FOREIGN INVESTORS
MUST NOW WORK HARDER FOR PR STATUS
Administered by the Economic Development Board (EDB) and the
Ministry of Manpower through Contact Singapore, GIP fast tracks foreign
investors’ applications once they’ve been approved.
“EDB reviews the GIP regularly to ensure that it continues
to engage quality entrepreneurs and business owners who can contribute to Singapore
economically and are keen to be rooted in Singapore ,”
said an EDB spokesman who spoke with The Straits Times.
Under the new criteria, Contact Singapore has increased the
annual company turnover for a GIP applicant from S$30 million to S$50 million.
In addition, the average amount of money generated in the last three years must
reach S$50 million annually, from S$30 million in the past.
Real estate and construction-related companies will also
face more requirements and will have to have made at least S$200 million during
the most recent year and S$200 million for the last three years, much higher
than the previous S$30 million.
Through the programme, EDB supports applicants in
implementing their business investments by linking up investors and
entrepreneurs with local business networks and partners.
EDB did not disclose the speed of the application process,
but noted that “the time taken to process each application differs on a
case-by-case basis, depending on the completeness of information
received”.
Info courtesy-
PropertyGuru.com.sg
