Author: blogger

If you are planning to put up a business in Singapore or just live and work there, it is important to consider some legal factors to make your stay a legit one.There are many choices for what should be the employment pass you need to get for you and your family.

When it comes to employment pass in Singapore the two main consideration is the salary and education.Work experience so do your age and nationality will also be a consideration.

Provided that several people are certain of a minimum of ONE factor of their employment criteria, employment pass options will be presented around key individual criterion to expedite identification of the employment alternatives available to you. Given below are the key variables that may affect the corresponding work pass options.

The Regular Employment Pass

This pass is split into 3 different categories (P1, P2, Q1) and is largely dependent on salary requirements.For P1 the salary should be above S$7, 000, for P2 it should be above S$2, 500 and Q1 is above S$2, 500.A diploma or certificate from a prestigious is required for EP.This will be on case to case basis.If an employer wants to hire an individual, they should take care of the EP for them as well as provide sponsorship for them.Therefore, the EP is only valid for the specific job it states, and if you leave that job, you will require a new EP.EP holder’s family will now be permitted for Dependents Pass that will be valid along with EP.Even if the family will not be given the chance to have the dependent pass, they will still be given the chance to have a Long Term Visit Pass (LTVP).This does not apply for Q1 holder family members.Having a DP or LTVP alone, does not allow the pass holder to work in Singapore, a relevant work pass is required.

Personalized Employment Pass

Personalized EP will be applicable to foreign individuals whose monthly salary is minimum of S$7,000, foreigners who graduate from Singapore universities, as well as current and former P1 holders whose last salary was above S$30,00 annually and current P2 and Q1 holders with at least S$30, 000 annually.Salary and work experience is being considered and that the individual should not be unemployed for six months so that he/she will be allowed to apply. Personalized Employment Pass holders’ families are eligible for Dependent’s Pass as well as Long Term Visit Pass.

EntrePass

For investors and foreign individuals who want to put up a business in Singapore, EntrePass would best fits them.The main requirement to be eligible for an EntrePass is to have a company registered with ACRA, the organization that deals with Company Registration in Singapore.Q1 and P are the two types of EntrePass which largely depends on the salary. The main things needed for an EntrePass are, the company should have a minimum paid up capital of at least S$50, 000 and 30% ownership and that the individual is active in the whole operation of the business.Owners of coffee shops, bars and night clubs are not allowed to apply for an EntrePass.The legit family of EntrePass holders are now permitted to apply for Dependent Pass and Long Term Visit Pass.

Dependent’s Pass

Dependent Pass will be applicable to family members of Singapore EP holders, Personalized EP holders, EntrePass holders and S Pass holders.Requirements should be met first before applying for dependent pass.Spouse of the holder and child of the holder who is below 21 years old is allowed.New born babies, legally adapt children and step children are also accepted. Past the age of 21, some DP holders who are the children of the work pass holder may be eligible to apply for a Long Term Visit Pass.The valid duration of EP, Personalized EP, EntrePass or S pass is the same with DP. DP holders are permitted to work in Singapore but should have a work permit.Working in Singapore is not allowed in DP but living and studying are only the inclusions.

Long Term Visit Pass

Long term visit pass will be applicable to the family of P1 and P2 EP, P1 and P2 Personalized Ep and P EntrePass holders.Common law spouse, unmarried daughters above 21 years of age , handicapped children which age is above 21 years old, step children, parents, parents in law are considered the direct family.Those who are above 21 years old of a work pass holder will be liable in providing for themselves and is not allowed to live in Singapore based on the working situation. However, daughters who are originally DP holders can apply for LTVP when their DP expires.60 months or 5 years will be the validation of LTVP.Much like a DP, a LTVP does not authorize employment of the LTVP holder, and LTVP holders must apply for their own relevant EP before being able to legally work in Singapore.

From the summary of main work pass types it should be possible to identify at least one that is relevant to

you and your family.To get enough knowledge on the pass that will be applicable to your family, take a visit on Singapore Ministry of Manpower website.If a professional service firm will help in incorporation of business in Singapore, then they will also be a big help in this matter.It is fact that the businesses in Singapore is achieving a lot.The qualifications for getting work permits is not that high for foreign investors than any other offshore business.Meanwhile, the whole process for application of work permits will be more organized.

Every year about few thousand foreign owned companies get registered in Singapore. At the same time, the number of foreign professionals working in the country has gone up considerably and now over one-third of the entire working population in Singapore comprises of overseas professionals. Although this year saw a number of amendments introduced on the employment pass scheme to ensure only the best minds were able to live and work in Singapore, overall it is fairly simple for a company to employ foreign nationals in the country.
Firstly companies that need to employ foreigners for whatever reason must ensure they apply for an employment pass for each of the foreign professional they want to employ. The employment pass is actually the main type of work visa meant for foreigners that want to work in Singapore. Obtaining an employment pass takes about a month and authorities would check the background of both the professional who is being employed as well as the company that is employing the foreigner. With the recent changed introduced in the eligibility criteria for an employment pass, authorities in Singapore would look at the relevant work experience of the foreign professional, their educational qualifications as well as their existing and offered salaries in Singapore. The third criterion, that of salary is an important addition to the eligibility for employment pass as Singapore wants to ensure highly skilled professionals who already have a good professional background are able to enter the country.
Foreign companies that are about to incorporate in Singapore and need to bring in staff from their head office can apply for the employment pass immediately after receiving the certificate of incorporation. Again it must be noted that an application has to be submitted for each of the overseas staff members they wish to relocate. Ministry of Manpower (MoM) in Singapore processes employment pass applications and they would ensure that the employment offered is legitimate and whether all rules and regulations are being followed.
If a company in Singapore wants to employ a foreigner who is already working in the country for another company, they must endorse a new application for the foreign professional as each employment pass is connected to one employer. Moment the foreigner stops working for the company that originally employed them, their employment pass expires immediately. Hence for change of companies, foreigners need to apply for the employment pass again endorsed by the new company employing them.

The biggest mystery in some minds is how to secure the funding necessary to buy a home, despite having a low credit rating. The sheer size of the loan needed to complete the purchase is staggering. And yet, securing mortgage loans with bad credit ratings is viable and common.

But applicants that believe securing mortgage approval under these circumstances is impossible miss the point. Lenders actually want to lend money, it is just the protective policies they apply that can get in the way. Once the criteria is met and the lender feels assured, approval is all but definite.

The question is how to convince the lenders to the degree that bad credit scores are overlooked and the mortgage loan is granted. Well, there are a few simple measures to take that will do the job, but here are three of the most effective.

Offer a Big Down Payment

It would be foolish to overlook the significance of down payments. Indeed, it can be a major advantage when applying for mortgage loans with bad credit. This is for two reasons: firstly, it affects the size of the mortgage required; and secondly, it reflects the character of the applicant.

A down payment represents a share of the purchase price that is bought out immediately. So, a 5% down payment on a $200,000 property translates to paying $10,000 off the price. This means that a mortgage of $190,000 is required. But a big down payment, of say 20%, means that the sum borrowed falls to $160,000.

Securing mortgage approval is easier as the loan amount falls, but the impression saving up a large down payment has also impresses the lenders. Saving $40,000 is no mean feat in these difficult times, requiring real financial discipline. This is the kind of discipline that lenders want to see in the people they approve mortgage loans to.

Address the Low Credit Score

Another move that impresses the lenders is taking measures to improve the credit score that the applicant has. When seeking mortgage loans with bad credit, the influence that the credit score has can be the difference between monthly repayments that are affordable and too expensive.

There are several ways to improve a credit score. A popular way is to take out a series of small payday loans, perhaps of $1,000, and then repay them in full when the next paycheck arrives. However, each time the loan is repaid in full, the credit score is adjusted accordingly. As the score gets higher, securing mortgage approval gets a little easier.

Alternatively, a larger loan could be taken out to consolidate all of the existing debt, replacing numerous loans with one central debt that is easier to manage. Then, when applying for the mortgage loan, the higher score means lower interest rates.

Prove Secure Employment Status

Finally, perhaps the most basic step to take is to prove that your employment status is secure. This can be difficult given the uncertainty of the economy, but those employed long term are in a stronger position to convince lenders that repayments will be made. So, getting a mortgage loan with bad credit is easier.

Providing all the necessary documentation is essential. A photocopy of a paycheck will confirm the monthly income while a copy of an employment contract can confirm the job is more than just a short-term position. Securing mortgage approval can rest on these few aspects of the application.

However, keep in mind the debt-to-income ratio too, with a maximum 40% of the excess income reserved for debt repayments. This means that even with all the boxes ticked, the share of available income is not enough. Therefore, the mortgage loan has to be rejected.

Like with most legal jargon, “employment at will” has both a formal definition and a practical one. In this case, the theory is easy. The basic definition of “employment at will” says the employer or the employee may end the working relationship at any time and for any reason without fearing legal action. This means the employer can fire or lay off the employee whenever they want. According to the theory, the employers do not have to explain why they fired their worker.

This definition also claims the employee may choose to quit his or her job at any time. Under such circumstances, the worker does not have to give the employer the reason for leaving his or her current position.

On its face, this is a simple law that should work for both the employer and the employee. Unfortunately in practice, “employment at will” is not so clear. While most states follow the formal definition, many lower courts have passed laws to cancel the employer’s rights. All of these laws have created many exceptions to the formal definition, and employers must keep this in mind if they need to fire someone.

Definition of Employment at Will: What It Means For Employers

So what does this mean for you, the employer, if you need to fire an underperforming employee? It’s simple. Wise employers do not fire employees without a reason and claim protection under “employment at will”. This is true even if you live in an “at will” state.

Almost every “at-will” state has exceptions an employer must consider. To make the situation more complex, these exceptions vary widely from state to state. It is a good idea to contact your state’s labor office to find out the laws that apply to you.

If you fire an employee and that person becomes angry, you could find yourself in a wrongful termination lawsuit. And as an employer, you don’t want these legal proceeding to go to court. Most courts favor the employee. This leaves the employer at the losing end and that costs time, money and productivity.

So how do you avoid such lawsuits? It’s a good idea for all employers to have standard termination procedures in place.

First, make sure you have an employee handbook with rules and regulations of the workplace. All employees must be aware of its contents. Second, make sure no manager fires an employee without giving a reason. Third, have standards in place so the reasons for termination are legal and fair. Fourth, train all managers in progressive discipline. Using this proven method, an employee termination will never take a worker by surprise. This will reduce their overall anger at the company.

It is true that “employment at will” suggests an employer doesn’t own an employee an explanation for losing his or her job. However, this simple definition does not translate directly into practice. Never depend on the formal definition of this law to protect you from a wrongful termination lawsuit.

The Ministry of Manpower grants Singapore Employment Pass that is usually valid for one to two years to eligible applicants. Employment Pass provides comfort to foreigners in terms of travelling in and out of the country. The work visa is renewable as long as the pass holder remains employed in a Singapore company. It also provides chance to pass holder to apply for a permanent residence status.

Employment Pass is required for any entrepreneur who has just incorporated a Singapore company and desires to move to Singapore. Moreover, the work visa is also required for corporation looking to relocate their staff such as managing directors and management staff of the company.

We have provided basic considerations on how to be qualified, eligible and how to get approved for a Singapore Employment Pass. Please read on and take note of these details:

Eligibility Requirements:
Recognized educational diploma/degree
Professional qualifications
Specialist skills

Basic Considerations Assessed by The Ministry of Manpower:
Salary
Age
Roles & responsibility
Related work experience
Companys background
Companys paid up capital
Current citizenship

Basic Documents to Furnish:

The above qualifications should be satisfied first before securing the following documents: resume or CV stating your educational and employment history, copies of educational certificates and past employment testimonials, and a copy of your passport details. However, any documents that are not in English must be translated into English by an official translation service. In addition, there are three Employment Pass groups, P! for applicants earning a salary of more than S$7,000, P2 for salary of more than S$3,500 up to S$7,000 and Q1 for salary of more than S$2,500.

Service of a Professional Firm:

For processing of your application, you need to hire the services of a professional firm who will apply in your account for your Employment Pass. They will be the one to apply online to The Ministry of Manpower, as the application method is shorter. It normally takes 1 to 15 days to issue an approval. Once approved, the Ministry of Manpower will issue an In-Principle Approval (IPA) letter via email. The IPA letter must be produced upon collection of the EP at the Work Pass Division at Ministry of Manpower. An IPA letter is valid for Six months from the date of notification of approval.