must employ at least 5 incremental Family Office professionals, of whom at least 3 must be Singapore Citizens. These professionals must hold advisory roles or board appointments in legal, tax, investment or philanthropy.
- Maintained Deployment: The S$50 million in EDB-specified investments must be maintained.
- Residency: The applicant and all dependants who obtained PR under the GIP application must have resided in Singapore for more than half of the 5-year validity period.
How Do the REP Renewal Requirements Differ by GIP Option?
Upon formalising PR, GIP applicants receive a Re-Entry Permit valid for five years. At the 5-year renewal, all three options require the original investment conditions to be fulfilled, along with option-specific economic criteria and a residency requirement.
- Option A: The Option A company must employ at least 30 employees (at least half Singapore Citizens) with at least 10 incremental hires since the application date.
- Option B: The S$25 million investment in the GIP-select fund must be maintained.
- Option C: The SFO must employ at least 5 incremental Family Office professionals (at least 3 Singapore Citizens) and the S$50 million deployment in EDB-specified investments must be maintained.
How Xignam Helps You Compare and Apply for GIP Options
The right GIP option depends on your applicant profile, business background, investment structure and the ongoing obligations and their impact on your plans in Singapore and abroad.
Xignam’s immigration consultancy service supports Global Investor Programme (GIP) applicants through each stage of this process:
- Profile Assessment: We review your background against EDB’s qualifying criteria to identify which applicant profile applies and, with it, which investment options are available to you.
- Option Comparison: We outline the implications of each available option, including investment structure, management involvement, REP renewal conditions and the residency commitment of each option.
- Application Preparation: We support the preparation of the GIP application, including the business or investment plan, supporting documents and the requirements set out in EDB’s application process.
- Investment Route Support: For applicants pursuing Option A or C in particular, the investment plan has implications beyond the GIP itself, including company formation services and ongoing corporate compliance.
Singapore citizenship is a longer-term pathway for GIP holders, and decisions made at the investment stage have consequences that extend through PR and beyond. Designing it correctly from the outset is the point of engaging with an experienced adviser like Xignam.
Speak with our team to review your profile and understand which GIP options are open to you.
Frequently Asked Questions About GIP Options
The minimum investment depends on the option selected:
- Option A requires at least S$10 million invested in a new or existing Singapore business entity.
- Option B requires S$25 million invested in a GIP-select fund.
- Option C requires establishing a Singapore Single Family Office with at least S$200 million in AUM, of which at least S$50 million must be transferred into Singapore and deployed in EDB-specified investments.
A non-refundable application fee of S$20,000 is also payable before submission, regardless of the option chosen.
A GIP-select fund is a fund assessed by EDB on its investment and operational capabilities and listed on the EDB website for the purpose of Option B applications. Investing in a GIP-select fund is a decision made solely by the applicant. EDB’s listing of a fund does not constitute an endorsement of it, and applicants are advised to review any charges the fund imposes before committing.
Yes. A spouse and unmarried children below the age of 21 at the date of application submission are eligible to be included as dependants under a GIP application. Parents and unmarried children above the age of 21 are not eligible to be included as dependants, but may apply for a Long-Term Visit Pass tied to the validity of the main applicant’s Re-Entry Permit. Male children who obtain PR as dependants under a GIP application will be liable for National Service.
EDB states that it will take approximately 12 months for a GIP application to be processed, subject to complete submission of all required supporting documents at the point of application. Applications are also subject to due diligence checks. After that, the applicant has six months to fulfil the investment conditions and must formalise PR within 12 months of the Final Approval letter.