Step 6: Investment in Singapore

The government has set up an agency - the Economic Development Board or EDB - to support its vision to make Singapore a "compelling global hub for business, investment and talent". EDB is the think tank for inventing and reinventing ideas to attract foreign investment in manufacturing and services and shape Singapore's future. In 1991 EDB Investments (EDBI) was established " to grow and catalyse new strategic industry pillars and strengthen existing engines of Singapore’s economy". The current focus (2011)is on the following sectors:

• Biomedical Sciences
• Clean Technologies
• Digital Media

Tip: Join ASME

The Association of Small and Medium Enterprises (ASME) is a not-for-profit organisation that champions the interest of the small and medium sized enterprises in Singapore. As one of the key business chambers, ASME works closely with both public and private sectors to further the cause of the SMEs, across ranging sectors of the economy. Visit the website.

 

There is a range of taxation schemes and Financial Schemes available for Singapore registered business entities to assist in establishing new business such as the

• Innovation Development Scheme (IDS)
• Research Incentive Scheme for Companies (RISC)
• Initiatives in New Technology (INTECH)

EDBI assists in co-funding to support

• innovation in products, processes and applications
• the set up or development of Research and Development Centers in strategic areas of technology
• the manpower development in the application of new technologies, industrial R&D and professional know-how
  

Under The Global Investor Program a potential investor can apply for a Permanent Residency (PR) in Singapore, if the investment is

• at least S$2.5 million in a new business entity or expansion of an existing business operation (option A)
• at least S$2.5 million in a GIP-approved fund. (Option B) See list of approved funds

The above is taking effect from January 1 2011.

Family members (except parents and parents-in-law) can be included in the main GIP's PR application.

Assessment criteria for applicants with entrepreneural and business track record
( GIP option A and B)

• The applicant must possess at least 3 years of entrepreneurial track record and must produce audited financial statements of his company for the last 3 years.
• The turnover of the applicant’s company must be : - At least S$30 million per annum in the most recent year; and - At least S$30 million per annum on average for the last 3 years.
• The applicant’s share ownership and role in the company, as well as the profitability of his company would be taken into consideration.

Assessment criteria for applicants without entrepreneural and business track record
(GIP option A only)

• The applicant must have at least 10 years of corporate management experience
• The applicant must be currently undertaking a senior management role in the company such as Chairman, CEO, CFO, CTO, etc.
• The turnover of the company in which the applicant is employed must be at least S$100 million

See here for a timeline with deadlines of the various steps of the application.

Download application forms

For an investor within a company not qualifying for the above, there are several ways to enter and re-enter Singapore during the set up of business operations. Investors can either apply for a

• Multiple Journey Visa
• Long-Term Visit Pass for Entrepreneurs (LTVP)
• Entrepass

For further details see our sister website