Gov't revamps GIP to benefit local start-ups
The changes will support Singapore’s start-up and financial ecosystem.
The Singapore Economic Development Board (EDB) announced they tweaked the investment options of their Global Investor Programme (GIP) to support the country’s start-up and financial ecosystem and generate more jobs for its people. These changes will take effect from 15 March 2023.
Once the changes are implemented, investors who chose Option A should invest as least $10m, instead of $2.5m, in a new or existing business entity in Singapore. They also need to hire a minimum of 30 employees, half of whom must be Singaporean and ten must be new employees, to be eligible for a Re-entry Permit Renewal after an initial five-year period.
Investors who opted for Option B should invest $25m, instead of $2.5m, in any of the GIP-select funds shortlisted by the EDB. The funds are based on a holistic assessment of their track record, investment mandate, and sectoral focus of the funds.
Investors who chose Option C should establish a Single-Family Office with $200m worth of Assets Under Management, $50m of which must be distributed and maintained in any of the four investment categories. These are companies listed by Singapore’s Monetary Authority, qualifying debt securities listed on the Qualifying Debt Securities Enquiry System, funds distributed by managers listed on the Financial Institutions Directory, and private equity injection into non-listed businesses.
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