Singapore has become the ideal business and commercial hub in Southeast Asia, partly due to its creative immigration policies designed to attract seasoned entrepreneurs and working professionals from around the world. There are various work permit schemes available in Singapore for foreign working professionals and entrepreneurs.
Employment Pass Scheme:
The Employment Pass is the main type of work permit meant for company owners or skilled employees who will be working in Singapore. Your fixed monthly salary must be more than S$3,000 and you should be a degree holder from a reputable university. This will usually be valid initially for 1-2 years and then renewable as long as the applicant continues to be employed by the company. This could be a way to gain permanent residency after residing in Singapore under this visa for several years.
Entrepreneur Pass Scheme:
The Entrepreneur Pass is a variation of the Employment Pass, and is the primary type of work passes for owners of newly incorporated Singapore companies who wish to relocate to Singapore to operate their new business. This will be initially valid for the first 12 months and then renewable as long as the business stays running. This is also considered a stepping-stone for permanent residency, which can be applied for in due course.
Personalized Employment Pass Scheme
The Personalized Employment Pass is a special type of Employment Pass that is not tied to a specific employer. The biggest benefit of having a this work permit is that you can switch jobs without re-applying for a new employment pass provided that you are not unemployed for more than six months. This is not a visa, which you would be able to star your own business on however. This visa is valid for 3 years but it is not renewable.
S Pass Scheme:
The S Pass is for mid-skilled employees who earn a fixed monthly salary of at least $2,200. S Pass applicants are assessed based on employer’s quota eligibility and applicant’s qualifications. Instead of a degree, a technical diploma is acceptable for this kind of work pass. This visa will be issued for unto 2 years and is renewable.