Business

EP and EntrePass: The Differences You need to Know

This article will explain the distinctions between the Employment Pass and the Entrepreneur Pass (EntrePass) and which one you should apply for first if you’re a foreign business professional or entrepreneur contemplating migrating to Singapore.Please contact us if you are going to relocate to Singapore and need our assistance.

Which features of EntrePass and Employment Pass are the same and which are different?

A temporary residency permit, like a work permit, allows an individual and his or her immediate family to live in Singapore for a certain amount of time.

  • The proper government authorities must evaluate and approve applications for both work permit programs.
  • As long as they’re renewed in line with their unique renewal requirements, both work permits may be extended for another 1-2 years.
  • It is possible to apply for Singapore permanent residence after obtaining a work visa, subject to approval by Singapore’s competent authorities.
  • A pay is assumed to be paid to the employee of the company that issues the work permit. Personal income tax in Singapore is paid annually by the pass holder and is based on his or her earnings.
  • Both the EP and EntrePass applications will be evaluated on the basis of a minimum paid-up capital of SGD 50,000, even though there is no legal need for this.

entrepass

How do EntrePass and Employment Pass vary from one another?

Numerous parallels may be found, but there are also important differences that will be discussed in the following paragraphs, in addition to the similarities. But in A Comparison between Employment Pass (EP) and Entrepreneur Pass (EntrePass) you need to know more.

Shareholder Requirements

It is more likely that a candidate will be forced to apply via the EntrePass programme if they possess more than 30% of the firm. However, the Employment Pass system may still be used to apply for a work visa.

Dates for Submitting an Application

As an alternative, if you want to get your hands on a work visa before starting a business, you’ll have to apply for EntrePass (because an Employment Pass can only be applied after the company is set up). If your EntrePass application is approved, you will have 30 days from the date of acceptance to incorporate your company.

You may apply for either the EntrePass or the Employment Pass if your company has been formed but is less than six months old, providing you meet the necessary shareholding and other requirements for both programs.

As long as your company has been around for at least six months, you may apply

Only the Employment Pass visa may be requested. It is possible that the authorities may ask you to provide evidence of good advances in your firm, such as contracts, revenue, and business spending, and so on, if your company has been in existence for more than six months and you are asking for an EP.

For a business idea and a business plan, there are certain requirements

The firm concept submitted for consideration for the EntrePass award program must have entrepreneurial and creative features. In order to apply, you must submit a business plan of at least 10 pages in length. An rise in the number of local employment must be expected as a result of its strong growth potential. Businesses like travel agencies and staffing firms are exempt from the EntrePass application process.

On the other hand, authorities may seek such information on an individual case-by-case basis for Employment Pass applications.

University education is required

EntrePass applications are less reliant on educational qualifications than other kinds of applications since the company idea and the relevant background of the applicant are both given higher weight in the selection process. For an Employment Pass, a postsecondary degree from an accredited institution and appropriate work experience are necessary.

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