While you can make a living in Singapore, there are a number of reasons to consider relocation. The primary reason is that you can take advantage of Singapore’s dynamic business ecosystem, where opportunities abound for entrepreneurs looking to build, grow, and scale their businesses in a market renowned for innovation and a culture that embraces creativity and entrepreneurship.
Aside from that, the country is known for its thriving economy, strong infrastructure and abundant employment opportunities.
When it comes to choosing between an Employment Pass or EntrePass, there are a lot of factors to consider. To help you decide which temporary residency scheme is best for you, this article will provide a detailed analysis of similarities and differences between Employment Pass and EntrePass for your Singapore PR application. Should you wish to learn more, you can always refer to your PR application agency.
Employment Pass | EntrePass | |
Who can get it? | Company staff, professionals, directors, managers, executives or specialists | Foreign investors or entrepreneurs who want to start-up companies |
What are the eligibility criteria? | *The company credentials: Paid-up capital, operating history, employer track record, number of local employees *The applicant credentials: Age (above 21 years old), hold a college degree from a recognised and reputable university, relevant work experience, employment position, unique skill set, and suggested salary. | A 10-page business plan proposal which must be entrepreneurial and innovative in nature, Private Limited Company registration, local hiring, investment amount, applicant’s relevant background and track record |
How much is the minimum salary requirement? | SGD 4,500 | N/A |
Is there a minimum paid-up capital required? | For company owners who decide to apply through this scheme, there’s no official amount required, yet a paid-up capital is usually one of the contributing factors considered by authorities. So, having at least SGD 50,000 is recommended. | There’s no official amount required, yet a paid-up capital is usually one of the contributing factors considered by authorities. So, having at least SGD 50,000 is recommended. |
What is the Requirement for Shareholding? | N/A | Hold at least 30% shares in the Company |
What documents are needed to be submitted? | May require a copy of the tenancy agreement for the business operating address, and other documents upon MOM’s request. | Requires submission of a business planand other documents upon MOM’s request |
How long is the processing time? | 3-8 weeks | 3–8 weeks |
How long is the pass valid? | 1-2 years | 1-2 years |
Are family members eligible to move to Singapore? | Yes. The legally married spouse and unmarried children under 21 if the EP holder earns SGD6,000 or more per month. | Yes, the legally married spouse and unmarried children under 21. They can even be granted with Dependent Pass if they meet certain requirements. |
What are the renewal criteria? | Staying employed in the company. | The business must be operating in line with the original plan. The company must have employed local staff (would increase depending on the number of years), and meet any other conditions as may be listed in the EntrePass approval letter or eligibility requirements. |
Can the applicant apply for Singapore permanent residence? | Yes. Eligible to apply as long as you are a current work pass holderand have lived in Singapore for at least six month. However, your length of stay in the country is a contributing factor, hence, waiting for a year is recommended. | Yes. Eligible to apply after 2 years and is subject to approval by authorities. |
When can it be applied? | For company owners, this can be applied at any time after the company’s incorporation. | It can be applied either before or within six months of company incorporation. |
Bottomline
Whichever of these two schemes will help you become eligible for PR status in Singapore. Just decide which of these two fits your situation best.