Singapore is regards as the easiest place to do business in Singapore world and it has attracted not only global businesses to move here but also foreign entrepreneurs to set up their shop in Singapore as a platform to penetrate the global market.
Despite being the most business friendly country in the most, there are still challenges in place for new businesses to accustom to the business and work culture in Singapore. Additionally, there are also the regulatory framework to consider on foreign businesses when moving to Singapore. Especially when you are planning to obtain a work pass to work or operate your business in Singapore, going through the immigration website is not enough to understand the foreign manpower regulatory framework to smoothly relocate yourself or your executives to Singapore. Read further to learn more about types of work pass in Singapore.
The first steps towards moving to Singapore is to identify the type of business setup / structure suitable for your business. Learn more about different types of business entity.
Once the company has been registered, then it is time to review all the different type of Singapore Visas. See below for all Singapore Visas available.
1.Entrepass
This is a work pass for foreign entrepreneurs and business owners to kick-start or relocate their business to Singapore. Although there is need to show proof of business activities or substantial paid-up capital, you still need to provide a viable business plan and show that you have to credential to operate the business successfully.
Eligibility Criteria for Entrepass
i. Entrepreneur Stream:
- Secured funding from a government-recognised Venture Capitalist or Business Angel
- Applicant is an incubate at a recognised incubator; or
- Applicant has substantial business network and entrepreneurial track record
ii. Innovator Stream Criteria:
- Applicant holds an Intellectual property related to the proposed business
- Applicant has a research collaboration with an Institute of Higher learning in Singapore
- Applicant has excellent achievements in the main area of expertise
iii. Investor Stream Criterion:
Applicant has a good investment track record in investing in business.
2. Employment Pass
Arbeidspas is one of the most common work pass scheme that is also secure by entrepreneurs or business owners in an unconventional way. This pass is typical for salaried employee working for a company but in certain case and situation, you are able to secure for an employment pass to run your business instead of an entrepass. All the requests for the employment pass submitted by entrepreneurs and business owners are subject to the MOM approval.
Eligibility Criteria
- Sponsor by an established local registered company;
- Meet the minimum salary requirements of 3,600 SGD per month
- Applicant has both the experience and qualification for the occupation
- Show proof that this occupation cannot be easily replaced by local
3. Singapore Investor Visa – Global Investor Programme (GIP)
This is a Singapore investor Visa suitable for ultra-established business owner that is running a multi-million business empire (200 million SGD business turnover) and willing to invest 2.5 million SGD in a new Singapore or existing business or a GIP fund. The key difference between this visa scheme and the rest is that this is the only direct permanent residency scheme available in Singapore for high net-worth
Eligibility Criteria
- You are running a business with at least 200 million SGD per year in the last 3 years on average;
- You are willing to invest at least 2.5 million SGD into a new or existing Singapore business or into a GIP fund.
If you are willing to invest and yet do not run a business empire with 200 million SGD, you can look into Australia investor visa programs where you are only required to invest 800,000 AUD into the business and the business turnover requirement is only 500,000 AUD. Learn more about Australia Investor Visa.
In summary, most business owners or entrepreneurs would either apply for Arbeidspas of Entrepass scheme depending on their background and the nature of business they are planning to run. You can also click here to learn more about the difference between entrepass vs employment.
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