Yes, this is perfectly acceptable and your new employer does not have to wait until you leave your existing company to commence on the Employment Pass (EP) application. Your current employer will not be aware of the new Employment Pass (EP) application by your new employer.
Employment Pass (EP) Holders Changing Jobs in Singapore
It is understandable that foreign employees who hold a Work Pass such as an Employment Pass (EP) transitioning to a new job in Singapore is often accompanied by a desire to navigate this change with a sense of professionalism and discretion. This is driven by the recognition that embarking on a new professional chapter need not strain existing relationships or create awkward situations with the current employer.
There is also a common concern amongst foreign employees regarding the legalities of their validity of stay in Singapore once the Employment Pass (EP) has been terminated and the time it takes for the new EP to be issued. We explain the transition process below.
Process of New Employment Pass (EP) Application
Your new employer can apply the Employment Pass (EP) for you as soon as they have decided to employ you. The approval may take 4-6 weeks. Upon receiving the In-Principle Approval (IPA) from the Ministry of Manpower (MOM), you may keep it on standby for up to 4 months before completing the issuance of the new Employment Pass (EP). Thus, it will not have any impact on your existing EP.
Termination of Current Employment Pass (EP)
When your employment with your current company ends and they cancel your Employment Pass (EP), you will officially be given 30-days to remain in Singapore. You can then complete the issuance and pass collection of your new EP card and the process will be completed in 5-7 working days.
This process allows ample time for you to resign from your current position and serve notice to the current employer without affecting your valid stay in Singapore. Just be sure to follow all the Work Pass application procedures properly and there will be no issue for you.