Singapore work-visa-factsheet

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Complete information on Singapore Entrepreneur Pass (entrepass) Eligibility, Application, Requirements and business plans. …

Complete information on Singapore Entrepreneur Pass (entrepass) Eligibility, Application, Requirements and business plans.

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  • 1. SINGAPORE WORK VISA FACTSHEET Comparison of Employment Pass and Entrepreneur Pass Schemes Foreigners who plan to relocate to Singapore have an option of applying either for Employment Pass or Entrepreneur Pass. This information provides a side-by-side comparison of the two passes so you can explore which option is most applicable for you.
  • 2. Rikvin Pte Ltd 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Line: +65 6438 8887 Fax: +65 6438 2436 www.rikvin.com info@rikvin.comWORK VISAEligibility and requirements EMPLOYMENT PASS (EP) ENTREPRENEUR PASS (ENTREPASS)Who is it for? Professional, managerial (managing director, general Foreigners who do not qualify for the Employment pass manager, CEO), executive or specialist who wishes but have entrepreneurial background. to work in Singapore can apply for an Employment Pass.Eligibility Criteria To be considered for an Employment Pass, a • You can incorporate a new company upon your EntrePass foreigner must have a fixed monthly salary of at approval: or least S$2,500, and possess acceptable degrees, • Company must not be registered for more than six professional qualifications or specialist skills. months at the point of application; • Applicant to own a min of 30% or more of shareholding MOM evaluates each application and qualification on in the company; its own merit, based on a wide range of criteria. • Company to have at least $50,000 paid-up-capital; Similarly, applicants who do not possess a • Submit a 10-page business plan detailing business goals recognised qualification may not necessarily be and objectives.* rejected for Employment Pass, if he possesses other compensating factors: * Business plan must demonstrate the viability in executing the Total Business Spending (TBS) and Applicant Company hiring of Singaporeans within a one-year period. • Relevant work • Paid-up capital experience • Operating history Pass Type # of Singaporeans TBS (S$) • Proposed salary • International P1 8 300,000 • Age presence P2 4 150,000 • Position Q1 2 100,000 • Special skill setPass Type & Eligibility Eligibility Criteria P1: Fixed monthly salary > $7,000 P1: Fixed monthly salary > $7,000 P2: Fixed monthly salary > $3,500 P2: Fixed monthly salary > $3,500 Possesses recognized qualifications Q1: Fixed monthly salary > $2,500 Q1: Fixed monthly salary > $2,500 Possesses recognized qualifications; or Specialized skills and a minimum of 5 years of work experience may compensate for the lack of recognized qualifications.Company Paid-up Capital S$1.00 (Higher paid-up is one of the reviewing factors S$50,000 considered by MOM.)MOM Processing Time 1 day - 8 weeks 3 weeks - 3 monthsVisa Validity 1-2 years 1-2 yearsRenewal Renewable as long as you continue to be employed by Renewal of EntrePass is contingent on achieving goals and the company objectives outlined in the business planDependent Pass Will be granted to immediate family members Will be granted to immediate family membersPermanent Residence (PR) Eligible to apply for Singapore Permanent Residence after Eligible to apply for Singapore Permanent Residence after 12 months 12 monthsWhen can it be applied? Employment pass can be applied anytime after Entrepreneur Pass can be applied either before company incorporation of the company. incorporation or within six months of the incorporation.
  • 3. WORK VISA Eligibility and Requirements for Employment Pass (EP) Who is it for? Professional, managerial (managing director, general manager, CEO), executive or specialist who wishes to work in Singapore can apply for an Employment Pass. Eligibility Criteria To be considered for an Employment Pass, a foreigner must have a fixed monthly salary of at least S$2,500, and possess acceptable degrees, professional qualifications or specialist skills. MOM evaluates each application and qualification on its own merit, based on a wide range of criteria. Similarly, applicants who do not possess a recognised qualification may not necessarily be rejected for Employment Pass, if he possesses other compensating factors: Applicant Company • Relevant work experience • Paid-up capital • Proposed salary • Operating history • Age • International presence • Position • Special skill set Pass Type & Eligibility Pass Type Eligibility Criteria P1: Fixed monthly salary > $7,000 P2: Fixed monthly salary > $3,500 Possesses recognized qualifications Q1: Fixed monthly salary > $2,500 Possesses recognized qualifications; or Specialized skills and a minimum of 5 years of work experience may compensate for the lack of recognized qualifications. Company Paid-up Capital S$1.00 (Higher paid-up is one of the reviewing factors considered by MOM.) EPOL Registration (one-time application) Approximately 2 - 4 weeks MOM EP Processing Time 1 day - 8 weeks Visa Validity 1-2 years Renewal Renewable as long as you continue to be employed by the company. Dependent Pass Will be granted to immediate family members Permanent Residence (PR) Eligible to apply after 12 months for Singapore Permanent Residence Documents Required for EP Application • Travel Document Page showing the personal particulars and travel document number. Please include pages reflecting amendments to details (e.g. name, expiry date), if any. Download EP application form: • Educational Certificates1 http://www.rikvin.com/singapore- • Registration or Support Letters from the relevant Vetting Agency / Professional Body / employment-pass-form.pdf Accreditation Agency, if support from them has been declared in the application. 1 Applicants with diploma/degree qualifications from India will need to submit their transcript and marksheets. Applicants with degree qualifications from China will need to submit their Certificate of Graduation. When can it be applied? Employment pass can be applied anytime after incorporation of the company.Copyright © 2011 www.rikvin.com | info@rikvin.com | +65 6438 8887
  • 4. WORK VISA Eligibility and Requirements for Entrepreneur Pass (EntrePass) Who is it for? Foreigners who do not qualify for the Employment pass but have entrepreneurial background. Eligibility Criteria • You can incorporate a new company upon your EntrePass approval: or • Company must not be registered for more than six months at the point of application; • Applicant to own a min of 30% or more of shareholding in the company; • Company to have at least $50,000 paid-up-capital; • Submit a 10-page business plan detailing business goals and objectives.* * Business plan must demonstrates the viability in executing the total business spending (TBS) and hiring of Singaporeans within a one-year period. Pass Type # of Singaporeans TBS (S$) P1 8 300,000 P2 4 150,000 Q1 2 100,000 Pass Type & Eligibilty Pass Type Eligibility Criteria P1 Fixed monthly salary > $7,000 P2 Fixed monthly salary > $3,500 Q1 Fixed monthly salary > $2,500 Company Paid-up Capital S$50,000 Required Annual Total Business Spending P1: S$300,000 P2: S$150,000 Q1: S$100,000 Minimum Number of Singapore Employees P1: 8 local employees P2: 4 local employees Q1: 2 local employees MOM EntrePass Processing Time 3 weeks - 3 months Visa Validity 1-2 years Renewal Renewal of EntrePass is contingent on achieving goals and objectives outlined in the business plan Dependent Pass Will be granted to immediate family members Documents Required for EntrePass • Travel Document Page showing the personal particulars and travel document number. Application Please include pages reflecting amendments to details (e.g. name, expiry date), if any. • Educational Certificates, if any • Submit business plan (http://www.rikvin.com/entrepass-business-plan.pdf) • Resume of past business experience, if any When can it be applied? Entrepreneur Pass can be applied either before company incorporation or within six months of the incorporationCopyright © 2011 www.rikvin.com | info@rikvin.com | +65 6438 8887
  • 5. WHY CHOOSE RIKVIN? Rikvin Pte. Ltd. is a Singapore-based firm that provides professional incorporation, accounting, tax, and immigration services. Rikvin has incorporated thousands of companies since 1998. Our head office is conveniently located in Raffles Place – the heart of Singapore’s business district. ONE-STOP SERVICE Company formation in multiple premier jurisdictions Post-incorporation administrative support Ongoing regulatory compliance maintenance and accounting Singapore immigration support Incorporation Immigration Accounting Taxation MULTIPLE PREMIER JURISDICTIONS NO HIDDEN FEES Rikvin specializes in company incorporation in multiple Our pricing is transparent - there are no hidden fees. Our service jurisdictions of Singapore, British Virgin Islands, Cayman Islands, fees are presented in full to our customers, right upfront. Hong Kong, Mauritius Islands, Malaysia and Seychelles. POST-INCORPORATION SUPPORT SERVICE GUARANTEE We don’t just stop at the incorporation of your company – we Our filing services are both accurate and timely. Every order is also assist you in all necessary post-incorporation details, such carefully reviewed by Rikvin Senior personnel to identify potential as opening of bank account, application for licenses and permits, errors before filing. Our warranties cover our services against bookkeeping, liquidation, and many more. filing errors caused by Rikvin for the life of your company. ONGOING COMPLIANCE MAINTENANCE CONTACTABLE Rikvin ensures that you undertake all necessary ongoing Our phones are answered during business hours by specialists regulatory requirements, such as annual returns, ECI and Form and not by an answering machine. We appreciate the value of C filing. We help keep your company in good standing with its your time and understand that a person cannot be replaced by state of incorporation, which means your company has met all technology. This is especially true when it comes to making Singapore regulatory requirements in a correct and timely manner. important business decisions. PROFESSIONALLY QUALIFIED OUTSTANDING VALUE Our staffs are Qualified Members of SAICSA, Associate & Our pricing is highly competitive. We offer exceptional value and Practicing Members of the Institute of Chartered Secretaries and service in all we do. Our formation packages are comprehensive. Administrators - S’pore & UK and Members of Institute Chartered We can assure you that you will receive quality and better service. Accountants of Singapore (ICPAS).Copyright © 2011 www.rikvin.com | info@rikvin.com | +65 6438 8887