Singapore EP Self-employed Entrepreneurial Immigrants, What are the requirements for applying for Singapore EP Self-employed

Singapore's business environment is superior, and the Singapore government also strongly supports foreign investment. Foreign investors can not only land in Singapore to carry out business investment, but also easily obtain Singapore immigration status. Singapore self-employed immigration EP is one of the ways, and this kind of immigration is very popular with investors.

Singapore EP

EP, also known as Employment Pass, is Singapore's highest-level work visa and one of the few work permits that can apply for a green card.

Self-employed and entrepreneurial immigrants in Singapore start a company in Singapore, serve as a company executive, and then apply for a work permit EP from the Ministry of Manpower based on the company.

EP holders can apply for a family permit (DP)/long-term access certificate (LTVP) for their families when their wages meet a certain standard.

After holding the EP for six months, they are eligible to apply for Singapore permanent residents, and their spouse and children under the age of 21 (who must be unmarried) can be affiliated applicants.

Requirements for Singapore EP Application

1. The company has been established and operated in Singapore for half a year (e. g. employing local employees, leasing/purchasing business premises, having substantive business contracts and transactions).

2. Applicants applying for EP license match senior management positions.

3. The monthly salary must reach at least S $5000 (the minimum threshold for EP application must reach S $5000 per month, and the specific salary requirements for application are related to the applicant's age, educational background and work experience).

4, have a university degree or professional knowledge/skills, and have certain relevant working experience.

5, no capital requirements, mainly the company's operating expenses (operating expenses include employee wages, office rent, the company's annual maintenance costs, etc.).

Singapore EP New Deal

Singapore officials have confirmed this year that starting from September 1, 2023, a scoring system will be implemented for EP applications-the government has formulated a complementary talent assessment framework COMPASS to review all EP applicants. Applicants need to score 40 points in the following four criteria before applying for a permit.

Under this framework, the Ministry of Human Power divides applicants into their personal qualifications and their corporate qualifications, and then evaluates these two parts according to the criteria. The basic criteria include the salary comparison between the applicant and the local peers, the educational background of the applicant, the nationality diversity of the employees of the enterprise and the proportion of the local employees of the enterprise.

COMPASS also set reward standards for applicants:

If his occupation is a job on the list of scarce occupations, add 20 points;

If the enterprise is responsible for the evaluation criteria of innovation or internationalization, add 10 points.

It can be seen that the implementation of COMPASS has high requirements for applicants' academic qualifications, high salaries and qualifications, and most of our applicants need to hire local talents in advance to meet a score of at least 40 points.

Projects affected by the COMPASS framework include the Singapore Entrepreneurship EP, the Singapore Family Office EP and the Singapore Local Employer Guarantee EP. If you choose to handle it now, you don't need to join the scoring system. Now is a good time to finally handle EP status.

Singapore EP Suitable for People

1. Expand overseas business

Singapore has an excellent geographical location and the largest free trade network in Asia. The company has a low corporate tax rate, which is suitable for business and international markets, especially for business people who are interested in seeking overseas expansion.

2. Let children enjoy quality education

Singapore is a bilingual education environment with a globally recognized education system of excellence. EP holders can apply for a family permit DP for their children and enjoy greater priority when applying for government public schools after obtaining a DP.

3, want to accelerate the migration to Singapore

The EP application period does not exceed 6 months. It can apply for long-term residence visas for spouses, children and parents at the same time, and quickly realize a three-generation family to settle in Singapore without language barriers.

4, the need for overseas identity

EP permit holders may further apply for Singapore PR after meeting certain conditions. You can get an EP permit in 3 months, and you will be approved for the whole family PR in 3 and a half years.

5. Want to immigrate to Singapore on a low budget

The cost of entrepreneurial immigration is low, only 300000 RMB is required for the whole process, and it is convenient and fast to transfer to permanent residence after 2 years.

At present, it is the golden period to formally apply for self-employed immigrants in Singapore. If you are willing to get your status through doing business in Singapore, it is recommended to plan earlier.