In the face of relatively slow economic growth over the last three years, the Singapore government – with the help of the Ministry of Manpower – has decided to expand upon the Employment Pass scheme that this country has created to entice foreign professionals, investors, and directors to build their businesses in Singapore.
Already one of the most business friendly countries on the planet, especially when it comes to foreign owned or foreign invested operations, the new Employment Pass scheme is designed to further bolster the standing of Singapore in the global community as a hotbed for business innovation, investment, and expansion.
Designed not as some kind of “stopgap” solution to stem the tide and slow the bleeding of the Singapore economy, but instead as a viable long-term solution to help turn Singapore into the global Silicon Valley – the place where businesses, investors, and financial professionals from all over the world come to set up shop – it will be very interesting to see how the new Employment Pass scheme unfolds.
To help you better understand exactly what this new Employment Pass scheme has to offer, especially if you are interested in leveraging this new opportunity, we’ve put together a couple of key basics you want to be aware of.
Let’s dive right in!
Highlighting the eligibility requirements of the Singapore Employment Pass
The Singapore Employment Pass (sometimes referred to as the employment visa) is designed to make it very easy for professional employees, management, and owners/directors/executives/investors of Singapore company to come to Singapore, set down roots, and grow their business and they are career here in this very business friendly country.
Granting the ability to come to Singapore, live and work in Singapore, and operate to or invest in a Singapore based business for between 12 and 24 months at a time, the Employment Pass scheme can also be renewed at the conclusion of the initial time period for those that are contributing to the Singapore community and economy.
This kind of pass also helps to open up the door for those that wish to become a permanent resident of Singapore, though this process is long, arduous, and not within the scope of this quick guide.
Individuals that would like to apply for this pass must already be earning a salary (monthly salary) of at least $3300 a month, with this salary threshold bumping up to $3600 a month – Singapore dollars, that is.
Individual applicants will have to verify educational qualifications and work experience that are essential for being granted this Employment Pass from the Ministry of Manpower. There are a variety of different ways to go verifying these specific details, all of which can be verified utilizing the guidelines and resources provided by the ministry itself.
Immediate family members of those that hold an Employment Pass are going to have the opportunity to visit Singapore with the Employment Pass holder as well. They will enjoy all of the same benefits over there as long as a household monthly salary of $5000 Singapore is meant), and those without an Employment Pass will be issued a Dependent’s Pass. This pass is almost always granted automatically to those dependent on individuals with an Employment Pass, streamlining the application process significantly.