The business-friendly policies of Singapore have prompted many foreign companies to come and open their branches here. They have been attracted by various policies of the government that are beneficial for private businesses. The low tax is one of the main attractions for the companies. Singapore has one of the lowest rates of corporate taxes in the world. in addition to this, the country also offers tax exemptions for new companies provided they adhere to certain conditions. The other favorable factors include a strategic position in the region and excellent infrastructure developments. Companies can spread their businesses beyond the shores of Singapore thanks to the Free-Trade Agreements signed with the other countries. Companies not only want to start their offices but also like to place their people here. There are different work passes that help in this and a comparison of work pass in Singapore will help you understand the requirements of each of these.
Work Permit Packages Offered By The Service Providers
When a company needs to bring a person from outside Singapore as an employee, they must get a work permit. This is true for foreign companies that wish to appoint a person as a local director to the company. There are also passes that will help young entrepreneurs without the necessary qualifications to set up a company in Singapore and exploit the excellent business opportunities here. Singapore also allows dependents of those who are employed here to seek employment in the country. All these permits can be secured with the help of service providers. There are different packages for these permits.
Fee In SGD
Application for Employment Pass With Appeal
$1,000 ($1,070 including GST)
Applying for EntrePass With Appeal
$4,500 ($4,815 including GST)
Application for Personalized Employment Pass With Appeal
$1,000 ($1,070 including GST)
Applying for Letter Of Consent With Appeal
$700 ($749 including GST)
The above fee is only for the application and appeal process. Other actual expenses incurred must be paid separately. There are expenses like processing of issuing the permit, translation charges in case the submitted certificates are not in English, fees for the MOM, etc.
The Status Of EP In The Comparison Of Work Pass In Singapore
The employment pass is the most preferred work permit for foreigners who seek employment at the executive and managerial levels in Singapore immigration. They can be working for a local or foreign company in Singapore. Some get the employment pass to work in their company as a director in Singapore. The pass has various advantages. It allows the person to travel and work freely in Singapore. The holder of such a pass can travel in and out of the country without processing a visa each time. They can also bring their family to live with them on a dependent pass.
There are some requirements for getting an employment pass. The person must be appointed at the managerial or executive level. The person must earn a minimum of S$3,600 per month to be qualified for the employment pass. He or she needs to be a degree or diploma holder to get the permit. They must also have enough experience in a particular field. They must possess skills that are unique and special enough to warrant their presence in the country. Such people can get an employment pass and it must be applied by the company appointing them.
Who Can Get An EntrePass In Singapore?
The EntrePass is issued to entrepreneurs who have novel ideas for business and would like to bring these ideas to Singapore. The pass is meant for those people who don’t possess the qualifications that are required for the employment pass. It gives such people who have experience but not the necessary qualification. The EntrePass is issued to people who have got the funding from an approved venture capitalist. It is also issued for those who are incubating for a government recognized accelerator.
Those with a good business network in Singapore can also apply for the EntrePass. They must prove that they have such relationships with businesses in Singapore. If a person can prove records of running a business in his or her own country, they can also apply for the EntrePass which will allow them to do the same business in Singapore. Those who are researching in collaboration with an institution in Singapore can also apply for the pass. Those who have achieved great heights in particular fields can also get this pass.
The agencies will help to assess your qualifications and help you in getting the EntrePass. They can prepare a business plan which is very essential for getting the pass. The agencies will also help you prepare all the other documents including filling up the application and submitting the same. They will follow up with the MOM about the status of the application. The agencies will go for an appeal in the cases where the application is rejected.
Stay In Singapore Without A Job
The Personalized Employment Pass is issued to those persons who have not secured a job in Singapore or are in between two jobs. If a person was employed in Singapore and had left the job before getting another one, he or she can still stay in Singapore for six months to seek another employment. The personalized employment pass will allow the person to this facility. This pass is also issued to persons who have the qualification and the possibility of getting a job in Singapore to allow them to live here and search for a suitable job.
A letter of consent is issued to those holding a dependent pass. It allows a dependent on an employment pass holder to work in Singapore and contribute to the family’s financial strength. The person must get employment first before applying for the letter of consent. The dependent pass must have a validity of at least three months.