Singapore is a good country to explore if you wish to further your career opportunities. The country has many industrial resources that can aid anyone, even foreigners. Foreigners are encouraged to work in Singapore and even start their own businesses. To be able to do so, they need to apply for the employment pass Singapore visa or the Entrepreneur Pass.
The Singapore employment pass is a professional work visa meant for high management positions and high-skilled professionals. They are tied to a single employer who will be the ones to apply for their visa. The Entrepreneur Pass or EntrePass, on the other hand, is for aspiring business owners looking to launch a business in Singapore. Although they are widely different from each other, they do have their similarities. That is why in this article, we will discuss the similarities between an employment pass Singapore visa and an EntrePass.
Both the Singapore employment pass and EntrePass will be reviewed by the Singapore government. Unless approved by these government agencies, no foreigner can come to Singapore to work or start a business. The difference is that each of these work visas has a different government authority that will review their application.
The employment pass Singapore visa will be assessed by the Ministry of Manpower. They will take note of a lot of factors before deciding to approve the pass. Usually, they assess the candidates’ qualifications, work experience, and job profile. While the EntrePass is reviewed by three Singapore government offices. They are the Infocomm Media Development Authority (IMDA), SPRING Singapore, and the National Research Foundation (NRF).
Pay income tax
One of the factors that Singapore authorities take note of before approving a work visa is the income of the applicant. They assess if the applicant will be able to generate an income that will be beneficial to Singapore. In the situation of Singapore employment pass holders, they have a minimum salary qualification. This qualification should be met so the employment pass Singapore holder will be able to pay a good amount for the income tax.
As for an EntrePass holder, their tax will be taken from the sales they generated from their business. The income tax criteria will start small in the first few years to give leeway to the company’s establishment years. Once that period has passed, the income tax criteria will gradually increase until it reaches 17% capped tax.
Both the Singapore employment pass and the EntrePass can be renewed. Since they both have the same validity period of 1-2 years, they have a similar renewable period. However, they differ when it comes to the renewal requirements and process. The employment pass Singapore visa is renewable as long as the holder is employed by the company that applied for their pass. While the EntrePass holders will have to go through a progressive renewal scheme. This is set by the Ministry of Manpower to ensure that the contributions of the EntrePass holder are in accordance with the operation period.
Eligible to apply for Dependent’s Pass
The Singapore employment pass and the EntrePass are both eligible to bring their immediate family members to Singapore. However, the difference lies between their eligibility requirements for the Dependent’s Pass. An employment pass Singapore holder must earn more than SG$6,000 to be able to apply for the Dependent’s Pass. While the EntrePass holder must have the pass for a year before they can bring their family members. In addition, they must meet the criteria for total annual business spending and local employment. However, it is important to note that only the legally married spouse and unmarried children under 21 years of age are eligible for the Dependent’s Pass.
Eligible to apply for permanent residency
A Singapore employment pass holder and an EntrePass holder are both eligible to apply for permanent residency in Singapore. In addition to that, they can bring along their families for the Singapore permanent residency application. Both are eligible to apply as long as a whole year has passed since they got their employment pass Singapore visa or EntrePass. However, they differ in requirements and criteria for permanent resident status.
As you can see, the E Pass and EntrePass are different from one another. However, they are similar mostly with the benefits they can provide to the holder. Both passes will not only allow them to bring their families to Singapore but also they can be eligible for the PR status. However, keep in mind that it is not easy to get approved for a work visa in Singapore.