Complete Guide to Singapore Self-Employment EP Application Process

In the business centers of Singapore's Raffles Place, entrepreneurs from around the world submit their Self-Employment Pass (EP) applications every day. This immigration pathway, known as the "golden standard of Asian business visas," has an application process that is neither as simple as agencies advertise nor as complex as rumors suggest. According to the latest 2024 data from Singapore's Ministry of Manpower, the overall Self-Employment EP approval rate is 68%, but applicants who strictly follow official procedures achieve an 82% success rate. This article will break down the 24 key milestones in this process, helping you avoid those "invisible pitfalls" that only experienced immigration consultants know about.

I. Pre-Application Preparation Phase (1-2 months)

1. Business Positioning Assessment

Industry Compatibility Test: Fintech, cross-border e-commerce and other key Singapore development sectors have 15-20% higher approval rates
Age Suitability Analysis: Ages 35-45 are optimal, under 25 requires special achievement proof
Case Study: A 40-year-old Chinese cross-border e-commerce seller needed only 3 weeks preparation due to focusing on Southeast Asian markets

2. Registered Capital Planning

Practical Strategies Under Subscription System:
First paid-up capital recommended at 30% (e.g., for SGD 200,000 registered capital, deposit SGD 60,000 initially)
Remaining funds to be injected within 12 months after EP in-principle approval
Industry Benchmarks:
Consulting services: SGD 80,000-150,000
Physical trade: From SGD 200,000
Finance-related: From SGD 500,000

3. Document Pre-Screening Checklist

Essential Documents:
Notarized passport copy (6-month validity)
Educational credential verification (Chinese degrees require CSSD certification)
Work experience notarization (last 3 employers' certificates)
Value-Added Documents:
Business plan (must include 12-month cash flow projection)
Client letters of intent (recommend 2 or more)

II. Company Registration Phase (2-4 weeks)

1. Company Name Approval

Naming Taboos:
Avoid exaggerated terms like "Group," "International"
Recommend including professional field keywords (e.g., "Smart Logistics Solutions")
Approval Rate Tips: Prepare 3 alternative names, ACRA approval typically takes 1-3 business days

2. Director and Shareholder Structure

EP Applicant Required Positions:
Executive Director (at least 1 person)
Shareholder (≥30% shareholding)
Company Secretary (can be professional firm)
Common Mistake: One applicant with only 25% shareholding was required to adjust equity structure

3. Bank Account Opening Practice

2024 New Regulations:
Must provide Ultimate Beneficial Owner (UBO) declaration
Registered capital must remain in account for at least 7 business days
Recommended Banks:
Startups: OCBC Startup Account
High net worth clients: DBS Priority Banking

III. EP Application Phase (4-8 weeks)

1. COMPASS Score Optimization

2024 Latest Scoring Table: Category Max Points Scoring Tips Salary 20 SGD 11,200 for full marks Education 20 Master's +10, PhD +20 Diversity 20 Hire 1 local +10 points Local Support 20 Attend 2 job fairs +10
Fallback Option: Monthly salary of SGD 22,500 exempts from scoring

2. Application Form Filling Secrets

Position Description Taboos:
Avoid non-standard titles like "Boss," "Founder"
Recommend professional titles like "Managing Director," "Technical Director"
Salary Structure Design:
Basic salary should be 70% or more of total
Performance bonuses need clear calculation standards

3. Document Submission Strategy

Electronic Submission: Through EP Online system, submit before 10 AM on business days for faster processing
Supplementary Response: Reply within 72 hours of receiving supplementary notice to maintain queue priority
Express Lane: Pay SGD 400 to reduce processing time to 2-3 weeks (limited to specific industries)

IV. Post-Approval Key Actions (1-2 months)

1. In-Principle Approval (IPA) Operations

Medical Examination Requirements:
Designated clinic list (do not choose non-certified facilities)
X-ray validity only 3 months
Visa Endorsement:
Must visit Singapore consulate in person
China region recommends booking Shanghai or Guangzhou consulate

2. Official Pass Collection

Local Registration: Complete fingerprint collection within 14 days of entering with IPA
Card EP Collection: Usually available for self-collection or mailing after 5 business days

3. Company Operations Launch

Compliance Points:
First invoice issued within 30 days after EP approval
Monthly salary payment variance not exceeding 7 days
Accounting Requirements:
Use ACRA-approved accounting software (e.g., Xero)
Retain all transaction receipts for at least 5 years

V. Renewal and PR Application Phase (6-24 months)

1. First EP Renewal (12 months)

Key Indicators:
Company annual revenue ≥ SGD 200,000
Employ at least 1 local staff (part-time acceptable)
Main applicant annual residence ≥ 183 days
Renewal Documents:
Company audit report (not mandatory but strongly recommended)
CPF contribution records (local employees)

2. PR Application Timing

Optimal Window:
Hold EP for 18-24 months
Company profitable for two consecutive years
Family settled in Singapore (e.g., children attending local schools)
Document Enhancement:
Community service records (recommend ≥40 hours)
Professional association membership certificates

3. Common Rejection Remedies

Performance Below Target: Can remedy through capital injection or acquiring small local company
Insufficient Residence Time: Provide proof of frequent business travel
Insufficient Employment: Switch to outsourcing to meet local spending requirements

Conclusion: The Process is Fixed, but Strategy is Flexible

The Singapore Self-Employment EP application process is like a precisely running Swiss watch—every gear must mesh perfectly. But truly successful applicants understand that while following the rules, it's more important to grasp the business logic behind them. Those entrepreneurs who view the EP application as the first step in their global business expansion rather than the end goal of immigration often go further. Singapore in 2024 still opens its doors to genuine value creators. The key is whether you can transform this standardized process into a customized roadmap that suits your business characteristics with a professional approach. Remember, in this process, the most expensive cost is not government fees or professional service charges, but the time wasted due to inadequate preparation.