Sometimes the situation is so rare, that it is hard to determine on the suitable pass at a rough guess: an elaborate approach is needed. Our team of expert consultants is always at your service. Contact us for a FREE assessment!
EP vs EntrePass: Similarity
Both the EP and the EntrePass enable the holder to bring a family to Singapore and apply for the permanent residence (after 2 years of working).
Another significant similarity between EP and EntrePass is that there must be a company that pays a salary to the holder. The difference is that in the second case – with EntrePass – the holder is actually the founder of this company holding at least 30% of its shares. Basing on the salary, both the Employment Pass and the Entrepreneur Pass holders must pay their personal income tax annually.
Both visas are issued for 1-2 years but still have many ultimate distinctions.
EP vs EntrePass: Difference
- The main difference lies in the destination. The EP was designed for foreign professionals seeking a job in Singapore (specialists, managers, and executives) while EntrePass is for entrepreneurs who are going to establish new companies in Singapore (and work in them). The requirement about holding 30% of shares is quite relative: sometimes it is possible to relocate to Singapore under EP even after passing this threshold.
- Suitable time for the application. In the case with the EP, the professional is able to relocate to Singapore only after the incorporation, while the EntrePass gives an opportunity to arrive either before it or during 6 months after it. Once you get your EntrePass approved, you have only 30 days for establishing a company. If the company was incorporated no longer than 6 months ago, you can process either EP or EntrePass. If the incorporated firm is older than 6 months, the EP is the only option for you.
- Business Plan Requirement. EP applicants don’t have to submit a business plan; however, in some cases authorities may have an interest in such details. This requirement is crucial for the EntrePass applicants: the 10-page plan is a part of the application for this type of visa. The business idea you bring forward must be beneficial for the Singapore economy, innovative, and show great promise for growth and boosting employment of local professionals. Keep in mind that not all businesses qualify for the EntrePass; for example, travel or staffing agencies don’t.
- Education and qualifications. This requirement is more crucial for EP: the applicant must be able to prove a degree from a reputable university and a professional experience in the niche. For the EntrePass application, it is less significant because the personal entrepreneurial background and innovative business plan mean much more.
- Paid-up capital. For relocating to Singapore under EntrePass investment of at least 50,000 SGD is a must. Such paid-up capital isn’t necessary for foreign talent seeking employment in Singaporean company under EP; however, this factor would tremendously contribute into the success of the EP application.
- Salary requirement. Since January 2014, the EP applicant must be able to prove a monthly salary of no less than 3,300 SGD. The EntrePass has no salary requirement.
- Renewal requirements. To have a pass renewed, the EP holder must be still employed. For EntrePass holders, the scheme is a bit complex. The key factor taken into consideration for the EntrePass renewal is hiring local individuals. To get chances for success, the entrepreneur must hire at least 2 locals during the year of renewal. The certain number of locals that need to be employed is predetermined initially.
- Processing time. EP is usually ready a little bit faster (7 days) than Entrepreneur Pass (4-6 weeks), but either Employment Pass or Entrepreneur Pass is faster to process often depends on the particular situation.
As you can see, benefits of EP vs Entrepreneur Pass depend on individual prerequisites. The EP balances weak points of the EntrePass and the opposite. One Visa competent team is ready to help you in determining the most efficient scheme of relocating to Singapore and squeezing more benefits from each of 2 passes. Contact us for the FREE Assessment right now to boost your chances for success.