Singapore’s reputation as a global hub for both career advancement and business opportunities is well-established. For those seeking to reside and work in this dynamic city-state, Singapore Employment Pass (EP) is essential.
The EP is a direct visa category for foreign professionals, managers, executives, and specialists seeking employment in Singapore. It combines a work permit and residence visa, simplifying entry and stay for foreign talent.
What Is An Employment Pass?
An Employment Pass (EP) is a Singapore work visa issued by the Ministry of Manpower for eligible professional foreign talents. The EP permits living, working, and traveling in and out of Singapore without entry visa applications.
This pass is valid for 2 years for first-time applicants and can be renewed for up to 3 years.
Benefits of Having An Employment Pass In Singapore
There are certain benefits that only an Employment Pass (EP) holder gets to enjoy. These benefits include
1. Become A Permanent Resident (PR) in Singapore
Renewing an Employment Pass (EP) in Singapore might be difficult due to the Ministry of Manpower’s tougher qualifying criteria. To ensure stability and avoid repeated processes, individuals planning a long stay may opt for permanent residency (PR).
Becoming a permanent resident in Singapore provides a simplified alternative to the continual cycle of EP renewals, as well as a variety of benefits:
Enhanced Quality of Life: PR status provides access to superior education and healthcare services for the individual and their family members.
Expanded Career and Business Opportunities: Singaporean PRs enjoy broader avenues for professional growth and entrepreneurial ventures, fostering a conducive environment for career advancement and business expansion.
Property Ownership: PR status facilitates easier acquisition of residential properties in Singapore, providing stability and investment opportunities in the real estate market.
Contribution to CPF: As a PR, individuals can contribute to their personal retirement fund (CPF) through salary deductions, ensuring financial security in the long term.
2. Open A Savings/Current Account
An Employment Pass (EP) in Singapore provides more banking options than a work visa. While work permit holders are normally eligible for basic POSB accounts, EP holders have access to a broader choice of banking services from many institutions, such as savings or current accounts and other financial products. Banks including as OCBC, UOB, and Standard Chartered accept EP holders, subject to each bank’s foreigner-specific regulations.
3. Dependent Pass For Your Loved Ones
As an EP holder in Singapore, you can sponsor your family members to legally reside there. Your spouse, children under 21 (including step and disabled children), can apply for a DP or LTVP, given your minimum monthly salary of $6,000. This option is exclusive to EP holders, not other work visas in Singapore.
For detailed information regarding the Employment Pass, including its requirements, renewal procedures, and necessary documentation, can read more our Comprehensive EP Guide or don’t hesitate to reach out to our experts at Paul Hype Page & Co! We are committed to assisting you with any inquiries you may have about your employment and residency status in Singapore.
