Singapore Passes For Foreign Professionals to either Work or Incorporate Company in Singapore

The economic aspiration of new emerging markets in the neighborhood of the city-state is gaining traction; therefore, Singapore is looking forward to investing heavily with an aim to maintain its competitive edge. Although, Singapore continues to consolidate its position as a financial service hub, enhancing its tourism infrastructure, strengthening its manufacturing base, nurturing its aspiration to become Asia’s Liquefied Natural Gas hub and to deepen its diplomatic ties, Singapore has retained its allure in the minds of foreign professionals. This is why many foreigners are interested to either setup company in Singapore or work and live here.

Undoubtedly, Singapore is the best and most sought after country for relocation. Working professionals all over the globe are finding opportunities to relocate to Singapore. However, relocating to a new country for work is not an easy job, especially in Singapore. By any chance, if you are planning to visit, do a job or incorporate company in Singapore, there are certain immigration facts you should know.

Work Permits, Visas and Passes Designed for Foreign Professionals and Entrepreneurs

Employment Pass: This is a major work permit for company owners and skilled professional intending to work in Singapore. With effect from, 1 Jan 2014, it is necessary to have a fixed monthly salary above S$3,000 to apply for the Employment Pass. Usually, an EP is issued for 1-2 years; but is renewable until the applicant continues to work for the employer. Professionals need to have substantial experience in differentiating skill set and a valid degree from a recognized university. The best thing is EP holders are allowed to apply for Permanent Residency or PR status in due course.

Entrepreneur Pass or EntrePass: The Pass is specifically designed for the owners of the newly incorporated companies intending to relocate to Singapore for managing their business. You can also call EntrePass as an extension of the Employment Pass. Foreign individuals interested to incorporate company in Singapore or have already established their business six months before are eligible to apply for the EntrePass. Additionally, the entrepreneurs will also have to fulfill the new ‘Innovativeness’ guidelines that were prescribed in September 2013. An EntrePass is issued for 1 year and is renewable thereafter until the incorporated company stays active. Even EntrePass holders are allowed to apply for PR status after fulfilling the mandated conditions.

Personalized Employment Pass: The Singapore government has designed this pass for exceptionally skilled foreign professionals, hence not tied to any specific employers. The biggest advantage of having PEP is pass holders are allowed to switch jobs in Singapore without needing them to re-apply for the EP. Just make sure that the tenure of your unemployment should not exceed more than six months. The only disadvantage of PEP being, pass holders are forbidden from incorporating their own company. Remember, the eligibility criteria for applying and approving PEP is very strict; hence, seeking professional assistance is most advisable. PEP is issued for three years and is not renewable, although, PEP holders are allowed to apply for PR status in due course.

S Pass: Exquisitely designed for middle skilled professionals, S Pass is allotted to professionals earning a minimum salary of $ 2,200. To process the S Pass application, the immigration authority of Singapore assesses the employer’s quota and analyzes it against the qualification, experience, and skills of the applicant. S Pass is issued for the tenure of 1 – 2 years, depending on the discretion of the authorities and is renewable until the applicant stays employed with the same employer. If the S Pass holder has a stable job history, he/she is allowed to apply for the PR status; nevertheless, possibility is more that they will have to wait for the period of 4 – 5 years. And Yes! If interested, S Pass holder under specific circumstances and after fulfilling some obligations can opt for Singapore Business Incorporation.

SBS Consulting assists its clients in company incorporation in Singapore. This Singapore-based firm delivers its business solutions with equal zest to the Singapore startups, Small and Medium Enterprises (SMEs), and the multinational companies.