A Guide to Work Visa Options for Entrepreneurs in Singapore
Worldwide, Entrepreneurs and business owners recognise Singapore as an attractive destination to start or expand their business operations. The city-state’s strategic location, pro-business environment, and robust economy make it a popular choice for local and foreign individuals seeking to establish a successful business presence. However, for foreign entrepreneurs planning to relocate to Singapore to manage their business, a critical aspect to consider is which work visa option best suits their specific needs.
In this comprehensive blog post, we will explore the different work visa options available for entrepreneurs and business owners intending to live and work in Singapore.
Employment Pass: For Managers, Executives, and Professionals
The Employment Pass (EP) is a famous work visa option for foreign professionals, managers, and executives looking to work in Singapore. This pass particularly applies to individuals who plan to hold a managerial or executive position in their Singapore-based company.
Eligibility criteria for the EP include holding a managerial or executive role in the company, having a fixed monthly salary of at least S$4,500 (higher for more experienced applicants), and possessing a tertiary degree, professional qualifications, or relevant work experience. The application process for an Employment Pass can be initiated by the employing company and is submitted via the Ministry of Manpower’s (MOM) online portal. Approval generally takes three weeks, although it may be longer for first-time applicants or if further documentation is required.
EntrePass: For Foreign Entrepreneurs, Innovators, and Investors
The EntrePass is specifically designed for foreign entrepreneurs, innovators, and investors who wish to establish and operate a business in Singapore. This pass caters to individuals starting a new business, especially in the technology sector, or injecting substantial capital into an existing Singapore business.
To qualify for an EntrePass, the applicant must fulfil at least one of the following criteria: incorporate or plan to incorporate a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA) with at least S$50,000 in paid-up capital, be an existing Singapore business with an annual turnover of at least S$100,000, or secure substantial investment or support from a recognised Singapore-based venture capitalist, business angel, incubator, or accelerator.
Applications for the EntrePass can be submitted through the MOM website, and processing time typically takes 8 weeks. Successful applicants will be granted an initial validity of one year, with renewals subject to meeting specific business milestones and performance indicators.
Personalised Employment Pass: For High-Earning Executives and Professionals
The Personalised Employment Pass (PEP) is a unique work visa category tailored for high-earning foreign executives and professionals seeking greater flexibility and career mobility in Singapore. The PEP is not tied to a specific employer and is valid for three years, allowing its holders to switch jobs within Singapore without re-applying for a new pass as long as they do not remain unemployed for more than six months.
Applicants must meet one of the following eligibility criteria: have a last drawn fixed monthly salary of at least S$18,000 outside Singapore or hold a valid EP with a minimum fixed monthly salary of S$12,000. Applications for the PEP can be submitted through MOM’s online portal, and processing time generally takes eight weeks.
Engaging Professional Service Providers for a Seamless Visa Application Experience
Navigating the various work visa options and application processes can be complex and time-consuming for entrepreneurs and business owners. By enlisting the support of experienced professional service providers, you can streamline the work visa application process and focus on launching or expanding your business in Singapore.
We offer comprehensive immigration and work visa services, guiding clients through each stage of the application process, evaluating the most suitable visa options, and ensuring all documentation is accurate and submitted on time.
Simplify Your Work Visa Journey with 3E Accounting Pte Ltd – Singapore
Selecting the right work visa and navigating the application process is crucial to establishing your business presence in Singapore. By understanding the various work visa options and partnering with professional service providers like 3E Accounting Pte Ltd – Singapore, you can secure the most suitable pass for your unique circumstances, ensuring a smooth transition to life and work in Singapore.
Let our team of specialists guide you through the Singapore work visa application process, ensuring a stress-free experience and a successful outcome. Contact us today and take the first step towards establishing your Singapore-based business presence.
