Which Pass
So you have decide to relocate to Singapore. Should you apply for EntrePass or Employment Pass? The answer: it depends on your needs as described below.
- EntrePass is very similar to employment pass. When applying for Employment Pass, authorities give more weight to your educational qualifications whereas when applying for EntrePass, more weight is given to your entrepreneurial background. When applying for EntrePass, you are required to submit a business plan that is not required for Employment Pass.
- EntrePass can be applied before (or within 6 months) of incorporating your Singapore company whereas Employment Pass can only be applied for anytime after incorporating your company but not before.
- EntrePass had certain minimum requirements for capital investment (S$50,000) as well as hiring of local employees (2+).
The following guidelines can help you decide whether EntrePass or Employment Pass is better suited to your needs.
Entrepreneur Scenario 1
You are living overseas and have concluded that setting up a business in Singapore and relocating to Singapore is a good idea for you. However, you don’t want to setup a Singapore company unless your relocation visa is approved by Singapore authorities.
What should you do?
Under the above scenario, you should apply for EntrePass first. You will be asked to incorporate your Singapore business only after your EntrePass has been approved in principle.
Entrepreneur Scenario 2
You are living overseas and have concluded that setting up a business in Singapore and relocating to Singapore is a good idea for you. Getting a relocation visa will be a good idea, however, it’s not a pre-requisite to setting up your Singapore company and you need to register your Singapore company quickly without having to wait for the processing of your relocation visa. You have a good educational background.
What should you do?
Under the above scenario, you should register your company first and then apply for Employment Pass.
Entrepreneur Scenario 3
You are living overseas and have concluded that setting up a business in Singapore and relocating to Singapore is a good idea for you. Getting a relocation visa will be a good idea, however, it’s not a pre-requisite to setting up your Singapore company and you need to register your Singapore company quickly without having to wait for the processing of your relocation visa. You don’t have a good educational background.
What should you do?
Under the above scenario, you should register your company first and then apply for EntrePass.
Entrepreneur Scenario 4
You are living overseas and have concluded that setting up a business in Singapore is a good idea for you, however, you don’t have any plans to relocate to Singapore at present.
What should you do?
Under the above scenario, you should register your company and utilize nominee director service to satisfy the local director requirement. At a later stage if you decide to relocate to Singapore, you can apply for Employment Pass.
