When Should Entrepreneurs choose the Employment Pass in Singapore
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Written by: bryanwong
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Date: Wed, 4 Jan 2012 |
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Ever since the entrepreneur pass scheme was launched in Singapore, it was one of the most successful entrepreneur visa schemes for any country. The entrepreneur pass attracted some of the best and most innovative entrepreneurs to Singapore. This special visa meant for foreign business owners to relocate to Singapore has also been used by the government as an economic tool with foreign direct investing increasing in the country and also making Singapore one of the hotbeds for innovation. However, even though the entrepreneur pass is what is required for foreign business owners to relocate to Singapore, under certain circumstances, it is possible for them to apply for the employment pass as well.
Now before we get into the question of when entrepreneurs should choose employment pass in Singapore, let us first understand the requirements for the employment visa. The employment pass is essentially meant for foreign professionals who wish to work in Singapore. Any such visa application must be endorsed by a company in Singapore that is offering a job to the foreign professional. If a foreign entrepreneur is ready to act as a director in the business they incorporated in Singapore, then technically they can apply for the employment pass as well showing their own company as their employer. However, as per the rules of the Government of Singapore, any foreign business owner applying for the employment pass must first wait for at least six months from when the Singapore Company was incorporated. During that time, they must manage the business from overseas and also be able to meet its goals and perhaps acquire investor funding for their company as well.
A lot of entrepreneurs do ask whether they should be applying for the entrepreneur pass or wait for the employment pass to be open to them. Of course if you as a business owner can wait six months and are able to manage your Singapore business from overseas, then you have the option between the entrepreneur pass and the employment pass. Choosing either of them would depend upon your specific situation. If you can meet the eligibility requirements of the entrepreneur pass comfortably, then it is preferably you apply for that since it is specially meant for entrepreneurs. However, if you feel the employment pass eligibility criteria is more suitable to your background, then you may wait and apply for that after six months of managing the business from overseas. The only thing you need to keep in mind is the authorities would study your performance as a manager in those six months to determine whether your Singapore business will be a success or not.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore Employment Pass and Singapore EntrePass.
Source: When Should Entrepreneurs choose the Employment Pass in Singapore
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