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Singapore Immigration Policy Updates

Singapore-Immigration-Policy-Updates

The Singapore immigration policies have long been quite favourable and open to foreign professionals. The range of work visas introduced by the government of Singapore has enabled a huge number of foreign workforces to relocate to the ‘Island Nation’ for the purpose of work and to stay in the country. However, the constant influx of foreigners has given rise to resentment among the locals with regards to the employment opportunities.

Citing these issues, the Singapore regime has introduced certain key updates to the existing work visa policies of the two most popular visas: Employment Pass & Entrepreneur Pass. So let us take a look at the vital revisions made to the aforementioned work passes of Singapore.

Updates To the Employment Pass Scheme

With effect from January 1, 2014, the following revisions have been implemented by the Ministry of Manpower (MOM) to the Employment Pass Scheme.

  • The applicants applying for the Employment Pass must have a minimum salary of S$3,300.
  • In order to encourage the Singapore employers to hire local candidates, the government has made it compulsory for all the Singapore companies to post their job openings on the new job bank managed by WDA (Workforce Development Authority) according to FCF (Fair Consideration Framework).
  • Finally, the government has decided to push for severe punishments against the employers who indulge in discriminatory hiring practices which include far lower number of locals in professional, managerial and executive positions. The punitive measures also include the cancellation of their the employer’s EP (Employment Pass) privilege.

Updates to the Entrepreneur Pass Scheme

With regards to the Entrepreneur Pass scheme, the MOM’s revisions have started taking effect from September 1, 2013. According to the revisions, a foreign entrepreneur applying for the EntrePass must either:

  • Fetch funds from a recognized 3rd party venture capitalist or business angel; or
  • Have a licensed Intellectual Property (IP) acknowledged by a national IP institution or a proprietary; or
  • Have collaboration with a research institution acknowledged by the Agency for Science, Technology and Research (A*STAR) or any local tertiary institution.
  • Be an incubate at a recognized incubator supported by SPRING Singapore or National Research Foundation (NRF); or
  • Be supported by a Singapore government agency.

Please feel free to contact us on +65-6536 0036 or drop in an email at info@accountingservice.com.sg

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Immigration Visa SchemesSingapore Work VisaEmployment PassEntrepreneur Pass (EntrePass)Employment Pass vs EntrePass ComparisonPersonalised Employment Pass (PEP) SchemeS PassPermanent ResidenceDependant Pass Scheme for Family MembersSingapore Work Pass Cancellation GuideSingapore Immigration Policy Updates

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