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

Long Term Visit Pass (LTVP)

Long Term Visit Pass (LTVP) is a long-term visa that allows eligible foreigners to stay in Singapore. LTVP can be issued by either Ministry of Manpower (MOM) or the Immigration and Checkpoints Authority (ICA).

Long Term Visit Pass (LTVP) issued by MOM

MOM issues LTVP for certain family members of eligible Employment Pass (EP), S Pass, EntrePass, and Personalised Employment Pass (PEP) holders. The pass needs to be applied by the employer of the main pass holder or an authorized third party for EP and S Pass holder’s dependants. For dependants of EntrePass and PEP, the application needs to be submitted by the main pass holder. The pass is valid for up to 2 years and is tied to the main pass holder’s pass. It can also be renewed up to the duration of the main pass or as requested, whichever is shorter.

Eligibility Criteria

The eligibility criteria for EP, S Pass, and PEP holders to apply for an LTVP is as below:

  • Should be common-law spouse, unmarried children with disabilities above 21 years old, or unmarried step-children under 21 years old.
  • The pass holder must earn a fixed monthly income of $6000.
  • The pass holder must earn a fixed monthly income of $12,000 to apply for parents.
  • The pass should be sponsored by the employer of the main pass holder.

The eligibility criteria for EntrePass holders are as below:

  • Should be common-law spouse, unmarried children with disabilities above 21 years old, or unmarried step-children under 21 years old.
  • The total annual business spending must be at least $100,000.
  • The company must appoint at least 3 LQS¹ or 1 local PME².
  • For parents – total annual business spending must be at least $200000, and they must employ at least 6 LQS or 2 local PMEs.

Notes:

  1. LQS (formerly known as FTE) refers to Singaporeans and Permanent Residents (PR) who earn a monthly salary of at least $1,400 and receive CPF contributions for at least 3 months.
  2. Local PMEs refer to professionals, managers, and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,900 and receive CPF contributions for at least 3 months.

Long Term Visit Pass (LTVP) issued by ICA

ICA also issues LTVP for foreigners who meet the below-mentioned conditions:

  • Spouse of a Singapore Citizen (SC) or Singapore permanent resident (PR)
  • Children below the age of 21 years of an SC or PR
  • Parent of an SC or PR
  • Graduate from an Institute of Higher Learning seeking employment in Singapore
  • Mother or Grandmother of a child or grandchild studying in Singapore on a Student’s Pass
  • Visitor seeking permission to give birth in Singapore

Long-Term Visit Pass – Plus (LTVP+) scheme was introduced in April 2012 for foreign spouses of SCs. This pass grants a longer stay period to the holder. The pass is valid for three years in the first instance and up to five years for each subsequent renewal. They are also eligible for healthcare and employment benefits. The application process for LTVP+ is the same as for LTVP. If the applicant is eligible, they would automatically be considered for LTVP+.

Can a Long Term Visit Pass (LTVP) holder work in Singapore?

An LTVP holder can work in Singapore provided they have a valid work pass like EP, S Pass, Work Permit, or EntrePass. The LTVP gets canceled once they receive the work pass.