Self Employment

 

1. Does being self-employment count towards the serving of the bond?


Self-employment will only count if:
i. Your business entity is registered with the Accounting and Corporate Regulatory Authority (ACRA);
ii. Your business entity maintains a "live" status throughout your period of employment;
iii. Your business entity has active operations in Singapore;
iv. You have a valid work pass issued by the Ministry of Manpower (MOM), allowing you to work in Singapore (except for Singapore Citizens and Singapore Permanent Residents);
v. Your business is operated from Singapore;

vi. You are based and are physically present in Singapore for the majority of the duration of self-employment.

If granted, approval for self-employment will be on an annual basis, subject to annual resubmission of documents and approval.


2. How do I update my self-employment status? 


Self Employment will be considered on a case-by-case basis based on the submission of your documents. You will have to write to Bond Management team to seek approval to be counted towards the fulfilment of your bond. 

You will be required to provide annual update of your employment status by furnishing the following documents:
i. Documentary proof of the existence and status of your company (ACRA Bizfile);
ii. Company and personal income & tax documents;
iii. Company profit and loss statements;
iv. Requisite MOM work pass;
v. Yearly CPF Contributions; 
vi. Any other documents as requested.