Every foreigner who intends to start a business in Singapore is required to make use of one of several work permits. Such is the case because these work permits serve as official verification that they have the legal right to work and operate their own business in Singapore.
On that note, if you yourself are a foreigner who has the intention to start a business of your own in Singapore, we at Paul Hype Page & Co will be able to be of service to you. This is because we provide a great many services related to the incorporation of a company based in Singapore. Our incorporation experts will take you through the entire incorporation process in order to lead you to understand what must be done when incorporating a company in Singapore.
Work Permits Required by Foreign Business Owners in Singapore
Foreign business owners, whether current or prospective, may make use of either of two work permits which exist in Singapore. One of these is the Employment Pass (EP), which is the most commonly issued of all of Singapore’s work permits. The Employment Pass is primarily targeted at foreigners who are managers, professionals, or executives. Anyone who is to obtain an Employment Pass must receive a salary of at least S$4,500 every month; however, the salary which is generally accepted tends to correlate with the applicant’s age and experience. Such a person is also required to possess requisite qualifications before the Employment Pass may be received. These qualification are defined as one or more of an accepted university degree, specialized skills, or professional qualifications. Anyone who is interested in applying for an Employment Pass has the option of using the Self-Assessment Tool in order to learn if their application is likely to be accepted by the Ministry of Manpower. The Self-Assessment Tool can be found on the Ministry of Manpower’s website.
We at Paul Hype Page & Co have helped many a foreigner receive an Employment Pass, and we can do so for you as well if you require one for any reason. We do so by ensuring that the application to be submitted is accompanied by all of the proper documentation. We will also contact any government figures on your behalf if you need us to do so in our quest to deliver you an Employment Pass.
We offer Singapore company incorporation, consultancy services, auditing, taxation, immigration work visas & annual compliance services.
Another work permit which may be used by any foreigner who plans to start a business in Singapore is the Entrepreneur Pass (EntrePass). This pass was created with foreigners who are to start a business based in Singapore in mind because such foreign entrepreneurs are the target of the Entrepreneur Pass. Those who are allowed to apply for an Entrepreneur Pass are those who have started or plan to start a private limited company in Singapore which has been registered with the Accounting and Corporate Regulatory Authority (ACRA). If the company has already been started, the application must be made within six months of the date of the official incorporation of the company. If the company is yet to have been incorporated, the applicant for the Entrepreneur Pass may apply for the pass after the application has received due approval from the authorities. Anyone who applies for an Entrepreneur Pass is also required to fulfill certain innovative criteria which relate to one’s role as an investor, entrepreneur, or innovator. It is not necessary for an applicant to fulfill all of the criteria; however, one who does is more likely to receive an Entrepreneur Pass when compared to one who does not.
Therefore, it has been shown that foreign business owners in Singapore are required to use either an Employment Pass or an Entrepreneur Pass. These work visas are important because of the legal advantages and protections they bestow upon their bearers. This also means that foreigners who do not own either of these passes will not be permitted to start a business of their own in Singapore.