Singapore is one of the most famous destinations among foreigners because people here not only come for tourism but also with a hope to explore some better work and business openings.
Being a foreign business professional, if you are thinking about how to move to Singapore and start your business then it is important for you to first understand about employment pass and EntrePass.
Applying to work in Singapore
In order to work in Singapore, several visas are offered to foreigners that permit them to work easily like an Employment pass, EntrePass, S pass as well as personalized employment pass.
You need to know that each pass has its own eligibility standards and varied purposes. However, in this article, you will know the difference between Employment Pass (EP) and EntrePass.
Employment Pass & EntrePass
Before knowing the difference, you need to understand what is Employment pass and EntrePass.
Employment Pass
Employment pass in Singapore is a pass that is issued to foreign managers, executives, professionals as well as specialists to work in Singapore. This pass is given only when the personnel is able to earn a fixed salary of $3900 every month.
EntrePass
EntrePass is a Singapore working pass that allows foreigners who wish to start and run a new business in Singapore. The business should successfully meet all the norms for application as an innovator, entrepreneur, or investor.
Difference between Employment Pass and EntrePass
Although there are several similarities between the two passes but at the same time, there are some differences that you need to know.
Shareholding requirement
If an applicant is holding more than 30% of the shareholding then he needs to apply for the EntrePass scheme. However, when the shareholding is less than 30% then Employment Pass is apply.
Who can apply?
Employment Pass can be apply by only the employer or a third-party agency that is appoint by the employer. On the other hand, an applicant can apply for the EntrePass on their own.
Validity of the pass
It is necessary for you to know that Employment Pass is valid for 2-3 years, while EntrePass is only valid for 1-2 years.
Business idea and business plan requirement
When applying for EntrePass, the business idea needs to be entrepreneurial as well as innovative. A business of almost 10 pages is require to be submit as part of the application.
Employment pass application does not require any business plan. It is possible that authorities might ask for such details on a case basis.
Educational qualifications
For EntrePass applications, educational qualifications are less important as the business idea and applicant’s background carry more weight. In the case of Employment Pass, an applicant needs to have a tertiary degree from a reputable university.
Therefore, after reading this article, you must have understood how Employment Pass and EntrePass are different from each other. You can also take help regarding both the passes from Hey Sara.
Working and starting a business in Singapore
You need to carefully judge what each scenario is and how it will develop over time. For each scenario, consider the areas of unpredictability where a range of outcomes are possible. A retail client considers a range of scenarios from the business.
Also read: How to activate a credit card?
Business Review
Take a detailed review of your organization and understand its strengths and vulnerabilities in various scenarios. Think about how the current approaches are to respond to each scenario. Whether there is alignment across the organization.
Preparation and Required Changes
The analysis mentioned above highlights the number of areas where change is need. Regardless of the scenario. The areas need to be look for and appropriate changes must be made to this. In case, if cash flow and debt services become challenging, you need to introduce some tighter cash controls. Organizations also need to provide access to the right collaboration and communication tools to work together virtually.
It is worth being engage and the current situation is however creating a short-term benefit for a client in food manufacturing. However, they are also preparing for the downturn if it happens. The revised investment strategies ensure the cash accumulate can last through a range of future slowdown scenarios.
Monitoring
Identify the range of possible scenarios and according to that, you need to develop the plans. These plans will respond to the situation. The team should consider each scenario and for this deep level of reporting and analysis that is require.
It’s been a difficult time for all and businesses are ensuring to get a kick to start everything again with the main objective. The industries have been affect but the norms must be followed. Office guide on handling COVID19 relies on a high degree of predictability and the term sustainability of the business is at risk. So, prepare early and have a much greater ability to survive any such circumstances.
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