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Singapore Appoints 7 Funds under Global Investor Programme with Minimum Criteria of S$1 Billion AUM, Singapore Permanent Residency Applicants to Invest S$25 Million into the Funds
2nd June 2023 | Hong Kong
Singapore Economic Development Board (EDB) has appointed 7 funds under the new Singapore Global Investor Programme (GIP) with minimum criteria of S$1 billion AUM, with new Singapore Permanent Residency applicants under GIP to invest S$25 million into the funds. The 7 appointed fund management firms are B Capital Group Singapore, East Ventures Advisory, GGV Capital, HHLR Management, Insignia Ventures Partners, Jungle Ventures and Vertex Venture Management. A Call for Proposal (CFP) was conducted from 2nd March 2023 to 21st March 2023. Singapore EDB: “Investments made into GIP-select funds are not principal-protected. The value of such investments may be reduced according to market conditions and the investor may suffer losses as a result of your investment into the GIP-select funds. Accordingly, EDB shall not be held responsible or liable in any way for (a) any reduction in the value of your investments into any of the GIP-select fund, or (b) any other losses that you may suffer as a result of your investments in any GIP-select fund.” Earlier in 2023 March, Singapore government announced the new Global Investor Program (GIP, 5-Year renewal residency program) is increased from S$2.5 million to a minimum of S$10 million ($7.4 million) in a business or S$25 million ($18 million) into approved GIP funds from 15th March 2023 (new applications), with family office requiring at least S$200 million AUM ($149 million, Assets under Management) and at least S$50 million ($37 million) invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business. See below for updates to the new Singapore Global Investor Programme (GIP) and becoming a Global Investor Programme (GIP) – Select Fund. Visit Singapore Global Investor Program | GIP Select Funds
“ Singapore Economic Development Board Appoints 7 Funds under Global Investor Programme with Minimum Criteria of S$1 Billion AUM, Singapore Permanent Residency Applicants to Invest S$25 Million into the Funds “
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Singapore Global Investor Programme (GIP) Investment Options
Singapore Global Investor Programme (GIP) Investment Options
- Option A: Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.
- Option B: Invest S$25 million in a GIP-select fund3 that also invests in Singapore-based companies.
- Option C: Establish a Singapore-based Single-Family Office with Assets-Under-Management (AUM*) of at least S$200 million, where minimally S$50 million must be deployed in any of the 4 investment categories of: (i) equities, REITS or business trusts listed on Singapore-approved exchanges; (ii) qualifying debt securities listed on MAS’ enquiry system; (iii) funds distributed by Singapore-licensed/registered managers or financial institutions; and (iv) private equity investments in non-listed, Singapore-based operating companies.
List of GIP-select funds – 2023 Updated
1. B Capital Group Singapore Pte Ltd
2. East Ventures Advisory Pte Ltd
3. GGV Capital Pte Ltd
4. HHLR Management Pte Ltd
5. Insignia Ventures Partners Pte Ltd
6. Jungle Ventures Pte Ltd
7. Vertex Venture Management Pte Ltd
Global Investor Programme (GIP) – Select Fund Process
Under the Global Investor Programme (GIP), investors with strong entrepreneurial and managerial experience are eligible to apply for Permanent Residency (PR) in Singapore. Applicants for the GIP are also required to make investments into Option A, B or C. For Option B, the investments are to be made into a GIP-select fund.
Eligibility Criteria
1. Funds and fund management companies must be incorporated and based in Singapore.
2. Fund management companies must obtain the necessary regulatory approval from MAS e.g. CMS, RFMC, LFMC and VCFM for their proposed activities.
3. Fund management companies must possess good track record of previous PE/VC fund management experience and funds’ performance, including the following:
- Total AUM managed of at least S$1 billion;
- Raised at least 3 funds; and
- The General Partner should have at least 10 years of investment track record.
4. EDB has the discretion to call for new funds via CFP every year.
5. Each fund once qualified as a GIP-select Fund shall be listed on EDB’s GIP fund list for an initial period of 3 years, for the purpose of raising funds from GIP investors. Thereafter their qualification as a GIP-select Fund will be reviewed.
Key Requirements
- The Fund to manage a minimum fund size of S$200 million, inclusive of both GIP and non-GIP monies.
- The Fund to accept at least S$50 million GIP monies (i.e. minimum 2 GIP applicants) if EDB has approved the applicants during the funds’ respective fund raising cycles.
- The Fund to provide at least three months fund raising period.
- The Fund Life has a minimum fund tenure of 8 years.
- The Fund to obtain at least 1% co-investment from the General Partner.
- The Fund to submit the upcoming fund-raising schedule.
- The Fund to invest at least 50% of its GIP monies raised or S$50 million of the GIP monies received (whichever is lower) into Singapore-based companies for sectors promoted by EDB and/or other economic agencies.
These sectors could include:
- Aerospace Engineering
- Alternative Energy/ Clean Energy
- Automotive
- Chemicals
- Consumer Businesses
- Electronics
- Energy
- Engineering Services
- Healthcare
- Infocomm Products & Services
- Logistics & Supply Chain Management
- Marine & Offshore Engineering
- Medical Technology
- Nanotechnology
- Natural Resources
- Safety & Security
- Space
- Shipping
- Pharmaceuticals & Biotechnology
- Precision Engineering
- Professional Services
- Arts Businesses
- Sports Businesses
EDB shall not dictate the capital call down period for each fund managed. Once a GIP applicant is granted an approved-in-principle (“AIP”) PR status, the S$25 million investments will be transferred to the ESCROW account (if required) for respective funds to manage their capital call downs. GIP-select Funds are required to submit their fund raising schedules to EDB.
Application Process
The new GIP-select fund application cycle has closed on 31 March 2023. The next application cycle will be announced, when available.
Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Office Requires S$200 Million AUM with S$50 Million Invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business
2nd March 2023 – Singapore Global Investor Program (GIP, 5-Year renewal residency program) has increased from S$2.5 million to a minimum of S$10 million ($7.4 million) in a business or S$25 million ($18 million) into approved GIP funds from 15th March 2023 (new applications), with family office requiring at least S$200 million AUM ($149 million, Assets under Management) and at least S$50 million ($37 million) invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business. Singapore has granted around 200 Permanent Residency under the Singapore Global Investor Program (GIP) over 3 years from 2020 to 2022, with the program requiring S$2.5 million ($1.86 million) investment in a Singapore business or GIP Approved Fund, or setup a family office with at least S$200 million ($149 million). Singapore Global Investor Program (GIP) data October 2022: S$1.62 billion invested in GIP Approved Funds, with S$1.42 billion deployed into investments (65.6% / S$930 million invested in Singapore-based companies). The new qualifying requirement for $10 million investment into Singapore business is to hire at least 30 employees with at least 15 Singapore citizens. For family office requiring S$200 million AUM, at least 5 family office professionals need to be hired, with at least 3 Singapore citizens. The Singapore Global Investor Program was first launched in 2004 (S$1 million), revised in 2011 (S$2.5 million) and last revised in March 2020 (Family office S$200 million). See below for Singapore Family Office Tax Exemption 13U & 13O.
Singapore Family Office Tax Exemption 13U & 13O
In 2022, the Monetary Authority of Singapore (MAS) introduced new family office tax exemption criteria for new applications from 18th April 2022. For 13U, the minimum fund size of S$50 million remains, with new criteria including hiring a minimum of 3 investment professionals with at least 1 non-family member, minimum annual business expenditure of S$500,000 and minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies). For 13O, a S$10 million minimum fund size (rising to S$20 million in 2 years), hiring 2 investment professionals, minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies), and minimum of S$200,000 annual business expenditure.
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