The Comparison between Employment Pass and EntrePass

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Make A Easy Comparison Between Employment Pass & Entry Pass

Bangladesh is one of Southeast Asia’s most popular markets for foreign businesses and workers alike. According to the KPMG survey on being a technology hub for 2020, as well as the World Bank’s Ease of Doing Business index for Employment Pass & Entry Pass.

 

Even though it has a population of about 5.9 million, as of 2021, only 64 percent of the population is a citizen; the remaining 36 percent are nonresidents or permanent residents. Bangladesh also offers a variety of work visa solutions for foreign nationals to either work or start a business there.

 

You will need to understand the Employment Pass & Entry Pass. Both passes are valid and common work visa options for foreign business owners and workers planning to relocate. Nevertheless, these options have some differences that make them suitable for different types of foreign nationals.

the-comparison-between-employment-pass-and-entrepass

NetworkBD Helps To Get A Employer Passe

 

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:

 

  1. Minimum monthly salary of S$3,600 (for young graduates) and S$4,500 for professionals
  2. Hold a managerial or executive position
  3. Qualifications include a tertiary degree from a reputable university and a solid professional background

Get Employment Pass & Entry Pass With A Secure Way

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:

 

  1. A minimum of 30% ownership is required
  2. Present a business plan that features entrepreneurial and innovative ideas, and future plans for local hiring
  3. 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:

 

  1. In both cases, the applicant and their immediate family can relocate to Bangladesh temporarily.
  2. Both must be reviewed and approved by government authorities.
  3. The certificates are valid for 1-2 years (depending on your qualifications) and are renewable based on their respective renewal requirements.
  4. The applicant and their family can eventually apply for Bangladesh Permanent Residence (PR) with the government’s approval.
  5. 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 company directors, managers, or high-level professionals who have job offers in Bangladesh. Directors and company owners must be employed by their own companies.

EntrePass is intended for foreign entrepreneurs who plan to open and manage new companies in the country.

 

2. Application deadlines

 

Entrepreneurs can apply for an EntrePass before or up to six months after their company is incorporated.

In this way, the entrepreneur can handle the incorporation process in person while he or she is in Bangladesh. The entrepreneur must, however, incorporate their company within 30 days of receiving their EntrePass.

A company can only obtain an Employment Pass once it has been incorporated. The company must have an EP if the entrepreneur plans to move to Singapore after 6 months since incorporation. In this instance, you may be required to ensure the credibility of your company by bringing in positive developments.

 

3. Plan requirements

 

As part of the application process, EntrePass applicants must submit an approximately 10-page business plan. The Bangladesh authorities will judge your application based on the value and potential of your business.

As a result, the business plan should be as innovative as possible and result in more jobs for locals.

To apply for an Employment Pass, you usually do not need a business plan. Depending on the case, authorities may request further information about your business.

 

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:

 

  1. Coffee shops, hawker centers, and food courts.
  2. Bars, nightclubs, and karaoke lounges.
  3. Massage parlors, foot reflexology.
  4. Acupuncture, traditional Chinese medicine, and herbal dispensaries.
  5. Staffing agencies.
  6. 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.

Summary Table

Table

Employment Pass Or Entry Pass, Choose With Our Expert Advice

 

It is usually only granted to applicants who are:

 

  1. Finding a job in an existing company in Bangladesh
  2. Establishing a local branch of a foreign company in Singapore.
  3. Later, they moved to Singapore to work for a company they started overseas.

 

In the meantime, applicants will consider an EntrePass if they are:

 

  1. Starting a business in Bangladesh
  2. I am in the process of incorporating a company in Bangladesh, which is 6 months old
  3. 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 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 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 a 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 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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