The name Singapore speaks a thousand words in itself – a great country to visit, a good mix of people and cultures from across the globe, a warm welcome by the local people and a great place known for working. Today, there are several individuals from across the globe that look forward to visit Singapore as entrepreneurs and foreign working nationals. Are you also looking forward to working in Singapore?
The different types of work permit schemes and visas in Singapore are made available for entrepreneurs and foreign working professionals. This is because Singapore has turned into the ideal business and commercial center in Southeast Asia, attracting many entrepreneurs wishing to have business start ups. Singapore has its creative immigration policies, particularly meant for drawing work professionals and veteran entrepreneurs from around the world.
If you are a person residing outside of Singapore wishing to start up a business in Singapore or working in Singapore; knowing the different types of visa in Singapore would prove to be helpful.
Different types of Visa in Singapore for Work Professionals and Entrepreneurs
S Pass, dependant pass, long term social visit pass, training & employment pass, EntrePass and employment pass are the different kinds of visa in Singapore that are particularly meant for either starting up a business venture or for working in Singapore.
Employment pass scheme is the major type of work permit meant for work professionals wishing to work in Singapore. If you are seeking this type of work permit, then your monthly salary must be more than S$3,300. Having a degree from a reputable university is a must for this visa.
If your fixed monthly salary is at least $2,200, then S Pass is the Visa for you that are meant for mid-skilled employees. This pass is evaluated based on the applicant’s qualification and the eligibility quota of the employer. Unlike a degree requirement for employment pass, a technical diploma is also sufficient to apply for this pass.
PEP a variation of Employment Pass
The Personalized Employment Pass scheme or PEP scheme is a special kind of Employment Pass. This type of pass is very useful as it allows you to change jobs in Singapore without the need for you to apply for a new employment pass every time you switch your job. Thus, this pass is not employer specific in nature. This pass works only when you are not unemployed for more than six months. But, you are not eligible to start your own company if you hold the PEP pass.
The Entrepreneur Pass scheme was launched for the sole purpose of drawing innovative foreign entrepreneurs. It is in fact a vital aspect of Singapore’s strategy to be the regional business hub and to lure the best business and veteran entrepreneurs to the nation.
EntrePass and Entrepreneurs Visa refer to an Entrepreneur Pass scheme which is an adaptation of the Employment Pass scheme. It is a major type of work pass particularly meant for business owners incorporated with companies in Singapore wishing to actually relocate to Singapore to enable them to operate their business in Singapore. You can indeed apply for this pass even before incorporating a Singapore based company. This means that you need not have to bear the incorporation expenses until you get your EntrePass.
If your EntrePass gets approved, you will be provided a term of 30 days to incorporate the company you have proposed by giving the required capital share. This is a great step that you can initiate if your ultimate goal is working in Singapore. The country is known to be a good friend of foreign nationals who wish to make Singapore their business hub.