In Singapore, What Can an Employment Pass (EP) Do? Listen to Ms. G’s Story of Overseas Journey
What can you do with an Employment Pass (EP) in Singapore?
In simple terms, you can: build your career in Singapore, reunite with family, apply for Singapore Permanent Residency (PR), travel freely, and not be required to reside in Singapore permanently…
Ms. G’s Overseas Journey
Ms. G graduated from a prestigious university in the East China region, majoring in English education. Currently, she holds a C-level executive position in a technology company.
Singapore places great emphasis on the development of education, considering it a fundamental national policy for achieving modernization. Continuous investments in education have led to the establishment of a robust foundational education system, complemented by state-of-the-art teaching facilities.
Singapore adopts bilingual education that aligns with international standards, fostering comprehensive student learning and thinking abilities. It aims to cultivate talents proficient in both languages and nurtures a basic education system that fosters “creative qualities.”
Furthermore, as one of the world’s top four financial centers, Singapore offers competitive opportunities for business development.
In order to provide her child with a higher-quality learning environment and to lead her company towards international growth, Ms. G engaged in thorough discussions with her family and company team. She chose the overseas solution provided by GoGlobalGem.
The GoGlobalGem account manager assisted Ms. G throughout the process of obtaining her EP. Soon, Ms. G’s EP was successfully approved. Congratulations to her and her family for embarking on a brand new journey.
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Benefits of the Employment Pass (EP)
1. Obtain Tax Residency
Upon successful EP application, you will obtain a Singapore tax identification number, which helps in avoiding the Common Reporting Standard (CRS) information exchange. Moreover, EP holders are subject to the same personal income tax rates as local residents. If you apply for Dependant Pass (DP) or Long Term Visit Pass (LTVP) for your family members, you can benefit from tax deductions. If you are also a shareholder, you can enjoy tax-free dividends in Singapore. The EP salary is considered a company expense and can lead to corresponding tax deductions.
2. One Application for whole family’s immigration
Presently, individuals earning a monthly salary of SGD 6,000 or more can apply for a Dependant Pass for spouses and children below 21 years old. Children can enroll in Singaporean schools.
Those earning a monthly salary of SGD 12,000 or above can apply for a Long Term Visit Pass for parents, facilitating complete family reunion. Importantly, the applicant can collectively submit a PR application, enabling the entire family to relocate to Singapore together.
3. Eligibility to Apply for Permanent Residency (PR)
After holding the Singapore EP for 2 years, you can apply for Singapore PR, truly achieving the goal of relocating overseas.
4. Open a Private Banking Account
As an EP holder, you can open a private banking account in Singapore as a local resident, allowing for free movement of funds without foreign exchange restrictions.
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5. Freedom of Entry, No Need for Permanent Residence
With an EP, you can enter Singapore through the airport immigration channel without needing a separate visa within the validity period of the EP. You can freely enter and stay in Singapore at any time, without any residency time requirements. You can also use the green self-service channels for quick and convenient clearance.
6. No Need for Nominee Director
After obtaining the EP, you can serve as a local director in Singapore on your own, eliminating the need for a local nominee director and saving on financial costs. This also significantly enhances the security of your accounts.
Note: Starting from September 1st, the Singapore EP policy will be adjusted, and the review process will become more stringent. If you encounter any issues, please feel free to contact us through private messaging or leave a message at the end of the article.
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How to Score Points in EP Application?
The Singapore Employment Pass (EP) application process will adopt the COMPASS assessment system, making it challenging to secure approval for individuals without at least an undergraduate degree. If you intend to enhance your score, consider focusing on the following aspects:
Salary: If your salary ranks within the top 10% of your industry, you can earn the maximum score for this category. Even if your salary is within the top 35% but not in the top 10%, you can still gain some points.
Educational Qualifications: Graduates from globally recognized top 100 universities or possess highly regarded professional skill certificates in other fields can earn favorable points. Even a regular bachelor’s degree or its equivalent can contribute points.
Nationality Diversity: If your nationality constitutes less than 5% or falls within the range of 5% to 25% of your company’s nationality composition, you can receive additional points.
Employment of Local Talent (Singaporeans): If over 50% of your company’s employees are Singaporean locals, you can gain points. Even with 20% to 50% of local employees, you can still earn points.
Additional Score: In certain shortage industries, innovative projects, and internationalization criteria, you may obtain an additional 10 or 20 points.
The following traits are what Singapore is seeking in potential candidates:
- Exceptional achievements and high salary in your industry and age group.
- Graduation from prestigious universities.
- Employment in a company where your nationality (non-Singaporean) is not prevalent and there are a significant number of Singaporean employees.
Individuals possessing these characteristics are more likely to achieve high scores and stand a better chance of obtaining Singaporean residency. You can use this information as a reference for self-assessment to determine if you meet the criteria.
*The picture comes from pexels
To learn more about the application strategies for Singaporean residency planning, please feel free to reach out to Go Global Gem. We will assess your situation and develop a tailored offshore solution for you.
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