Expat Lawyers in Singapore - Relocation, Tax & Employment
04 Oct 2023
International
3 min read
Holistic approach
Some examples of ways in which CMS can help :
- Employee agreements covering all employment law aspects of the international assignment lifecycle in the relevant jurisdiction from initial assignment through to termination;
- Application for the required permits to reside and work in the country, both for expats and their family members;
- Mobility policies;
- International assignment services;
- Termination of international assignment services agreements;
- HR data protection requirements;
- Determining the applicable pension scheme and managing pensions in different countries;
- Navigating the possibilities for international transfers of pension benefits and continued participation in another jurisdiction;
- Advice on employee / executive incentive awards / schemes;
- Analysis of the applicable social security scheme(s) and the consequences thereof; and
- Implementation of the preferred social security scheme.
Fun fact
- Foreigners who cease employment in Singapore, or Singapore Permanent Residents who leave Singapore permanently with unexercised or unvested stock options (at the time of cessation of their employment) will be subject to tax on such options on a “deemed exercise” basis. The deemed gains will be based on the difference between the market value of the shares one month before the employee ceases employment in Singapore or the date of grant (whichever is later), and the exercise price. If the actual gains from the subsequent exercise or vesting of the stock options are lower than the “deemed exercise” gains, the employee can seek a refund within 4 years from that year of assessment.
- For foreign entrepreneurs planning to start a business in Singapore, Singapore has a special category of work visa called an EntrePass, designed for foreign entrepreneurs, innovators, or investors launching innovative, venture-backed tech startups in Singapore. The EntrePass is open to all nationalities and citizenships. Unlike an Employment Pass of S-Pass, does not have a fixed salary requirement. Instead, the focus is on the quality and potential of the business idea. To be considered, the entrepreneurial vehicle / startup should meet at least one of several key criteria: (i) holding or developing intellectual property (IP); (ii) receiving funding or investment from recognized venture capital firms; (iii) collaboration on research projects with local institutions; or (iv) being part of an incubator or accelerator programme in Singapore.
References
Advising multiple clients on all employment law aspects of the lifecycle of an international assignment to Singapore from application criteria and submission for work passes through to repatriation/termination.
Advising a global financial services firm on complex cross-border employment issues/ international mobility and the resultant issues around regulatory compliance, restrictive covenants, pensions, and data protection.
Advising a global tech and cyber-security company on the process of setting up a Singapore subsidiary and related immigration, secondment and employment matters.
