Singapore is one of the most famous destinations among foreigners because people here not only come for tourism but also with a hope to explore some better work and business openings.
Being a foreign business professional, if you are thinking about how to move to Singapore and start your business then it is important for you to first understand about employment pass and EntrePass.
Applying to work in Singapore
In order to work in Singapore, several visas are offered to foreigners that permit them to work easily like an Employment pass, EntrePass, S pass as well as personalized employment pass.
You need to know that each pass has its own eligibility standards and varied purposes. However, in this article, you will know the difference between Employment Pass (EP) and EntrePass.
Employment Pass & EntrePass
Before knowing the difference, you need to understand what is Employment pass an EntrePass.
Employment pass in Singapore is a pass that is issued to foreign managers, executives, professionals as well as specialists to work in Singapore. This pass is given only when the personnel is able to earn a fixed salary of $3900 every month.
EntrePass is a Singapore working pass that is given to foreigners who wish to start and run a new business in Singapore. The business should successfully meet all the norms for application as an innovator, entrepreneur, or investor.
Difference between Employment Pass and EntrePass
Although there are several similarities between the two passes but at the same time, there are some differences that you need to know.
If an applicant is holding more than 30% of the shareholding then he needs to apply for the EntrePass scheme. However, when the shareholding is less than 30% then Employment Pass is applied.
Who can apply?
Employment Pass can be applied by only the employer or a third-party agency that is appointed by the employer. On the other hand, an applicant can apply for the EntrePass on their own.
Validity of the pass
It is necessary for you to know that Employment Pass is valid for 2-3 years, while EntrePass is only valid for 1-2 years.
Business idea and business plan requirement
When applying for EntrePass, the business idea needs to be entrepreneurial as well as innovative. A business of almost 10 pages is required to be submitted as part of the application.
Employment pass application does not require any business plan. It is possible that authorities might ask for such details on a case basis.
For EntrePass applications, educational qualifications are less important as the business idea and applicant’s background carry more weight. In the case of Employment Pass, an applicant needs to have a tertiary degree from a reputable university.
Therefore, after reading this article, you must have understood how Employment Pass and EntrePass are different from each other. You can also take help regarding both the passes from Hey Sara.