You have decided to work in Singapore, and you are planning to open your own business. or maybe you have a job placement and want to move there with an Employment Pass.
However, before you proceed with all that, it is vital that you understand the legal proceeding and requirements of Singapore Company Incorporation.
One important relocation need is the work visa. Non-residents in Singapore will have to navigate different visas, employment and legal entry requirements. Just like any other country, you will need to apply for a work visa/pass in order to work legally in Singapore. Here’s a breakdown on one of the most common work visas.
What is an Employment Pass (EP)?
Employment Pass allows foreign professionals who have job offer in Singapore to relocate there and work. Specifically, it is geared towards directors, managers, executive or those in specialist roles. This pass is valid for 2 years and can be renewed thereafter.
It is prohibited for a foreigner to obtain the Employment Pass by themselves, additionally, every application done via Singapore government portal will need to be done via a SingPass ID. Therefore, it is advisable that foreigners obtain this service from an experienced license service provider, such as us, Paul Hype Page & Co.
If you cannot find a job or a company to sponsor for your Employment pass application , you can always do it on your own – Incorporation with Employment Pass
Advantages of being an Employment Pass holder:
- EP is valid for 2 years and can be renewed for an additional 3 years compared to Entrepreneur Pass (EntrePass), which can only renewed up to 1 year. As for the Personalised Employment Pass (PEP) it is valid for 3 years and can not be renewed.
- Makes it easier for you to apply for a Permanent Resident (PR) status and once you become a Singapore Permanent Resident (SPR), it is possible for you to become a citizen.
- Allows you to open bank account, apply for credit card, rent an apartment, and telco services/cable contract.
- Automatically places you on an integrated system that allows you to pay taxes and resolve immigration issues promptly.
- You can bring in your immediate family members (parents, spouse, children) to Singapore if you earn at least $6000 per month.
Eligibility for Employment Pass
Below are the minimum requirements by MOM:
- Must have at least a minimum income of S$4,500
- A graduate/postgraduate degree/diploma
- The professional qualifications needed for the job
- Work experience relevant to the job