What are the differences between Entrepreneur Pass and Employment Pass?

People such as entrepreneurs and business professionals, who want to settle in Singapore, are usually unable to decide between Entrepreneur Pass and Employment Pass. Clearly, it shows that they do not understand the difference of both of these passes. We will provide you a comprehensive understanding of both the passes then you can easily differentiate between the two passes.

After studying the following information, you must notify the dissimilarity of the two passes. Moreover, you can now easily decide, which is more suitable according to your situation. However, if you still have some unclear issues, you can freely contact us. Either our expert will guide you through phone or if possible, he/she can reach at your place to provide you comprehensive information.

What is the similarity between Employment Pass and Entrepreneur Pass ?

v  The pass holder must draws salary from a company and he/she will have to pay personal income tax of Singapore and the income tax will be deducted on annual basis

v  The applicant is permitted through both passes to apply for permanent residence of Singapore for his/her family during work

v  According to their respective requirements regarding renewal both work passes are issued for the period of 1 to 2 years

v  Government authorities take decisions for approval and renewal of applications of both the work passes

v  The applicant and his/her immediate family members are allowed to relocate to Singapore temporarily.

The Differences

v  The application process time of Entrepreneur is 4 to 6 weeks, while the processing time of Employment pass is 1 to 5 weeks.

v  Although for an Employment Pass application education of the applicant has a significant importance, yet it is a less significant factor when you are applying for the Entrepreneur Pass. However, the specific background and the unique business idea are more important for applying the Entrepreneur Pass. If you are applying for the Employment Pass, you should have an authentic degree from a recognized university along with adequate professional experience.

v    The requirement of paid-up capital is clearly different from any Employment Pass requirement. Every company must have at least $50,000 paid-capital. Therefore, every company must consider it seriously prior to apply for the Entrepreneur Pass.

v  In Entrepreneur Pass, during application renewal the hiring of local staff is observed. However, it depends on the type of earlier approved pass, for instance P1, P2 or Q1. It is an important requirement that the company must employee at least two or more local employees and the time of renewal the record of past 12 months are checked. For the renewal of Entrepreneur Pass, the hiring of local employees is an important factor. If you are not clear about some of its complexity, you can contact us anytime.

v  There is a Total Business Spending requirement in Entrepreneur Pass and that could be between $100,000 to $400,000 during the past 12 months; however, the definite amount can be decided according to the type of Entrepreneur Pass, for instance P1, P2 or Q1.

Now you have a better understanding of differences and similarities between Entrepreneur Pass and Employment Pass.