2. The EntrePass has local staff hiring requirements that will be taken into consideration during renewal application. The government encourages foreign talent, particularly in the expanding local economy sectors. We will be able to advise you further once our services are engaged. Over time, you can seek opportunities for promotions. In the case of an Employment Pass, on the other hand, the applicant must have a tertiary degree from a reputable university and good professional experience. That may include upskilling courses, mentorship programs, or employee resource groups to help you meet other professionals. Review the pros and cons below to make an informed choice. Employment pass (EP) is a Singapore working pass issued to foreign professionals, managers, specialists, and executives to work in Singapore, provided that they earn a fixed salary of at least $3900 per month and have acceptable qualifications from accredited institutes. Experience at an impressive company can help you secure future roles. Both passes allow pass holders to live and work in Singapore, travel in and out of Singapore without entry visas, and bring family members over to Singapore under Dependent's Passes and Long-Term Visit Passes. Copyright 2008 - 2023 Hawksford. These costs are necessary for your business if you want to attract the best talent. It depends on where you work, you may also have a rigid schedule and requirements to be in person. Yes. How to Apply for Employment Pass in Singapore Blog, Employment March 29, 2023 Applying for an Employment Pass in Singapore can be a challenging and anxiety-inducing process, involving the handling of intricate documents and meeting stringent government standards. The Work Permit is for hiring unskilled foreign labour from certain approved nations. This requirement ranges from S$ 100,000 to S$ 400,000 over the past 12 months. For many, this laundry list of tasks is intimidating. The business has to employ a certain minimum number of full-time local staff (starting from three local employees or one local professional, manager or executive) by the end of the second year of the pass holders validity in order for the pass holder to be eligible to renew their pass. EntrePass: Minimum total business spending requirement ranging from S$100,000 to S$400,000 over the past 12 months is required upon renewal. Employment: The Pros and Cons Entrepreneurship vs. Employment Entrepreneurship and employment come with two very different lifestyles. 1. Professionals, managerial personnel (managing director, CEO), executives or specialists who wish to work in Singapore can apply for an Employment Pass. There are other benefits and drawbacks of each working visa, so find out more with our Singapore Employment Pass visa guide and our Singapore Entrepreneur Pass visa guide. Renewal of EntrePass is contingent on the fulfillment of goals and objectives outlined in the business plan. All Rights Reserved. Singapore Entrepreneur Pass is for foreign business owners who wish to move their business to Singapore. Can an employment pass holder work for more than one employer at the same time? To be eligible for the EP, you need to meet the following requirements: An Entrepreneur Pass, or widely known as EntrePass, is another type of work permit for foreign entrepreneurs who wish to start their business in Singapore. This enables the business owner to manage the incorporation process in person while in Singapore. A resume describing the applicants prior employment. All Rights Reserved. From there, you can make the critical decision between entrepreneurship and standard employment. No, employment pass holders must only work for a company that has issued the employment pass. What is the difference between EP and SP? Nevertheless, it is still possible to apply under the Employment Pass scheme. In any case, you should still consult an experienced service provider to find out which option best suits your case. Will be granted to 1) legally married spouse and 2) unmarried children under 21 years old if EP holder earns S$6,000 or more per month. Ltd. is a part of InCorp Group. A business plan of approximately 10 pages will need to be submitted as part of the application. You can also try your hand at people management, running projects, or working with senior stakeholders. You may find these Singapore business guides useful in helping you make your decision: It's easy and quick. You have to find employees, pay for the supplies, and secure funding for your venture. Then, you can decide which path works best for you. But when applying for an Employment Pass under a company that is more than 6 months old, the authorities may require the candidate to show positive developments in the company such as contracts, revenue, business expenditure, and so on, to ensure that the business is viable. Employment includes hourly-rate or salary jobs. Your earnings will be the business's profits. So long as they meet the minimum salary criterion to sponsor their dependents, an applicant who successfully completes the process and obtains the pass may travel to Singapore with their family members using either the Dependent Pass (DP) or Long Term Visit Pass (LTVP) routes. 2 Essential Templates For Starting Your Business. A third-party venture capitalist (VC) or angel investor officially accredited by a Singapore government agency is providing the applicants business with at least S$100,000 in funding or investment. Can be applied either before company incorporation or within six months of the incorporation. Once the pass is approved, a first-time candidate can stay and work in Singapore for up to 2 years. If your business takes off, you could start making six figures a year and take home more as you grow. specialists will get back to you within 24 hours. Here you complete specific tasks and services assigned by an employer. Understanding A Singapore Company Local Resident Directors Responsibility, Childcare Leave and Extended Childcare Leave in Singapore, Medical and Hospitalization Leave in Singapore, Outpatient Health Care Benefits for Employees in Singapore, Optical Benefits for Employees in Singapore, Mitigating DNS Account and Records Tampering, Safely Dispose Computer and Portable Storage Media, Why Social Media is Necessary for Business Marketing, Technology Tools for Work From Home Staff, How Secure is This Video Conferencing Tool Google Meet, Cybersecurity Safety Tips on Remote Working, Assembling Your All-stars Team, Tips to Know, Making the Transition Into Entrepreneurship, Free and Economical Tools and Resources Entrepreneurs Can Utilise, Selecting the Right Funding Option, Why It is Crucial to Start-ups, Environmental Services Industry Digital Plan, Singapore AGM and Annual Returns Calculator, Singapore Corporate Income Tax Calculator for YA 2020, Singapore Corporate Income Tax Calculator for YA 2019, Singapore Foreign Worker Quota Calculator, Singapores Data Protection Notice Generator, Free SSIC Code Search for Business Activities in Singapore, Singapore Employment Pass / S Pass Self-Assessment Tool (SAT), 3ecpa.com.sg is a Leading Online Company Registration Services Provider in Singapore. Along with consistent pay, you can have consistent hours for your work. We're committed to your privacy. In Singapore, the Employment Pass (E Pass) and Entrepreneur Pass (EntrePass) are the widely applied and popular work visas among the various immigration passes or visas in Singapore. Whats the processing time after application submission? Can the applicant apply for Singapore permanent residence in due course? Free and premium plans, Operations software. Our email newsletters bring you the latest news, trends and developments in Singapore from our team of experts; ensuring that you have all the information that you need at your fingertips to set up and succeed in Singapore. The EntrePass is intended for foreign entrepreneurs with successful portfolios who plan to open and manage new companies in the country. Employment Pass can be applied anytime after incorporation of the company. hbspt.cta._relativeUrls=true;hbspt.cta.load(53, 'e9d2eacb-6b01-423a-bf7a-19d42ba77eaa', {"useNewLoader":"true","region":"na1"}); Entrepreneurship and employment come with two very different lifestyles. Nevertheless, it is still possible to apply under the Employment Pass scheme. In this case, you may be required to produce positive developments in the company to ensure the credibility of your company. Our sales team is available from Mon - Fri 9am to 10pm (Singapore Time). The pass holder is liable to pay Singapore personal income tax based on the salary on an annual basis. April 24, 2023 Singapore It is very important to know about the comparison between Singapore Employment Pass vs EntrePass. For international firm directors, managers, or high-level professionals who have job offers in Singapore, the Employment Pass is provided. If the pass holder has a family, its important to note that if he meets the conditions for minimum business spending and local jobs produced, he can invite some family members to join him in Singapore. Business Idea & Business Plan Requirement: Employment Pass: No business plan required. WHAT ARE THE SIMILARITIES BETWEEN AN EP AND ENTREPASS? The company can be registered after approval of the EntrePass application. This means that the business plan should be as innovative as possible and result in more jobs for local employees. Both work passes are essentially temporary residency schemes that allow the applicant and his/her immediate family to relocate to Singapore. It is also important to notethat the type of pass most suitable for you depends greatly on several factors; therefore if you plan to relocate to Singapore and need our assistance, please, Comparison: Singapore EntrePass vs Employment Pass, For founders of the newly setup companies who have at least 30% shareholding. Some people may dislike the ever-present authority and find it challenging to work in a structured environment. The difference between an Employment pass and an Entrepreneur Pass are as follows: An Employment Pass holder will usually be a professional in a managerial or executive role, whereas an EntrePass is for foreigners who want to move their existing business to Singapore. Now, lets review the pros and cons of entrepreneurship and employment. Even as companies switch to more flexible modes of work, youll still need to stay true to your schedule and tackle your responsibilities. As an entrepreneur, you may have the potential to retire earlier than others. Who it is for? If you have any questions, feel free to let us know. It is necessary to submit a business plan of approximately 10 pages as part of the application. If your company is incorporated but less than 6 months old: You can apply for either EntrePass or Employment Pass subject to meeting their respective shareholding and other eligibility requirements. Start a business in less than 3 hours with us. Profits can increase even if you spend more money to grow your business. Yes. However, the entrepreneur needs to incorporate their company less than 30 days after they get their EntrePass. Both work pass schemes allow the applicant and his/her family to apply for Singapore permanent residence in due course, subject to approval by authorities. For detailed information about the each, refer to Employment Pass Guide and EntrePass Guide pages. */, Fair Employment Practices and Work Life Balance in Singapore, Accounting Firm Franchise Opportunity in Singapore, Singapore Company Incorporation Services Package. Employees always have to report to someone, usually to a manager. Yes, EntrePass enables qualified international entrepreneurs to launch and run venture-backed or technologically advanced businesses. Asiabizservices Compares Singapore Entrepreneur Pass vs Singapore Employment Pass Singapore welcomes foreign entrepreneurs determined to break out of their sh. Yes, an EP holder can start a business in Singapore, but they must apply for an EntrePass or another suitable work visa to run the business full-time. For more information on this, refer to the EntrePass Renewal Guidelines Section of our EntrePass Guide. In addition, EntrePass holders can only bring their family in if they meet the requirements for total annual business spending and local employment: Can an employment pass holder be a shareholder? Singapores Employment Pass prefers younger applicants who have graduated from good educational institutions. MOM has a progressive renewal criteria framework to ensure that the contributions of EntrePass holders are commensurate with the duration of their operations in Singapore. The Employment Pass, meanwhile, is only available following the incorporation of the business. HOW TO KNOW IF THE ENTREPASS HAS BEEN APPROVED? Eligibility and Assessment. No Show Employees What Singapore Companies Can Do? You must still be employed by the company. Bear in mind that there is more than one factor you should consider when selecting which pass is the most suitable for you and your business profile. For more information on this, refer to the EntrePass Renewal Guidelines Section of our EntrePass Guide. By founders, for fellow founders. A thorough outline of the companys services, goods, and operations. You dont have to worry about the business performance, but you need to focus on your work. Can Employment Pass Holder Be the Director in Singapore? To be eligible to apply for EntrePass, candidates must meet the following criteria: The candidate must have already registered or intend to register a private limited company in Singapore.