Certain other foreigners might prefer to apply for the Entrepreneur Pass (EntrePass). This pass is a good fit for those who attained distinctive accomplishments and success in their business venture or have an innovative business proposal that will impact the economic growth of the country. This is because the EntrePass is intended to be used by those who have an extensive history of entrepreneurial activities. Most EntrePass holders are founders of companies which have recently been set up. Those who plan to apply for an EntrePass must hold at least 30% of the company’s shares; however, there is no minimum salary requirement. EntrePass owners must also have a business plan of 10 pages or longer to detail the owner’s proposed business venture.
Just as is the case with the EP, the EntrePass is temporary. It must be renewed every year; however, before renewal, certain criteria must be fulfilled. An applicant may apply for an EntrePass at any time up to six months after the registration of the company. However, after the 30-day period following the issuance of the EntrePass elapses, the company must be incorporated. The MOM and Accounting and Corporate Regulatory Authority (ACRA) process and approve the EntrePass. Holders of an EntrePass are more likely to become Singapore PRs if they desire one.
Only those who plan to start and operate a new business in Singapore may apply for an EntrePass. However, the company must be a private limited company registered with ACRA with a paid-up capital of at least S$50,000. There must also be a bank statement which demonstrates that such an amount is already in a Singapore-based company bank account. The business must also be legal and entrepreneurial in nature.
The new company must also have received funding or investment from a recognised third-party venture capitalist (VC) or from a business angel or investor who has accredited by a Singapore government agency. This funding is to be in monetary form and worth at least S$100,000. The company owner is required to display shareholder certificates or any other relevant documents to serve as supporting documents.
The company owner also needs to possess an intellectual property (IP) which has been registered with an approved national IP institution. One of the shareholders must be the owner of the IP. The IPs are to be related to the proposed business conducted in the EntrePass application. The primary reason for this is because the IP delivers a competitive advantage to the proposed business and cannot be easily replicated. Any expired IPs can be also used as long as one of the shareholders is an investor of the IP.
The company owned by an EntrePass holder may be advised to be involved in an ongoing research collaboration with a research institution recognized by the Agency for Science, Technology, and Research (A*STAR) or institute of higher learning in Singapore. The duration of research collaboration is not essential. The research collaboration should be corresponding to the proposed business activities. The research institution involved must provide a contact person to verify details of the research collaboration. The company owner must be involved with ongoing research collaboration which does not include a contract of services.
The company is also to be an incubatee at an incubator or accelerator supported by the government of Singapore. Incubators provide professional mentoring and business resources to fund a start-up firm’s growth. Only existing incubates may be used to fulfill this criteria; the incubatee’s work must also be related to the proposed business.
EntrePass application criteria are the most stringent of all work pass criteria in Singapore because an EntrePass is given based on the applicant’s own merits and a case-by-case basis.
Personalized Employment Pass
The Personalised Employment Pass (PEP) is one of the more flexible work visas in Singapore. It provides many opportunities for its holder. It is meant for professionals and executives who have a monthly salary of S$18,000 or more. However, those who apply for a PEP and already hold an EP only need a minimum monthly salary of S$12,000.
The PEP is a self-sponsored visa. It grants its holder the privilege of coming to Singapore without having a job there. Application for the PEP can be done by the applicant. The PEP also provides its holder with mobility within Singapore’s employment market. Its holder is not be subjected to any employment bonds and may thus employed in any business area of choice. PEP holders do not have to re-apply for one upon the changing of jobs.
However, PEPs are not renewable. Over the three years during which a PEP is valid, a PEP holder who desires Singapore PR status must apply for one. If such is not granted within this three-year period, the PEP holder must apply for an EP and use it as a means by which PR status might be obtained.
Holders of a PEP are not allowed to register a company in Singapore or serve as a Singapore company’s shareholder.
The S Pass is a short-term work visa targeted at skilled and semi-skilled workers. It allows such workers of any nationality to work in Singapore. S Pass holders are usually individuals from a skilled sector who have acquired the necessary requirements as specified by the company. To qualify for an S Pass, applicants are required to command a fixed monthly salary of at least S$2,200. Other requirements relate to work experience, educational qualifications, and technical expertise within the business field. Those with more experience will need to be earning higher salaries as evidence of this work experience.
An application for an S Pass must be made by an employer on behalf of the applicant. S Pass candidates must also complete and pass a point-based assessment. Employers of S Pass holders are obliged to provide medical insurance for their employees.
There is a quota system that affects S Pass holders in any Singaporean company. Companies in the service sector may not have more than 15% of their staff members as S Pass holders, while the limit for companies in other sectors is 20%. It is also mandatory for employers to pay a certain amount of monthly levy depending on the number of S Pass holders who have been employed.
S Pass holders also have the privilege to bring family members and relatives into Singapore with the caveat that they earn S$4,000 or more every month. The S Pass is also renewable after a two-year validity period.
A Work Permit (WP) is a pass that allows semi-skilled workers in labor-intensive sectors such as manufacturing, construction, marine, and services to work in Singapore. WP holders have lower salaries as no education qualifications are needed. The employer is responsible for the application for a WP.
There is a quota system involving the WP. The employer is required to pay a foreign worker levy, fulfil the foreign worker quota, and provide medical insurance for employees. Upon issuance, this pass is valid for up to two years and is renewable thereafter.
WP holders are not permitted to bring in dependents.
Understanding the details of the different types of visas will help applicants secure one which is suitable. The applicant’s skills, qualifications, abilities, and educational level play a part in the selection of a visa. Although applying for a visa can be difficult, the process can be eased by contacting a professional service provider which offers various immigration and visa services. We at Paul Hype Page & Co are well–known for providing these services and will ensure that your immigration needs are suitably fulfilled.