Rikvin provides a full spectrum of corporate services under one roof for Singapore company incorporation, accounting, tax, work pass and related compliance services for individuals and companies worldwide.
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.
Rikvin Pte Ltd 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Line: +65 6438 8887 Fax: +65 6438 2436 www.rikvin.com firstname.lastname@example.orgWORK 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.