Planning to start or run a company in Singapore? It can be a great idea, seeing that there are lots of benefits one can get from incorporating in Singapore. But, if you’re not a Singaporean citizen or permanent resident, you need to get the right type of pass to work and manage your business legally in the Lion City.
Below, we will explain all the different passes available in Singapore and help you choose the best one that suits your needs!
What Are the Types of Passes Available for Foreign Entrepreneurs in Singapore?
EntrePass
The EntrePass is designed for foreign entrepreneurs who want to start and operate a business in Singapore. It’s best for those planning to run a tech, finance, or innovation-based company.
Eligibility
- Your business must be in an approved sector, such as technology or healthcare.
- You must show a solid business plan and, most importantly, proof of funding.
- The company must be registered as a Private Limited Company (Pte Ltd).
How to Apply for EntrePass?
- Prepare a detailed business plan.
- Apply online through Singapore’s Ministry of Manpower (MOM) website.
- Wait for approval, which usually takes around 8 weeks.
Employment Pass (EP)
The employment pass is for professionals and business owners who want to work in Singapore. It’s ideal for company directors and key employees to use EP for the work pass in Singapore.
Eligibility
- You must have a job offer in Singapore.
- A minimum monthly salary of SGD 5,000 is required.
- You need relevant work experience and qualifications.
How to Apply for an Employment Pass?
- The employer or business should apply on your behalf through the MOM website.
- Approval takes about 3 weeks, and once approved, you can immediately start working.
Personalized Employment Pass (PEP)
The PEP is for high-earning professionals who want flexibility in working for different companies all at once. So, they are not tied to one employer only.
Eligibility
- You must earn at least SGD 22,500 per month.
- You should already have an EP or be a high-earning foreign professional.
How to Apply for an Employment Pass?
- Submit an online application on the MOM website, and the approval takes about 8 weeks.
One Pass
The Overseas Networks & Expertise Pass, commonly known as One Pass, is for top professionals who earn at least SGD 30,000 per month. This pass allows them to work for multiple companies or even start their own business.
Eligibility
- You must meet the high salary requirement.
- You should have a strong career background in business, science, or sports.
How to Apply for One Pass?
- Submit an online application on the MOM website with proof of salary and qualification.
- You might need 8 weeks (or more) to get approval for your request.
How to Choose the Right Pass for Your Business?
Choosing the right pass for your business depends on your role and needs. If you are an entrepreneur planning to establish a new business in Singapore, the EntrePass is the most suitable option. It is specifically designed for business founders in innovation-driven sectors.
However, if you are a company director or a key employee in an existing business, the Employment Pass is a better fit. This pass allows professionals to work legally in Singapore under a company.
For those seeking greater flexibility in employment, the Personalized Employment Pass (PEP) offers more freedom as it is not tied to a single employer. But if you are a high-earning professional, it may be best to opt for One Pass, as it will provide you with the flexibility to work for multiple companies or start your own business.
Application Process and Timeline
As we explained above, the application process for these passes is primarily conducted online through the Ministry of Manpower (MOM) website. Processing times can vary depending on the type of pass, but typically, it ranges from three to eight weeks.
To ensure a smooth application, it is crucial to have all the required documents—such as passports, business plans, and employment contracts ready. Any missing information or incorrect details may cause delays or rejection, so double-checking all submissions is essential.
Additionally, once a pass is granted, compliance with Singapore’s regulations is necessary to maintain legal status. Most passes are valid for one to two years and can be renewed as long as eligibility criteria are met. This includes maintaining the required salary, business performance, and other conditions set by MOM.
Failure to comply with these requirements can result in the revocation of the pass, affecting your ability to stay and work in Singapore. Thus, to avoid any issues, it is important to stay updated with local laws and adhere to Singapore’s employment and business regulations.
Key Takeaway
Starting a business in Singapore as a foreigner is possible with the right pass. Thus, understanding your options will help you run your company smoothly. If you are unsure which pass to apply for, contact us at WealthBridge to get professional advice. We will be able to help make the process easier for you!