Announcement: Mr. Joel Leong Kum Hoe Has Been Appointed as a Partner of FOZL Corporate Strategy
2023-03-02
Singapore to launch a $50 million aviation sustainability programme to advance aviation industry development.
2023-03-07
On March 2, 2023, the Economic Development Board (EDB) announced new requirements that foreign businessmen will have to invest more and hire more locals to qualify to become permanent residents under the Global Investor Programme (GIP). The new requirements, which kick in on March 15, will therefore generate more jobs for Singaporean.
The Global Investor Programme (GIP), which is under Contact Singapore, a subsidiary of the EDB. This programme accords permanent residency to eligible global investors who intend to drive their businesses and investment growth from Singapore. There are changes to all three investment options under the GIP.
Under the first option, new investors will have to invest at least $10 million, inclusive of existing paid-up capital, in a new business entity or existing business operation in Singapore. This is up from the previous $2.5 million required. Applicants must also hire at least 30 employees, with at least half of them Singapore citizens and 10 of whom must be new employees, to be eligible for Re-entry Permit Renewal after the initial five-year period.
Under the second option, applicants will be required to invest S$25 million in a GIP-selected fund. These funds will be shortlisted by EDB based on their track record, investment mandate in Singapore and the type of industries or markets they focus on. Previously, applicants had to allocate only S$2.5 million in a GIP fund that invests at least 50% in Singapore-based companies upon in-principle approval.
Under the third investment option, applicants will be required to establish a Singapore-based single family office with assets under management of at least S$200 million, of which at least S$50 million must be deployed and maintained in certain investment categories, such as companies listed on the Singapore Exchange’s mainboard and secondary Catalist board.
About 200 people have been granted permanent residency (PR) through the Global Investor Programme (GIP) between 2020 and 2022, said Minister of State for Trade and Industry Low Yen Ling on Feb 23, 2023.
FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing Family Offices and providing serviced office solutions for enterprise.
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