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The Different Visa Schemes in Singapore
A leading financial and business hub in Southeast Asia, Singapore continues to attract investors and foreign talent from all over the world with its open immigration policies. How can an entrepreneur or a working professional stay legally in the country? What are the many Singapore work visa schemes available for them? Let’s take a look.
The EP or the Employment Pass is the primary kind of work permit that is given to skilled employees or company workers who will be making a living in Singapore. They are required to have a fixed monthly salary of at least $4,500 and the good news is that there is no official quota system that limits the number of EPs a company can issue.
A special type of Employment Pass, the Personalised Employment Pass or PEP, it is not tied to one particular employer. One of the biggest benefits of having this type of work visa is that it allows the pass holder to switch employers without having to reapply for a new work visa, as long as unemployment is shorter than six months. However, individuals with this Singapore work visa won’t be able to start their own companies and the government is quite strict with the eligibility requirements.
These are categories of people who can pretend to a right of becoming Singapore permanent residents: expats working on PEP, EP and S Pass, entrepreneurs working on EntrePass, investors, artists, spouses and children of permanent residents and Singapore citizens as well as elderly parents of the citizens. Different schemes imply specific requirements:
Incorporation in Singapore is a brief procedure of business registration with the ACRA following a competent strategizing of staff relocation, tax planning and paperwork within one of the available business entities. With only 1 SGD in the pocket, you can have your company incorporated in 1 day! Thanks to efforts of Singapore government and its pro-business position, the procedure of setting up a Singapore company was streamlined and modernized to stamp out any corruption and red tape. But despite the ease of the procedure, it shouldn’t be done slapdash as there are lots of factors that should be taken into account. That’s why it’s essential that you get a piece of pro advice for your decision and a competent assistance on the go.