Getting an Employment Pass in Singapore used to be easier. Usually, you have to meet specific essential criteria, including salary, education, and experience. However, nowadays, applying for an Employment Pass can be difficult because of the country’s complex workforce policies.
Personalized Employment Pass
If you wish to work in Singapore, you can apply for a Personalized Employment Pass (PEP) from the Ministry of Manpower. The approval process can take up to four to six weeks. After submitting the required documents, the Ministry of Manpower will send you an In-Principle Approval (IPA) letter. Once approved, you have six months to collect the pass in person. To do this, you will need to collect all the required documents and medical test results.
The Personalised Employment Pass (PEP) is a work visa for high-earning foreign professionals. As such, it does not tie you to any particular employer, so you won’t need to apply for another pass if you decide to change jobs or companies. You can apply for a PEP if you have sufficient work experience and a degree from a recognized university.
A personalized Employment Pass is a more flexible type of work pass than the Employment Pass, which is limited to specific sectors. The main advantage of the Personalized Employment Pass is that you do not have to be tied down to a particular employer. However, you must notify the Ministry of Manpower whenever you want to switch jobs. If you change jobs after acquiring a Personalized Employment Pass, you can stay in Singapore for up to six months.
To get a Personalized Employment Pass, you must apply for a Singapore work permit. In addition to a work permit, you will also need a passport and several supporting documents. All the documents must be in English. If the documents are in any other language, they must be translated by an official. A valid bank account statement and salary slips for the past three months are also needed. Apart from these documents, you will also need a Short-Term Visit Pass (STVP) or an immigration pass. Lastly, you will need to provide details of where you are staying in Singapore and the contact details of your authorized person.
More private life privileges
Employment Pass holders enjoy more private life privileges than those with a Work Permit. They are allowed to marry, deliver and raise their children in Singapore. However, this privilege comes with a condition – they must earn 6,000 SGD a year to keep it. Children of low-income parents are also deported back to their country of origin. Female EP holders are also allowed to take maternity leave if they work for at least three months before giving birth.
Access to banks
If you are a foreigner living in Singapore, you might need proof of address to open a bank account. However, this is different in digital banks. These companies offer many benefits to foreigners in Singapore, such as ATM networks and value-added services. However, you should choose a bank that provides the services you need.
In Singapore, banks offer a variety of services, which include savings accounts and current accounts. These accounts let you receive money, make payments and earn interest on the balance. Current accounts are standard transactional bank accounts that allow you to receive your salary, transfer money, pay bills, and have cheques issued. They also include a debit card and other benefits. Most major banks in Singapore offer these services to foreigners.
In addition to these services, some banks offer expat packages. These packages are designed specifically for foreigners who are temporarily working in Singapore. These packages typically include the ability to operate in SGD and a range of foreign currency units, remittance services, and access to the NETS cashless payment system.
A safe and stable place to invest, live, and work
Singapore has an excellent reputation as a safe and stable place to invest, live, and work. The economy is based on a free market system known for its low taxes and high living standards. It also has one of the highest per capita GDPs in the world and is home to the headquarters of the Asia-Pacific Economic Cooperation (APEC). The country’s government is transparent and has a good track record of fostering innovation and entrepreneurship. You may visit One Visa to learn more about this.
Singapore is one of the fastest-growing economies in Asia. It has excellent infrastructure and a progressive legal and regulatory system. It makes it a highly attractive place for foreign investors to do business. The economy is also tax-friendly, with no capital gains tax or estate duty. Investments in Singapore are secure and yield high returns. The country’s banks are among the world’s safest, and its exchange-traded funds and mutual funds offer a variety of investment opportunities.
Although the housing market in Singapore has had its issues, it is still strong. It grew by 2.08% in the fourth quarter of 2020 (after accounting for inflation). Despite the current economic climate, Singapore is a safe place to invest in property, even though the returns are not spectacular compared to other markets.