Work passes All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. To apply for an Employment Pass, you are required to have certain educational qualifications and professional experience. Free and premium plans, Operations software. Both the pass, have their pros and cons that make them unique. The government encourages foreign talent, particularly in the expanding local economy sectors. Hawksford's staff has the experience of assisting you with your Employment Pass application. A company may make a decision you dont like, which could lead to new procedures. The Employment Pass is intended for foreign company directors, managers, or high-level professionals who have job offers in Singapore. To maintain the credibility of the business, entrepreneurs could be forced to implement beneficial changes within the organization in this situation. With a work offer in Singapore in a managerial, executive, or specialized capacity and a fixed monthly income of at least SGD 4,500, a foreigner with a university degree, professional qualifications, or specialized abilities qualifies for an E Pass. Furthermore, no quota or foreign worker levy is necessary. You may start your career in an office and launch your business years later. It must have the potential for good growth, and result in the increased hiring of local employment. Employees always have to report to someone, usually to a manager. Comparison: Singapore EntrePass vs Employment Pass You should contact consultants in your target markets before making decisions related to incorporation or service execution.Due to the stricter regulations regarding traveling to Singapore 2021, we advise also visiting the Ministry of Manpowers website for more information about the latest work pass requirements. For Employment Pass, candidates can apply to bring in their family members on Dependants Passes and Long Term Visit Passes once the Employment Pass is approved. The WP standards mostly apply to the employer who hires the person; the government does not demand this personnel to demonstrate any valuable skills or expertise. Our recommendation is to have at least SGD 50,000. Asiabizservices Compares Singapore Entrepreneur Pass vs Singapore Employment Pass Singapore welcomes foreign entrepreneurs determined to break out of their sh. Yes. Resources and ideas to put modern marketers ahead of the curve, Strategies to help you elevate your sales efforts, Everything you need to deliver top-notch customer service, Tutorials and how-tos to help you build better websites, The insights you need to make smarter business decisions. If you are a foreign business professional or entrepreneur planning to relocate to Singapore, this guide will provide you with general guidance on the differences between the Employment Pass and Entrepreneur Pass (EntrePass), and which one you should be applying for. You will be in a managerial, executive, or specialised role. For international entrepreneurs, well-known innovators, or established investors who are interested in launching a firm in Singapore, there is a program called the Entrepreneur Pass (EntrePass). The EntrePass is intended for foreign entrepreneurs with successful portfolios who plan to open and manage new companies in the country. The company can be registered after approval of the EntrePass application. Moving to Singapore later to work in a company they started from overseas. We can only refund our fees for issues we are directly responsible for. This guide provides an overview If you wish to apply for work pass before incorporating the company: You would only have the option to apply for EntrePass (because an Employment Pass can only be applied after the company is set up). All Rights Reserved. It must have the potential for good growth, and result in the increased hiring of local employment. 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. Meanwhile, an EntrePass has no specific salary requirements but applicants might still need to submit certain financial records, depending on the case. There is no required quota or foreign worker levy. Youll also have to ensure that all of your contracts abide by state and local laws. Disclaimer: This content is intended for educational purposes only and should not be taken as legal instructions. If already registered, the company can be no more than 6 months old. Employment Pass applications typically do not require a business plan; however, authorities may ask for such details on a case-by-case basis. Today, many companies are also offering more flexible schedules. 1-2 years at the discretion of authorities. We'd love to help. Our Team Is Available 24/7 For Any Assistance Or Support. If the EntrePass application is approved, the candidate will be required to incorporate the company within 1 year from issuing the EntrePass (by the next renewal). Browse our collection of educational shows and videos on YouTube. Professionals The applicant must be in Singapore and have a copy of the IPA letter, passport, and any additional documentation the IPA letter may require in order to pick up your EntrePass. That may include hiring a consultant or keeping a lawyer on retainer. See pricing, Marketing automation software. Or you may work at a startup and decide a more traditional environment is a better fit. Employees at larger companies often pay less out-of-pocket for their insurance plans. World Banks Ease of Doing Business index. Education-related qualifications are less relevant for EntrePass applicants since the business idea and the applicants relevant background both carry more weight. Compare and get insight into the criteria of both the passes. Whether youre hourly or salaried, you get consistent paychecks as an employee. Both of these temporary residency programs allow the candidate and their immediate family to move to Singapore. Whats the processing time after application submission? A first-timer enjoys a stay of up to 1 year and every next successful renewal grants a duration of stay of up to 2 years. Business Idea & Business Plan Requirement: Employment Pass: No business plan required. It is important to note that if you are holding on to at least 30% of the companys shares, you will be required to apply for the Entrepreneur Pass instead. If youd like to know what kind of Singapore working visa you need, and how to get it, please read our Simple Singapore Working Visa Guide. With a work offer in Singapore in a managerial, executive, or specialized capacity and a fixed monthly income of at least SGD 4,500, a foreigner with a university degree, professional qualifications, or specialized abilities qualifies for an E Pass. To help you make your decision, here is a comparative analysis of the differences between an Employment Pass and an EntrePass. 1) Employment Pass The most common work visa in Singapore among degree holders is the Singapore Employment Pass. Difference Between Employment Pass (EP) and S Pass Employment Pass (EP) and S Pass work permits allow foreigners to work legally in local companies and institutions and stay in Singapore. The Employment Pass, meanwhile, is only available following the incorporation of the business. Longer term, youll need to pay off loans and maintain your investor relationships. Both are renewable as long as they meet their specific renewal conditions and are both good for 1-2 years (depending on the qualifications). If your company is incorporated and more than 6 months old. Traditional Chinese medicine, herbal drug stores, and acupuncture. Entrepreneur Pass commonly known as "EntrePass" If you are a foreign entrepreneur with a unique business idea and wish to incorporate a Singapore company, then this is the work visa for you.The Entrepreneur Pass (EntrePass) caters to foreign entrepreneurs who lack the appropriate tertiary education or specialist skills qualification, but have proven records of successful accomplishment in . Trusted by business builders worldwide, the HubSpot Blogs are your number-one source for education and inspiration. Yes. The scheme is part of Singapore's plan to attract talent to the country and to become a regional business hub. Working at an established company can also give you a resume boost. Start a business in less than 3 hours with us. Company credentials (paidup capital, operating history) and applicant credentials (education, professional relevant experience, proposed salary), Proposed business idea, local hiring, investment amount, applicants relevant background. What is the difference between a work pass and Employment Pass? Payment Options for E-Commerce Businesses in Singapore. WHAT ARE THE SIMILARITIES BETWEEN AN EP AND ENTREPASS? You have to pay your employees their salaries and offer insurance benefits. However, these options have certain differences that make them suited for different types of foreign nationals. An EP is required if an entrepreneur wants to relocate to Singapore after their company has been incorporated for six months. In order to establish Singapore as a regional commercial powerhouse, the government has a plan to attract foreign talent to the nation. Acupuncture, traditional Chinese medicine, herbal dispensing businesses. The EntrePass has local staff hiring requirements that will be taken into consideration during renewal application. Talk to our experts today. There is no foreign worker levy or quota that is required. Hawker centres, food courts, and coffee shops. A Singapore Employment Pass, or EP, is a work permit for company staff and executive personnel who wish to work or have been offered a job there. Less than 30 days after receiving their EntrePass, the entrepreneur must incorporate their business. Routine business ideas such as travel agency, staffing agency, etc, do not qualify for EntrePass applications. Nevertheless, it is still possible to apply under the Employment Pass scheme. Since you run the business, you can choose your schedule. When applying for the EntrePass, the business idea must be entrepreneurial and innovative in nature. Timing of Application If you wish to apply for work pass before incorporating the company: You would only have the option to apply for EntrePass (because an Employment Pass can only be applied after the company is set up). However, a paid-up capital amount of S$ 100,000 or more is likely to be a contributing factor in the review of both the EP and EntrePass applications. The business must be operating as per the original plan, the company should have employed local staff, and fulfil any other conditions as may be listed in the EntrePass approval letter or eligibility requirements. Candidates have to earn at least S$5,000 a month and have acceptable qualifications. Both work passes are essentially temporary residency schemes that allow the applicant and his/her immediate family to relocate to Singapore. The Entrepreneur Pass (EntrePass) scheme is designed for foreign entrepreneurs who wish to start a business and relocate to Singapore. Also, both passes allow the holder to bring certain family members along. 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. If you plan to start a company in Singapore, we can connect you to on-site service providers or help match you with the right service provider for your needs. coming to Singapore for reasons such as doing business and seeking employment opportunities can choose between Entrepreneur pass or Employment pass, two of the Singapore work visas issued by the Ministry of Manpower . wishing to work in Singapore. You can find how we use these by clicking More info or click Accept to agree. You have the relevant qualifications for your role. Both work passes schemes allow the applicants and their families to apply for, The pass holders of both work pass schemes must have a paid salary from the company and they are obliged to pay tax (For example, if you are issued with a work pass that is valid for at least one year, you will be treated as a tax resident upfront. If your business takes off, you could start making six figures a year and take home more as you grow. The government of Singapore has a plan to attract foreign talent to the country with the aim of becoming a regional business hub. Try another search, and we'll give it our best shot. You could even pass the torch to someone else, earn passive income, and sell the business once you want to retire. For detailed information about the each, refer to Employment Pass Guide and EntrePass Guide pages. 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. Here you complete specific tasks and services assigned by an employer. Publishing platform for digital magazines, interactive publications and online catalogs. Although both passes share many similarities as described above, the passes have some crucial differences and varying factors that determine which types of work pass suits the applicant. Hawksford are renowned for supporting entrepreneurs and foreign companies and their employees establish their roots in Singapore. 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This means that approval is needed and it is authorized only by the authorities. Let us help you get established in Singapore. Renewal of EntrePass is contingent on the fulfillment of goals and objectives outlined in the business plan. The Singapore Entrepreneur Pass, widely known as EntrePass, is suitable for foreign entrepreneurs seeking to set up a business in Singapore, To be considered for an Employment Pass, a foreigner must have a fixed monthly salary of at least. Here are the main tax rules for S Corps: Pass-Through Taxation: S Corps are pass-through entities, meaning that the company's profits and losses pass through to the shareholders and are reported when business owners pay personal income tax. Can be applied either before company incorporation or within six months of the incorporation. Both work passes are issued for 1 to 2 years and can be renewed subject to their respective renewal requirements. Finally, if the company is incorporated and more than 6 months old, it is possible to apply for an Employment Pass. Qualifications & skill level of the pass holder. 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. There is no minimum salary requirement for EntrePass. Employment Pass: A tertiary degree from a reputable university and good professional experience. How Tech.Pass Is Different From Employment Passes (E Pass) For Professionals Or EntrePass For Entrepreneurs. Yes, children can attend public or private schools. If the applicant holds more than 30% of the shareholding, it is more likely that they will need to apply under the EntrePass scheme. 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. This lets you learn your schedule, stick with it, and build your routine. Processing Time. Normally after 2 years and is subject to approval by authorities. The minimum salary for an Employment Pass in Singapore is. There is no official requirement for a paid-up capital, but a paid-up capital amount of SGD 50,000 is likely to be a contributing factor in the review of both the EP and EntrePass applications. 3E Accounting has won numerous awards and recognition in the industry. Routine business ideas such as travel agency, staffing agency, etc, do not qualify for EntrePass applications. For how long is the pass issued initially? After 8 or more years: 12 local employees, EntrePass holder must have held EntrePass for 1 year and family would have to undergo Dependants Pass and Long Term Visit Pass assessment before applying for either upon EntrePass renewal. You have to find employees, pay for the supplies, and secure funding for your venture. Fortunately, weve racked up all the important details regarding the EP vs EntrePass. You can also hire a consultant or software tools to help you navigate more complex processes. They are different on many levels, such as: Minimum salary requirements of the recipients. Entrepreneurs create the solutions that keep the organization moving forward. Reviewing the pros and cons of entrepreneurship and employment can help you find your ideal career path. Some people may dislike the ever-present authority and find it challenging to work in a structured environment. If you wish to apply for work pass before incorporating the company: You would only have the option to apply for EntrePass (because an Employment Pass can only be applied after the company is set up). Permission is required from authorities. From there, you can make the critical decision between entrepreneurship and standard employment. Employment: The Pros and Cons Entrepreneurship vs. Employment Entrepreneurship and employment come with two very different lifestyles. In the case that you purchase a service and later change your mind, we cant issue a refund. If necessary, the applicant will be given a one-time entry visa to enter Singapore and pick up the EntrePass. Learn how you can obtain the Personalized Employment Pass a specialized visa that gives you the ability to switch employers while working in Singapore. Meanwhile, employees work for a company and get a set pay rate. Who reviews and approves/disapproves the pass? employment pass and entrepreneur pass. In the case of an Employment Pass, on the other hand, the applicant must have a tertiary degree from a reputable university and extensive professional experience. If you have any questions, feel free to let us know. Business is one of innovation and entrepreneurship. Tech.Pass Immigration Program This is an overview of the requirements for and procedures to obtain the Tech.Pass visa designed for highly accomplished tech experts and founders. The applications for both work passes are subject to be reviewed and approved by the government authorities. If youre looking for the benefits of standard employment with increased flexibility, you can narrow your job search to meet that need. S Corp Taxes. Professionals, managerial personnel (managing director, CEO), executives or specialists who wish to work in Singapore can apply for an Employment Pass. The authority will issue you an In-principal Approval (IPA) letter, which gives you 6 months to visit Singapore and collect your EntrePass. Singapores Employment Pass prefers younger applicants who have graduated from good educational institutions. To be eligible for this pass, you need to be offered a job in Singapore for you. Employees seek direction while entrepreneurs create a path. When applying for an EP under a company that is more than 6 months old, the authorities may require you to demonstrate positive developments in the company such as contracts, revenue, business expenditure, etc, to ensure you are running a viable business. On the other hand, employers need to prove that they have fairly considered other applicants for the role. High-calibre professionals with strong qualifications and work offers in Singapore are eligible for Employment Passes. For EP scheme, there is no such requirement on the incorporation date of the company. 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. Over time, you can seek opportunities for promotions. That could be an accountant, a software solution, or making a CFO your first hire. Some employees at smaller companies have limited options or must find healthcare plans on their own. . You can stack your hours at the start of the week and focus on relaxing during the latter half. Flexibility is the defining characteristic of the Tech.Pass. Your companys worth and potential will be considered when the Singaporean authorities evaluate your application. If you appreciate more structure and consistency, many standard jobs will offer you set shifts. Youll need the experience to receive promotions, but thats worth the chance to boost your income and prepare for the future. Although there are many similarities between the two passes as described above, there are also several differences between them as listed below. Differences between EP and EntrePass Employment Pass (EP) Entrepreneur Pass (EntrePass) Similarities between EP and EntrePass The Employment Pass (EP) and Entrepreneur Pass (EntrePass) are work passes that allow foreigners to relocate both themselves and their immediate family to Singapore (the latter is subject to approval by the authorities). Does a Singapore Company Need a Company Chop? Heres how you can benefit. Depending on how much your business grows, you can invest heavily and prioritize a comfortable retirement. These two are provided to foreign businesspeople and professionals who intend to move to Singapore. Hiring local staff is one of the key requirements for EntrePass renewal. Learn more about the Pros and Cons of both EP and Entrepass. You must still be employed by the company. Employment Pass (E Pass) and Entrepreneur Pass (EntrePass) are work passes that the temporary residency schemes that allow foreigners to relocate themselves and their immediate family to Singapore (the latter is subject to approval by the authorities). Both work pass schemes expect that the pass holder will be paid a salary from the company. 1-2 years at the discretion of authorities. Professionals, managerial personnel (managing director, CEO), executives or specialists who wish to work in Singapore can apply for an Employment Pass. The Employment Pass was designed for company staff and executives while the EntrePass was designed for founders. You can find how we use these by clicking More info or click Accept to agree. Starting a business comes with large financial risk. An employer has to apply for an Employment Pass on behalf of the candidate. This requirement ranges from S$ 100,000 to S$ 400,000 over the past 12 months. Irreverent and insightful takes on business and tech, delivered to your inbox. However, businesses must demonstrate that they gave other candidates a fair chance to apply for the position. (MOM) on this website. No official minimum amount required, however paid-up capital will be one of the factors considered by authorities. The holder of the EP is also allowed passes to members of their family to enter the country. A resume describing the applicants prior employment. If youre looking for greater stability and consistency, standard employment may check all your boxes. The standard occupations are described by the Ministry of Manpower (MOM) on this website. This site uses cookies to offer you a better browsing experience. This is due to the fact that your business plan and entrepreneurial portfolio will be more important. 2 Essential Templates For Starting Your Business. Here, youre responsible for clocking in and out on time. Once you've covered all your expenses including employee wages you can save, invest, or reinvest the money. What Happens When a Company Director Resigns in Singapore? If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid pass. The applicant must relocate to Singapore within six months from the date of the final IPA clearance letters issuance. EntrePass: Innovative business idea that will result in increased local hiring and productivity. You also know exactly when your next paycheck will be and how much money to expect. According to Singapore regulations, entrepreneurs planning to start the following business types are not eligible for an EntrePass: Employment Pass applicants are usually measured on having a degree from a reputable university and professional experience in their industry. Singapore Employment Pass vs EntrePass Comparison If you are a foreign business professional or entrepreneur planning to relocate to Singapore, this guide will provide you with general guidance on the differences between the Employment Pass and Entrepreneur Pass (EntrePass), and which one you should be applying for. Massage clinics, reflexology of the feet. Foreign employees who have the necessary experience and a degree, diploma, or other technical qualification from a minimum one-year full-time study program are eligible for the S Pass.
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