Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Employment Pass (EP) 

An Employment Pass (EP) is a Singapore work visa issued to foreign professionals, employees, managers, executives, and owners or directors of Singapore companies. It allows them to work and stay in Singapore, as well as travel in and out without having to apply for an entry visa. It is open to all nationalities and is usually valid for up to 2 years with the possibility of renewal of up to 3 years.

Eligibility Criteria

  • Have a job offer in Singapore.
  • Works at a managerial, specialist, or executive position.
  • Earn a minimum fixed salary of S$4500* per month (the minimum salary for more experienced and older candidates is higher).
  • Has relevant qualifications and holds degrees/diplomas from reputed universities.

*The minimum salary requirements are revised from time to time. Visit MoM’s website for the most updated information.

A company doesn’t have any EP quota as well as doesn’t need to pay any foreign worker levy for EP holders in their company. But before applying for an EP, an employer has to first advertise on MyCareersFuture for at least 14 days and fairly consider all candidates. This is to promote fair employment practices and improve labor market transparency.

To check the eligibility, one can use the Self-Assessment Tool (SAT) and apply accordingly. But as there are a lot of checks done by MOM before approving the EP, there is only a 90% chance that the candidate will get a pass, even if the tool indicates he/she is eligible.

Who can apply for an Employment Pass?

Only the employer or an authorized third party can apply for a candidate’s EP. If a company doesn’t have a registered office in Singapore, they need to get a Singapore-registered company to act as a local sponsor and submit the application.

Can an EP holder take up a secondary directorship?

Generally, an EP holder can hold a position only in the company that has applied for their pass. But an EP holder can become a registered director of another company if it is a subsidiary or holding company of the company where the primary EP is applied. The EP holder would have to obtain a Letter of Consent (LOC) issued by MoM and be registered as a director with ACRA before carrying out their directorship duties.

Can EP holders get their families to Singapore?

Yes, an EP holder can bring their families to Singapore on either Dependant’s Pass (DP) or Long Term Visit Pass (LTVP), provided they earn a fixed monthly salary of S$6000. These passes too need to be applied by the employer or authorized third party.

If there are any changes to the particulars like company name and address, salary, employee’s residential address, nationality, marital status, or passport details of the EP holders or their dependents, either the employer or the EP pass holder has to notify MOM of the same.

With an Employment Pass, one can also apply for Permanent Residence (PR) in due course.