Business visas required for registering a business in Singapore

To work and live in Singapore, foreign business owners who want to register a firm there must possess a current work visa or permit. This blog will describe the business visas required for registering a business in Singapore.

Numerous business visas required for registering a business in Singapore

The following are typical work visa choices for foreigners seeking to establish a business in Singapore:

Employment Pass (EP)

For people with managerial, executive, or specialized skills jobs, this is the most popular work visa for foreign business owners. The EP is awarded based on various criteria, including pay, educational background, professional experience, and the company's past financial performance.

EntrePass

The EntrePass work visa is intended for international business owners who want to launch and manage a new enterprise in Singapore. The proposed business must be able to generate local job possibilities, and applicants must have a business plan with creative and scaleable concepts.

Personalized Employment Permit (PEP)

This is a work permit for wealthy foreign nationals who are not affiliated with any one company or employer. With the PEP, people can change employment and launch their own enterprises without having to apply for new visas.

S Pass

This is a type of work permit for foreigners who are mid-skilled and employed in industries including manufacturing, construction, and services. That also applies to some professional entry-level jobs.

Eligibility to acquire a business visa in Singapore

The qualifying requirements for foreign business owners seeking a business visa in Singapore may change based on the type of visa they apply for. The following general qualifying requirements apply to Singapore's most popular business visas:

1. Worker's Pass (EP):

• A job offer from a Singaporean employer is a requirement.
• Must be in a managerial, executive, or job requiring specific talents.
• Must earn a minimum of $4,500 per month on steady income (for younger or less experienced candidates, higher salaries may be required)

2. Personalized Employment Pass (PEP):

• Must have earned at least S$180,000 (for existing EP holders) or S$144,000 the year before (for overseas foreign professionals)
• Must possess an Employment Pass, be a foreign professional working abroad, or have previously held a PEP.
• Must not have been jobless for more than six months prior to applying.

3. S Pass:

• An employment offer from a Singapore-based employer is required.
• Must be employed in a mid-level skilled position requiring the necessary training or experience.
• Must earn a minimum of S$2,500 per month in salary (older and more experienced candidates may require higher salaries)

4. EntrePass:

• Possess a private limited company that has been registered with the Accounting and Corporate Regulation Authorities (ACRA)
• Must own at least 30% of the company's shares (or 51% if the business has been operating for less than six months)
• A company strategy must contain creative and scaleable ideas.
• Must have a proven track record and significant experience in the targeted business pitch.
• Must have the capacity to meet the government's requirements for employment generation and investment

Depending on the person's nationality, credentials, and business activity, different visas may have different restrictions and eligibility criteria. To choose the best visa option and get assistance with the application process, speak with an immigration consultant or corporate services provider based in Singapore like Odint Consultancy.