What’s in this article
The Singapore government introduced a new work visa called the Overseas Networks & Expertise (ONE) Pass, officially launching it on January 1, 2023. Furthermore, with this Singapore ONE Pass, the government looks to rejuvenate its top talent pool by attracting them with a longer work visa to drive stability.
In this article, we will shed some light on the current foreign talent landscape, the ONE Pass requirements, and some foreseeable challenges for such pass holders, and also compare it against the existing work visas available in Singapore.
Singapore ONE Pass Requirements & Eligibility
The Singapore ONE Pass is a 5-year work visa designed for top talents in business, arts & culture, sports, science & technology, and academia & research.
Aside from the industries above, here are the main requirements to apply for the ONE Pass:
Alternative Criteria
The other alternative route to apply for the ONE Pass is through your past achievements. However, if you have outstanding achievements in the areas of your expertise, you can apply for the ONE Pass even though you do not fulfil the above salary requirements.
You will need to have outstanding achievements in at least one of the areas listed below:
- Sports
- Arts & Culture
- Academia & Research
MOM and other agencies will review applications through work and key achievements holistically.
Steps to Apply for Singapore ONE Pass
The steps to apply for the Singapore ONE Pass, a work visa for foreign professionals, can be summarized as follows:
In conjuction, remember to refer to the official Singapore government websites for the latest information and specific guidelines.
Renewal Criteria for Singapore ONE Pass
The ONE Pass can be renewed upon expiry if the conditions of renewal are met. Here are the renewal criteria:
As for the renewal requirements for the second route based on past achievements, it will be based upon similar criteria as a new application.
Benefits of the ONE Pass in Singapore
The benefits of the ONE Pass are:
1. Greater flexibility for employment
You can earn a combined fixed monthly salary of S$30,000 by taking on multiple roles, as you’re not restricted to a single employer. Furthermore, you are also eligible to start your own company in Singapore as a business owner.
Aside from that, you do not have to have an existing job offer to apply for the ONE Pass as long as you can show that you received S$30,000 per month previously overseas.
2. Dependant Pass holders can apply for Letter of Consent (LOC) to work
If your dependants are moving to Singapore under the ONE Pass with valid Singapore dependant passes, they can apply for work via the Letter of Consent (LOC). Thus, this helps them to retain their employment when relocating to Singapore.
3. Longer validity for long-term stability
The ONE Pass has the longest work visa validity as compared to others. Hence, with the 5-year validity, it offers foreign talents the long-term stability of residing in the country.
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. Additionally, some of the measures that they are taking to ensure that the application is aligned with their requirements are:
Existing Singapore Employment Pass holders can convert their EP to ONE pass. Moreover, the Singapore Ministry of Manpower (MOM) will review the Personal Income Tax filings with IRAS to ensure that the 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 a 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:
MOM may revoke your pass if they believe you do not contribute meaningfully to the economy. This means that you will not be able to reside in Singapore and this will affect your stability, especially if you have dependants. All this 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.
Comparing ONE Pass with Other Singapore Work Visas
Here are the key pointers that compares the ONE pass with the other Singapore work visas that are for highly skilled foreign talents.
The ONE Pass in general has a longer visa validity of 5 years & is renewable for another 5 years. Dependents of ONE pass holders are allowed to enter Singapore and work with a LOC.
Starting a Singapore Company with ONE Pass
Thinking of starting a company in Singapore and apply for the Singapore ONE Pass? We get you! The following are the steps you can take:
Professional advice is recommended throughout the process to ensure compliance and a smooth application.
Different Routes to Apply
There are different routes to apply for this Singapore work pass, which is a work visa for foreign professionals. The specific route you choose depends on your circumstances and eligibility criteria. Here are the main routes:
It’s important to note that each route has its own eligibility criteria, documentation requirements, and processing procedures. It is advisable to consult the official websites of the Singapore government, such as the MOM, EDB, or SEDB, for detailed information and specific guidelines based on your situation.
Converting Singapore Employment Pass (EP) to ONE Pass
Existing Singapore EP holders can convert their EP to the ONE Pass if they fulfil the criteria. An estimated 5% of EP holders, or around 8,000 professionals, are expected to be eligible for this new work visa. The big question for these group of pass holders is that should you switch?
Given your current company ownership, you should maintain your Employment Pass. While ONE Pass offers benefits, consider the potential tax implications based on your salary.
The personal income tax rate in Singapore ranges from 0 to 24%. The government plans to increase the top marginal personal income tax rate from 22% to a maximum of 24% starting from YA 2024.
Singapore Foreign Talent Landscape
Singapore has always been one of the top destinations for foreign talents to live, work, or set up a company. However, in recent years, the country has found it difficult to retain highly skilled talents for a couple of reasons.
As Singapore looks to go full force to strengthen its work force, now is the best time to apply for your employment pass or work visas. We have seen high number of approvals for our Singapore Employment Pass applications recently.
Here are the outcomes of our EP applications for the past months:
FAQs
Yes, ONE Pass holders can register with ACRA to set up their company in Singapore to run and operate it.
No, you are only allowed to hold 1 work visa at any given time.
There are many types of work visas to cater to various groups of professionals, such as the Employment Pass, S Pass, Tech.Pass, and more. You can find out more in the article here.
Application process and information will be released closer to the date of launch on 1 January 2023. It is expected that individuals can apply for the ONE Pass on their own. However, it is always recommended that you get a MOM-licensed employment agent like Paul Hype Page & Co to help with your application.
Yes, existing Singapore EP holders can convert to the ONE Pass if they fulfil the salary requirements or have outstanding achievements in the business, arts & culture, sports, science & technology, and academia & research sectors.
