- Employment Pass Eligibility: Educational Qualifications Is Required By September 2023
- Comprehensive Guide To Hawkers Development Programme In Singapore
- New Update: What You Need to Know About the Senior Worker Support Package 2023: Up to S$125,000 Grants for Companies
- Comprehensive Guide To Temporary Fair Permit In Singapore
- Comprehensive Company Guide: CPF Contribution for Employees
- New Update: What You Need to Know About the Senior Worker Support Package 2023: Up to S$250,000 Grants for Companies
- Employing Workers with Special Needs in Singapore - What Other Grants Support Is There? [Updated]
- Simplifying the Process: How Tender Lite is Making it Easier for SMEs to Win Government Contracts
- How To Decide When To Refinance Or Reprice For Your Loans
- Singapore's First Career Conversion Programme For FinTech Talents
A Comprehensive Guide To ONE Pass
The Overseas Networks and Expertise Pass (ONE Pass) visa, which has become available since January 1st, 2023 was rolled out as the latest addition to the already available different work visas.
The aim of this visa is to revitalize the top talent pool in Singapore by providing a five-year work visa that will bring stability to the country.
In this article, we will provide an overview of the foreign talent landscape, the ONE Pass requirements, and potential challenges that come with it.
Singapore ONE Pass Requirements & Eligibility
The ONE Pass is a 5-year work visa aimed at top talent in the business, arts & culture, sports, science & technology, and academia & research sectors. To be eligible for the ONE Pass, you must meet the following criteria:
- Earn a fixed salary of at least S$30,000 per month in the last 12 months or with a future employer in Singapore
- Have 12 months of work experience with an established company overseas or be employed with an established company in Singapore
- Alternatively, have outstanding achievements in your area of expertise
An established company is defined as one with a market capitalization of at least US$500 million or an annual revenue of at least US$200 million.
Additional ONE Pass Criteria
You may be able to renew your ONE Pass after it has expired, subject to certain conditions as below.
- Average a fixed monthly salary of at least S$30,000 in the past 5 years in Singapore
- Incorporate and operate a company in Singapore that employs at least 5 local employees earning a minimum salary of S$5,000 per month
- Renewal requirements based on levels of achievement
Benefits of the ONE Pass in Singapore
Employment Flexibility: The ONE Pass allows you to work with multiple employers and start your own company in Singapore as long as your fixed monthly salary is at least S$30,000.
Dependant Pass Holders: Dependent pass holders can apply for a Letter of Consent (LOC) to work in Singapore. This is one of the privileges for dependants.
Long-term Stability: With a 5-year validity, the ONE Pass offers foreign individuals the long-term stability of residing in the country.
Potential Pitfalls for ONE Pass Holders
The Singapore ONE Pass has several appealing features, but applicants are advised to weigh all options as certain challenges may arise for pass holders.
Thorough Approval Process
Given the extensive flexibility granted by this new work visa, the government will carefully examine applications from companies. The following measures are being taken to ensure compliance with their standards:
- Examination of companies with limited track record
- Verification of salary information provided
- Evaluation of a company's market capitalization and revenue
- Conversion of existing Singapore Employment Pass to ONE Pass, with MOM reviewing tax records with IRAS for consistency.
Difficulty Finding a Job with Minimum Salary Requirement
One of the key benefits of the ONE Pass is the ability to apply without a pre-existing job offer. However, this can also be a disadvantage as finding financial stability in Singapore may be challenging in the absence of a guaranteed income.
As not all companies can afford to pay a monthly salary of S$30,000 for senior professionals, a potential solution is to start your own company in Singapore using the ONE Pass, thereby contributing to the country's economy.
Economic Contributions In A Year
To ensure that ONE Pass holders are making a positive impact on Singapore's economy, MOM will request the following information each year:
- A summary of professional activities over the past year
- Total annual salary earned from professional activities
Should MOM determine that the ONE Pass holder is not making meaningful contributions, the pass may be revoked, disrupting stability for the holder and any dependants which may affect the renewal process.
To avoid these potential issues, it is recommended to establish a Singapore company, with a private limited company being a popular option among foreign professionals.
Existing Employment Pass (EP) holders in Singapore may be eligible to convert their EP to the ONE Pass, provided they meet the criteria. The ONE Pass may provide a solution, but it is important to weigh the benefits and challenges before making a decision.
Our recommendation: it would be wise to retain your Employment Pass.
Although the ONE Pass offers many advantages, it is important to consider the personal income tax implications based on your salary.
In Singapore, personal income tax rates range from 0% to 24%.
Singapore is a highly sought-after destination for foreign exceptional talent to live, work, or establish a business. However, in recent years, the country has struggled to retain highly skilled talents and professionals for various reasons, including limited length of work visas and employment passes, and intense competition in the economy.
With the country now pushing to strengthen its workforce, now is an excellent time to apply for a work visa or employment pass.
Frequently Asked Questions
What is ONE Pass and what is its purpose?
ONE Pass is a personalised pass that allows individuals to work concurrently for multiple companies in Singapore. It is open to candidates from all sectors, and not just the tech industry. The purpose of the ONE Pass is to provide individuals with greater flexibility and opportunities to pursue their careers in Singapore.
Is the ONE Pass renewable?
Yes, the ONE Pass can be renewed subject to meeting the renewal criteria as stated in the guidelines.
Is there a foreign worker levy or quota for ONE Pass holders?
No, there is no foreign worker levy or quota applicable for individuals holding a ONE Pass.
Are there any special criteria for individuals with outstanding achievements?
Individuals with outstanding achievements in the arts, culture, sports, academia, and research can be considered for the ONE Pass, even if they do not meet the minimum salary requirement of $30,000 per month.
What is the duration of a ONE Pass?
The ONE Pass is issued for a duration of 5 years, both for first-time candidates and subsequent renewals.
Read also: Step-by-Step Guide: Top 7 Reasons Why SMEs Should Buy Work Injury Compensation Insurance
Read also: Income Tax 2021: Tax Deductions On Work From Home Expenses
Got a Question?
WhatsApp Us, Our Friendly Team will get back to you asap :)
Share with us your thoughts by leaving a comment below!
Stay updated with the latest business news and help one another become Smarter Towkays. Subscribe to our Newsletter now!