Singapore Visa Types: What Are The Different Types of Business Visas in Singapore?
As a foreigner, if you are willing to start a business in Singapore, you will need to be clear about the different types of business visas in Singapore. Well, Singapore has been renowned for its ease of doing business. This applies to right from the start, and with the right business idea, you can easily get a Singapore business visa. Also, if you didn’t know before, you don’t necessarily need to move to Singapore to run a company if you think that is convenient for you. Anyway, that would be out of topic; so, answering your question, there are two types of business visas in Singapore.
The Entrepass is a special type of Singapore visa for entrepreneurs. Different from any other work permits in Singapore, an Entrepass is only provided to ones who are willing to start a business in Singapore and work on it from the grassroots. You will need to have considerable entrepreneurial skills to be eligible for the visa, and that has been reflected in its requirements.
- The company has not yet been registered, or no more than six months have passed since its registration.
- The applicant shows a strong track record. (Has to be proved with documents of previous business accomplishments.)
- The applicant should prepare a ten-page-long application enlisting the business plan and marketing strategy, and how it could be useful for the Singaporean market.
- The paid-up capital is no less than S$50,000, and the applicant is willing to hold at least a 30% share of the company.
- The applicant fulfils at least one of these requirements.
- A Singaporean IP firm has registered the firm’s property.
- The applicant is a participant of the Singapore government’s startup incubation program.
- The applicant has collaborated with a university or A*star.
- A venture capitalist or an angel investor from Singapore is willing to invest S $100,000 in the business.
- The Entrepass is only for approved businesses. For example, one cannot get a visa with ideas such as message centres or employment agencies.
- You will need to renew your Entrepass annually. The government decides whether to approve the renewal. Every year, specific requirements are to be met, such as hiring two locals and spending more than S $100,000 in the first year. These standards become higher as time passes.
- The entrepreneurs can bring their family (spouse/children) to Singapore after the first renewal. Anyway, for this, they should create at least four jobs for the local and spend S $150,000 in the first year.
- You can apply for a Singapore PR after two successful renewals of the Entrepass.
Another Singapore business visa is the Employment Pass. Getting an employment pass is basically hiring yourself to your Singapore company, as being the director of your business house technically means that you have been appointed as an office director to work in Singapore. The employment pass is usually preferred by the entrepreneurs whose business has already been running in Singapore for some time. A person can get an employment pass if he/she can fulfil the following requirements.
- The applicant should hold a degree from a well-reputed university higher degree preferred).
- The applicant has been working in the related business field for at least 3 years and has good skills.
- The Business owner has a valid passport.
- Depending on the age of the applicant, there are various salary thresholds that are to be met.
- Q1- 3.3k SGD;
- P2- For experienced from 4.5k SGD
- P1- from 8k SGD
- That means you should be meeting the salary requirements corresponding to your age or expertise to get any one of these visas.
- The company shows a great business profile and is able to pay the salary it has promised.
- This Singapore business visa validity is one to two years, which is different for every individual. Also, the visa can be extended for another three years before being terminated.
- Applicants can bring their family(spouse/children) to the city-state if their salary is more than S$5,000. Parents can also be invited, but for this, the pay should be higher than S$10,000.
- The applicant can apply for a permanent residence with an employment pass.
- The applicant doesn’t make the application for the visa. It is done by the hiring company on his/her behalf.
As you can see, business visas in Singapore are not so complicated, which is just another reason for you to start a business in Singapore. Considering these options, if you do wish to start a company in Singapore, you can contact us; you will need some help from inside Singapore. We will take you through the entire incorporation procedure.. You can know more about our services here.