As companies broaden their horizons, seeking global growth and diversity, Singapore often emerges as an attractive destination. Its geographical position, offering access to expansive Asian markets, coupled with a stable political climate and world-class infrastructure, make it an appealing base for long-term business investments. Furthermore, Singapore's competitive corporate tax structure and strong intellectual property protection laws encourage businesses to establish their foothold here. Taken together, Singapore is often the first choice for international expansion outside of a company’s home country.
It is unsurprising that a country with this type of business environment would also be an attractive destination for global high-skilled workers and founders. More companies are looking for a way to not only break into the Singaporean market, but use Singapore as a base for their global workforce. As a result, more companies are considering the strategic advantage of establishing a subsidiary in Singapore, which could become a viable pathway to securing Employment Passes and unlocking business opportunities.
The Employment Pass Program:
Singapore offers a range of work visas for those looking to relocate. The most common of these is the Employment Pass (EP), a work visa curated for foreign executives, managers, and skilled professionals. Holders are granted the liberty to live and work in Singapore, fostering a dynamic international workforce. The pass, initially valid for up to two years, can be renewed, offering businesses a long-term solution for talent acquisition and retention. And the EP is more than just a work visa. It offers multiple benefits that can be advantageous for both employers and employees. Some of these include:
- Flexibility: The EP does not tie the employee to a specific employer, allowing for job mobility.
- Family privileges: Holders of an EP can bring their immediate family members to live in Singapore through Dependent's Passes and Long-Term Visit Passes.
- Pathway to Permanent Residency: After a certain period, EP holders can apply for Permanent Residency, a move that could be appealing to many skilled professionals.
The Pathway to Employment Pass:
Securing an EP can be a complex process. Applicants must secure a job offer from a Singapore-based employer willing to sponsor the EP application. The establishment of a subsidiary in Singapore introduces a strategic advantage for businesses eyeing the EP. A subsidiary, as a distinct legal entity based in Singapore, can act as a local sponsor for an EP application.
Unlocking a World of Business Opportunities:
The establishment of a subsidiary in Singapore is not merely a strategic move for securing an Employment Pass. It marks the start of an exciting journey into a world of untapped business potential. By establishing a subsidiary, businesses can directly engage with the local market, cultivate a diverse and dynamic team, and reinforce their global operations.
A subsidiary in Singapore provides the opportunity to gain a foothold in the thriving Asian market, benefit from Singapore's attractive corporate tax structure and robust intellectual property laws, and leverage the country's reputation as a world-class business hub to bolster the brand's image.
Opening a subsidiary in Singapore may represent strategic masterstroke for businesses seeking global expansion. It provides a potential pathway to the Employment Pass, while simultaneously unlocking all the business opportunities. With its advantageous location, robust economy, and inviting immigration policies, Singapore offers a fertile ground for businesses to flourish and thrive.
Engaging with experts in Singaporean employment law and immigration policies is a crucial step in this journey. With the right guidance, businesses can fully harness the potential of this vibrant city-state, transforming Singapore from a business destination into a springboard for global success.