As the concept of emerging economies is gaining popularity, more people are considering moving towards such economies for better future and career growth. The market saturation and economic slumps in the existing established economies are making it difficult for many players, especially budding entrepreneurs and human resource to grow at a decent rate and achieve success. Interestingly, as per the new trends, the international economic structure is more supportive towards nee and small economies. Many smaller economies are emerging as the next big thing in the international arena with highly positive outlooks and Singapore is one of the top countries on the list.
Singapore is geographically located in South Asia and is a tiny country that is neighbored by struggling and turbulent economies. Despite that, it has emerged as the continent’s biggest corporate and technology hub attracting headquarters of large multinationals to make Singapore their regional hub. This has made Singapore the latest immigrant favourite and more and more people around the world are considering Singapore for relocation. Unfortunately, limited information is available about the route to get Singapore’s PR. Although any agency that offers Singapore PR solutions can help you find the way forward, here are a few things you will need to know before you consider your relocation plans.
Why Do You Need a Work Permit?
Ideally, in order to reap the true benefits of living in Singapore, you should be aiming for the PR and not the work permit. However, you will only be eligible for a direct PR application if you are willing to bring an investment of over $2.5 million SGD in the country, or if you are married to a Singapore citizen. If none of that applies then you need to be working and living in Singapore on a valid work permit for a certain period of time to be able to apply for PR. Even if you are not aiming for a PR and are considering temporary relocation for career prospects, getting a work permit is your way to go.
Which Work Permit Should You Apply For?
Singapore has exceptionally low unemployment rate and it is not difficult to land a job. However, the prospects of landing a job highly depend on your field of occupation and qualification and skill set. Generally, Singapore is a country that is more inclined towards the tertiary sector and prefers highly skilled workforce. There are 4 different types of work permits you can apply for depending on which category you fall in.
- Entrepass: You are eligible if you have a startup plan or investment proposal to bring in to the country.
- Employment Pass: If you are senior level professional with the required set of skills, qualification and income, you are eligible for Employment Pass.
- Personalized Employment Pass: If you already hold an Employment Pass or if you are senior level professional with a very high pay scale you can apply for this category. This particular work permit allows you to switch jobs in any sector and does not restrict your scope, unlike other categories.
- S Pass: If you are mid-level skilled professional earning minimum 2200 SGD, you are eligible for S pass.