First off, the Employment Pass is directed towards the individual the foreign entrepreneur, and meant for managing director or shareholder in a Singaporean company. The most basic requirements include a fixed salary of more than S$2,500 each month and a diploma / degree education preferably from a recognized institutions or lots of useful working experience and specialist skills. These basic requirements fulfill the Q Pass package criteria. The P2 Pass is for those who earn a fixed monthly salary of more than S$3,500 to $7,000 with recognized qualifications. The P1 Pass is for those earning a fixed monthly salary of more than S$7,000. The more experienced or skilled the individual, the more consideration he or she will be given.
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The EntrePass on the other hand is designed towards the foreign entrepreneur who already has a business, and who wants to move said business over to Singapore or to create a branch there. Therefore, the EntrePass is meant for the organization rather than a single individual. The main requirement for an EntrePass is a solid Business Plan which must contain the objective or nature of the business, products or services to be offered; marketing strategies, development plans and milestones, projected sales turnover, intended amount of investment and its staffing plan. Although your current citizenship, the amount of capital investment, local job creation, your past work experience and so forth can affect the outcome, in general, the better the Business Plan, the more likely the EntrePass will be approved.
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While both the Employment Pass and EntrePass allow valid work in Singapore for up to two years, each have different processing times and benefits. The Employment Pass work visa can take up to 1 day to 8 weeks to process and 2 to 15 working days to approve. The EntrePass can take up to 25 days to process while approval is entirely dependent on how good your Business Plan is. If the Employment Pass application has all the right documents at the ready, processing and approval should be relatively fast. Likewise, the more complete and solid the Business Plan, the faster and easier it is to approve the EntrePass.
Overall, the Employment Pass is a fairly straightforward affair directed towards the individual. As long as you fulfill the requirements and have all the right documents, approval should be a done deal. The EntrePass is a bit more subjective as evaluators have to take into consideration all the factors that make a good business based entirely on a solid Business Plan. Approval for an EntrePass is therefore less certain. In short the Employment Pass is like a multiple-choice test where all the answers are given while the EntrePass is like an essay exam where you will have to answer the questions in your own words.
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About Rikvin:
Rikvin is a one stop Singapore Company Setup and immigration solution center based in Singapore. Clients who wish to relocate to Singapore to start their business, may contact Rikvin to assist in setting up their Singapore Company and securing their Business Migration Visa.
