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

S Pass

S Pass is a work pass that allows foreign mid-skilled individuals to work and stay in Singapore. The application is open for all nationalities. The pass is issued with a validity of 2 years and can be renewed for up to 3 years.

The employers are required to maintain a quota and pay a levy for S Pass employees. They are also required to buy medical insurance for the pass holder before applying for the pass.

Eligibility Criteria

  • Earn a fixed salary of at least $2500* per month. The minimum salary for individuals with experience needs to be higher.
  • Hold a Degree or Diploma from an accredited institute. Certain technical certificates are also considered valid. The certification should be obtained after completing at least 1 year of full-time study.
  • Should have relevant work experience.

* The minimum fixed salary is revised from time to time. Please visit MOM’s website for the latest updates.

Employers and candidates can refer to the Self-Assessment Tool (SAT) to check if the applicant is eligible for an S Pass. If SAT shows that the candidate is eligible, then only the company should apply for the pass. Another point to note is that there is only a 90% chance of getting the pass, even if SAT shows the candidate is eligible.

Who can apply for an S Pass?

Only the employer and the authorized third party can apply for an S Pass. In line with the Fair Consideration Framework (FCF), all employers are expected to consider candidates fairly for job opportunities and advertise it on MyCareersFuture. The job should be open for at least 28 consecutive days before applying for an S Pass.

How much is the Quota and Levy for an S Pass?

The quota and the levy vary based on the sector of the company.

Sector

Quota

(% of the company’s total workforce)

Levy
  • Services
10%
  • Basic/Tier 1 (Up to 10% of the total workforce) – $330 per month
  • Manufacturing
20%
  • Basic/Tier 1 (Up to 10% of the total workforce) – $330 per month
  • Tier 2 (Above 10% to 20% of the total workforce) – $650 per month
  • Others
18%
  • Basic/Tier 1 (Up to 10% of the total workforce) – $330 per month
  • Tier 2 (Above 10% to 18% of the total workforce) – $650 per month

The quota and the levy are reviewed and revised regularly. Refer to MOM’s website for the latest information.

If a company is applying for an S Pass for the first time, they need to first declare their business activity to calculate the quota.

Can S Pass holders get their families to Singapore?

Yes, S Pass holders can bring certain family members to Singapore on Dependant’s Pass (DP) or Long Term Visit Pass (LTVP) if they meet the following conditions:

  • The S Pass holder earns at least $6000 fixed monthly salary.
  • DP for their legally married spouse or unmarried children under the age of 21 years.
  • LTVP for a common-law spouse, unmarried children with disabilities above 21 years old, and unmarried step-children under 21 years old.
  • S Pass holders earning more than $12000 per month can also bring their parents to Singapore on LTVP.