Challenges ONE Pass Holders May Face
While on paper there are many strong points about the Singapore ONE Pass, every applicant is encouraged to consider all options as there are certain challenges that we foresee that these pass holders may face.
1. Stringent approval process
As this new work visa grants extreme flexibility, the government will vet every application thoroughly. Some of the measures that they are taking to ensure that the application is aligned to their requirements are:
Reviewing companies with limited track record
Verifying documents to ensure declared salary will be paid
Assessing market capitalisation & revenue for the companies
Existing Singapore Employment Pass holders can convert their EP to ONE pass. The Singapore Ministry of Manpower (MOM) will review the Personal Income Tax filings with IRAS to ensure that information in the application is consistent with the application.
2. Inability to secure a job in Singapore that meets the minimum salary requirement
One of the core benefits of the ONE pass is that you do not need an existing job offer to apply for the work visa. However, this could be a double-edged sword given that you may not have financial security in Singapore for a long period of time.
As not all companies can afford to hire a senior management staff with a monthly salary of S$30,000, job opportunities may be lower than expected. The long-term solution here is to leverage on this ONE pass to set up your own company in Singapore – this helps to bridge the gap and ensure that you have economic contributions in the country.
3. Yearly assessment of economic contributions
To ensure that the ONE pass holders are actively contributing to Singapore’s economy, MOM will request for the following documents every year:
If MOM deems that you do not contribute to the economy meaningfully, the ONE pass may be revoked. This means that you will not be able to reside in Singapore and will affect your stability, especially if you have dependants. All these information collected will also be reviewed during the ONE pass renewal process.
Similar to the above, the best option is to register a Singapore company and operate it as your own business – there are many types of business entities to choose from, with private limited companies being the top choice for foreign talents.