Know everything about the work visa requirements for Singapore company formation. Read this blog to learn more about Singapore company formation.
Is there a future for your Singapore Company Formation? As a result, you’ll need a well-rounded team of workers to help you transition. In addition, existing employees of your parent firm and potential employees from other countries will require a Visa For Work on Singapore Company to be employed legally in Singapore.
Working in Singapore Advantages
According to the 2019 Global Competitiveness Report of the World Economic Forum, Singapore is number one for corporate ethics and hiring and firing policies.
An additional 53% of businesses polled expect to raise wages by 3 – 5% in the coming year, according to Hudson’s Singapore Company Formation & Employment Insights Report. If this sounds like something you’d like to do, head to Singapore. However, you’ll need a current work visa to work legally in the country.
Singapore’s Work Permit Types
Professionals for Singapore Company Formation
- Employment Pass: Workers with a monthly salary of $4,500 are eligible for this permit. Upon receiving an employment offer, your company is responsible for submitting an application for your work permit on your behalf. Renew your pass every two years for the first time and then every three years after that. You Can get all the Required Information for the Singapore Company Formation Online With the Help of Our Experts.
- EnterPass: The EnterPass visa is ideal for those with an entrepreneurial drive who want to create a business in Singapore company formation. Having a successful track record in business or investing or having a venture capitalist or an angel investor back your company are all requirements for this pass. Renew your pass after the first year and then every two years.
- Personalized Employment Pass: It’s a good option for current Employment Pass users wishing to upgrade. However, it is only available to those who make more than $12,000 yearly (EP holders) and $18,000 yearly (for international employees). Furthermore, this work visa is only valid for three years and cannot be renewed.
Skilled and Semi-Skilled Workers
- Supreme Pass: Middle-level skilled workers with similar qualifications to an employment pass can apply for this visa. However, a fixed monthly wage of at least $2,500 is required.
- Work Permit for Migrant Workers and Domestic Migrant Workers: In contrast, domestic migrant worker visas are solely available to women who assist their employers with household chores like cleaning and child care, while the semi-skilled visa is for men working in construction, manufacturing, maritime shipyards, processing, or the service industry as a whole.
- Work Permit for Performing Artiste: Public entertainment venues, including taverns, motels, and nightclubs, are eligible for this visa. However, it is only valid for six months, and the worker must wait a year before applying for a new work visa.
- Training Employment Pass: This work permit is strictly for training, as stated in the name. As a result, it has a three-month expiration date and cannot be renewed. Remember that the worker must be paid a minimum of $3,000 monthly. The Singapore Company Incorporation is a must-have process for initializing business implementations.
Exemptions -Working While on a Visit Pass
- Miscellaneous Work Pass: Foreigners on short-term work assignments, such as seminar speakers, religious workers, or journalists, will benefit significantly from the Miscellaneous Work Pass. However, passes can only be used for 60 days and cannot be repurchased. To apply, you must have a sponsor from your workplace or a member of your community.
- Work Pass Exempt Activities: Interested in exhibiting at a Singapore-based event or covering a Singapore-based film premiere as a journalist? You won’t have to bother with a visa, then. You are not required to register with the Ministry of Manpower (MOM). Remember that this exemption is valid for 90 days per calendar year.
- Student Pass holders: Full-time students in Singapore can work up to 16 hours per week during the academic year and work full-time during summer and winter breaks. If you’re enrolled in a recognized institution, you don’t need to notify MOM or get a work permit. You can choose from work visas and licenses as a foreigner working in Singapore.
- Work Permit Requirements in Singapore: Depending on the type of permit your employees require, the conditions for obtaining and Singapore Company Formation visa may vary. For example, applicants seeking a work permit must be high-wage earners with relevant job experience and appropriate credentials. Candidates for work visas in Singapore must be fully immunized against COVID-19 by February 1, 2022, for their applications to be approved.
- Applicant Tracking System: You, as an employer, are responsible for obtaining Singapore work visas on behalf of your employees. You can apply for a work visa online using EP, a service provided by the Ministry of Manpower that allows you to submit an online application for a work visa (MOM). Employers apply; employees find a job in Singapore, and employers pay the application processing fee.
Once the application is received, the applicant gets an In-Principal Approval (IPA) or In-Principal Rejection letter. The applicant travels to Singapore through the IPA letter and applies for a work visa; the application is then processed, and an In-Principal Approval or In-Principal Rejection letter is sent (EPSC)
Several Additional Considerations to be Made
Some of your employees may desire to bring members of their families to Singapore with them when they come to work here.
Certain skilled and professional workers can bring their spouses, children under 21, and other family members on a Dependent’s Pass to the United States. A Long-Term Visit Pass will be required for family members who do not qualify for the Dependent Pass (LTVP).
As a bonus, Singapore has pay thresholds for foreign workers that must be met to be considered “qualified.” At least $4,500 a month is required to qualify for an Employment Pass. According to the country’s government, the minimum wage in Singapore will rise to $5,000 in September 2022. Each industry has its limitations, with the financial services industry having a monthly cap presently set at $5,000 and climbing to $5,500 later this year.
Conclusion
To apply for a Singapore visa, even if you fill out the application form and gather all the necessary papers, you must send the application to the Singaporean government.
To obtain a visa for Singapore, you must locate a visa agent, strategic partner, or local point of contact in Singapore who has been approved for this purpose.
Vakilsearch experts can help with offering support about work visa requirements needed for Singapore Company formation.
