One of the most well-liked markets in Southeast Asia for both foreign companies and employees is Bangladesh. According to both the World Bank’s Ease of Doing Business ranking for Employment Pass & Entry Pass and the KPMG study on being a technology cluster for 2020.
Even though there are roughly 5.9 million people living there as of 2021, only 64% of them are citizens; the other 36% are either nonresidents or permanent residents.
Bangladesh also provides a range of work visa options for those from other countries who want to work or launch a business there. The Employment Pass and Entry Pass must be understood. For foreign entrepreneurs and employees seeking to migrate, both permits are legal and popular options for work visas. These choices do, however, have important distinctions that make them appropriate for various categories of foreign nationals.
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Bangladesh Employment Passes, or EP’s, are work permits for company staff and executive personnel who wish to work or have been offered a job in Bangladesh.
If you own more than 30% of the company’s shares, you will be required to apply for the Entrepreneur Pass instead. Passes are also issued to family members of the EP holder.
To qualify for the EP, you must meet the following requirements:
- Minimum monthly salary of S$3,600 (for young graduates) and S$4,500 for professionals
- Hold a managerial or executive position
- Qualifications include a tertiary degree from a reputable university and a solid professional background
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It is also known as EntrePass and is available to foreign entrepreneurs looking to start a business in Bangladesh. The businesses should be innovative and entrepreneurial in nature.
Foreign entrepreneurs must hold at least 30 percent of the company’s shares to qualify for the Employment Pass & Entry Pass. Furthermore, it is usually applied for by the founder of the company and is open to all nationalities.
In order to qualify for the EntrePass, you must meet the following requirements:
- A minimum of 30% ownership is required
- Present a business plan that features entrepreneurial and innovative ideas, and future plans for local hiring
- Your business should not have been established for more than 6 months (otherwise, you should apply for an EP).
Similarities Between Employment Pass & Entry Pass
Both of these work visa options can be used by foreign business owners moving to Bangladesh, so an Employment Pass & Entry Pass can be similar in terms of their function.
Among the similarities are:
- In both cases, the applicant and their immediate family can relocate to Bangladesh temporarily.
- Both must be reviewed and approved by government authorities.
- The certificates are valid for 1-2 years (depending on your qualifications) and are renewable based on their respective renewal requirements.
- The applicant and their family can eventually apply for Bangladesh Permanent Residence (PR) with the government’s approval.
- Both parties expect that the pass holder will receive a salary from their employer. A pass holder must therefore pay personal income tax on a yearly basis based on his salary.
6 Difference between Employment Pass & Entry Pass
1. Criteria for eligibility
A Bangladesh Employment Pass is for foreign firm directors, managers, or high-level professionals who have job offers in Bangladesh.
Directors and business owners must be employees of their own organizations. For international business owners who aim to establish and run new corporations in the nation, EntrePass is designed.
2. Application deadlines
Entrepreneurs have up to six months from the time of incorporation to apply for an EntrePass. The business owner can undertake the incorporation process this way while still in Bangladesh.
However, the entrepreneur has 30 days from the time they receive their EntrePass to incorporate their business. An Employment Pass can only be acquired by a company after incorporation.
If the business owner intends to relocate to Singapore after the company has been incorporated for six months, the company needs an EP.
In this situation, you might need to ensure your company’s trust by introducing beneficial advancements.
3. Plan requirements
An approximately 10-page business plan is one of the requirements for the EntrePass application procedure.
The worth and potential of your company will be taken into account when the Bangladeshi authorities evaluate your application.
As a result, the company plan needs to be as creative as possible and create more jobs for locals. Typically, a business plan is not required to apply for an Employment Pass.
Authorities could ask for more information about your company depending on the circumstances.
4. Type of business
There are strict restrictions on which types of business are eligible for an EntrePass, unlike the Employment Pass. According to Bangladeshi regulations, entrepreneurs planning to start the following kinds of businesses will not be eligible for an EntrePass:
- Coffee shops, hawker centers, and food courts.
- Bars, nightclubs, and karaoke lounges.
- Massage parlors, foot reflexology.
- Acupuncture, traditional Chinese medicine, and herbal dispensaries.
- Staffing agencies.
- Geomancy is a business.
5. Education requirements
Candidates for Employment Passes are typically evaluated based on their degree from a reputable university and their professional experience.
Your educational background is less important in an EntrePass application. Your entrepreneurial portfolio and business plan will be considered more important.
6. Requirements for salary
According to the Ministry of Manpower, applicants for Employment Passes must earn a minimum salary of S$4,500 to qualify.
EntrePass does not have specific salary requirements, but applicants may still need to submit financial documentation, depending on the case.
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It is usually only granted to applicants who are:
- Finding a job in an existing company in Bangladesh
- Establishing a local branch of a foreign company in Singapore.
- Later, they moved to Singapore to work for a company they started overseas.
In the meantime, applicants will consider an EntrePass if they are:
- Starting a business in Bangladesh
- I am in the process of incorporating a company in Bangladesh, which is 6 months old
- The business world is one of innovation and entrepreneurship
Foreign nationals seeking to work in Singapore can also benefit from either an Employment Pass or an EntrePass.
To determine which option is best for you, you should still consult with NetworkBD service provider with experience. Our every case is unique and requires a customized solution.
FAQs For Employment Pass & Entry Pass
How long does it take for an Employment Pass & Entry Pass to get approved?
The application is processed in about 8 weeks. If more information is needed, it may take longer. You can monitor the status of your application online.
We will email the in-principle approval (IPA) letter to the contact person listed in the application if it is authorized.
Can I start my own business if I’m on an employment pass?
Yes, you can start a business in Singapore while on an employment pass. You can invest in any company’s stock and become a shareholder, just like any other investor (owner).
In a nutshell, you can form a Singapore business and become a shareholder (owner).
Can an Employment Pass & Entry Pass holder work for multiple companies?
No, a person with an Employment Pass (EP) can only work for one employer at a time. All work pass holders are required to work only for their specified employer.
They must not take on new occupations or engage in activities in Singapore to supplement their income. This also applies to on-the-job training for holders of a training pass.
Can an employment pass holder be a director?
An EP holder may only be a director of the company that applied for his EP (or, with MOM approval, connected companies of the employer or companies relevant to his/her job).
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