The Government of Singapore has made it easier for high-performing businessmen and entrepreneurs to apply for the status of Permanent Residence (PR) following significant revisions on the country’s Global Investor Programme (GIP).

GIP is a division of Singapore’s Economic Development Board that is responsible for advising entrepreneurs and business owners who are interested in relocating to and investing in the country.

Contact Singapore’s director Matthew Lee said that the changes will “strengthen their country’s banking and finance sector and will more likely reflect quick moves in the world economy.”

He furthered that the GIP updates can attract new business openings and new types of commercial futurists.

At present, only the established investors and entrepreneurs are qualified to apply for the PR status. But once the amendments take effect on March 1, even the next generation investors will be eligible for acquiring the long-term residency.

Reports said that owners of fast-growing firms must have at least $500 million company shares to qualify for the program.

Singapore, with its financial and economic stability, is one of the most preferred locations for the establishment of the single-family office.

Thus, the Singapore government also extends qualification to those who finance $2.5 million in a new or existing single-family office with at least $200 million of assets under management.

The qualifying criteria provide more avenues for PR application and greatly benefits those high-performing firms.

Renowned Singaporean businessman Dainial Sani Lim said the changes place emphasis on high-performing companies which, in turn, further boost the country’s economy and create more job opportunities.