subject: How Foreign Entrepreneurs Can Apply For Singapore Employment Pass [print this page] At the moment, any foreign entrepreneur or investor who wants to relocate to Singapore after setting up a company in the country has to apply for the entrepreneur pass. The entrepreneur pass is the main visa available for foreign business owners. By obtaining the entrepreneur visa in Singapore, foreigners are allowed to stay in the country while managing a business. The validity of the pass can be anything from one to three years initially and the foreign entrepreneur has to meet a number of eligibility criteria to successfully apply for the visa. Some of the criteria include investing at least SGD $50,000 as paid up capital in the Singapore Company, having an excellent and relevant business background, having the required educational qualifications and possessing a viable business plan amongst others.
However, even though foreign business owners are required to apply for the entrepreneur pass to live in Singapore, it is possible to them to even consider the employment pass scheme as well. The employment pass scheme is actually meant for foreign professionals who want to work in a Singapore Company. This pass has to be endorsed by a Singapore employer and authorities consider the background of the company as well as the foreign professional before approving the visa application. As per Singapore laws, there are provisions by which an entrepreneur can also apply for the employment pass provided they meet the following criteria:
1) Firstly they must incorporate a new company in Singapore and then operate this company from overseas for at least six months prior to applying for the employment pass.
2) The company in Singapore must be able to meet its goals as set for the first six months or year and also ensure it meets all mandatory compliance requirements as per Singapore Company Law.
3) The entrepreneur must then apply for the employment pass with his or her own company being the employer. So technically they will act as an employee of their Singapore Company. This could be in any capacity like Company Director or manager. The foreign entrepreneur must draw a salary from the company that is in accordance with the employment pass guidelines and their own background should be as per the requirements of the employment pass.
4) The Singapore Company incorporated by the entrepreneur will be the endorser of the employment pass application.
Considering authorities would check the background of the Singapore Company while evaluating employment pass applications, it is important that the company maintains all its records and financial books properly. They need to also provide their company brochures, website address and other details that will help the authorities learn more about the company.
