Political Risk Insurance Scheme (PRIS)
Published by Enterprise Singapore
on 29 Nov 2019
Political risks insurance (PRI) is an important tool for companies to safeguard their projects and/or investments in overseas markets against political uncertainties.
Companies can also use PRI to unlock access to mid to long-term financing as it gives lenders additional assurance that the impact of political uncertainties over the performance of a project or investment has been mitigated.
With Political Risk Insurance Scheme (PRIS), qualifying Singapore companies can receive premium support for PRI policies. Enterprise Singapore will support 50% of the premium for up to the first three years of each PRI policy. This is subject to a maximum amount of S$500,000 per qualifying Singapore-based company.
A typical PRI policy covers risks such as:
- Currency inconvertibility and transfer restrictions
- Political violence
- Breach of contract by host government
- Non-honouring of sovereign financial obligations
Companies applying for PRIS1 should meet the following criteria:
- Global HQ2 anchored in Singapore
- At least three strategic business functions3 in Singapore
- An annual turnover not exceeding S$500 million
- An annual total business spending4 of at least S$250,000 in Singapore for each of the past three years
- A minimum paid-up capital of S$50,000
Approach any Singapore-registered PRI broker/insurer to structure and procure a PRI policy.
Should your company qualify for support under PRIS, the PRI broker/insurer will help you submit your application for PRIS premium support to Enterprise Singapore.
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