As the newest addition to the work visas in Singapore, the Overseas Networks and Expertise Pass (ONE Pass) visa was introduced on January 1st, 2023. By offering a five-year work visa that will promote stability in the nation, this visa aims to revive Singapore’s top talent pool.
In this article, we will give a general summary of the international talent landscape, ONE Pass requirements, and any potential difficulties
ONE Pass Singapore: Designed for International Talent
The Overseas Networks & Expertise (ONE) Pass, which will be made available to applicants beginning in 2023, is a brand-new work visa recently introduced by the Singaporean government.
The ONE Pass aim to draw high-achieving global talents to Asia’s Silicon Valley as Singapore continues to compete with other countries like the UK as a melting pot for venture capitalists and digital companies — a move to drive economic stability and rejuvenate the existing talent pool.
Candidates who pass the ONE Pass exam will have the opportunity to work in Singapore’s burgeoning international economy. Holders of ONE Pass can bring their skills abroad to one of the largest financial centres in the world, whether they are working for a giant corporation or creating new jobs for the domestic labour force.
The Key Features of ONE Pass
- High-level managers, executives, and other professionals who excel in sports, science, technology, the arts and cultures, academia, and research are eligible for the ONE Pass, an elite expertise pass.
- On January 1st, 2023, the Ministry of Manpower began accepting applications for the ONE Pass.
- If ONE Pass holders move employers, they do not need to reapply for a new pass. It is regarded as a unique pass.
- Although the ONE Pass has far stricter eligibility standards than earlier work passes, it gives many more benefits.
- The ONE Pass program offers two application options for qualified candidates: Salary Criteria and Outstanding Achievement.
- The ONE Pass card has a five-year expiration date and is renewable. You are not automatically eligible for renewal, especially if the MOM has concluded you have not yet contributed in a meaningful way financially.
- Without having a job in Singapore, high earners and seasoned executives can apply for ONE Pass.
- If they have valid Dependant or Long-Term Visit Passes, family members of ONE Pass holders may also reside in Singapore.
- With a valid Letter of Consent (LOC), spouses of ONE Pass holders will also be permitted to work in Singapore.
What Are the Benefits of the Singapore ONE Pass?
The ONE Pass offers several advantages to pass holders, such as job flexibility, fewer employment conditions, and the chance for spouses to work in Singapore.
Ultimate Employment Flexibility
The ONE Pass’ main benefit is its job flexibility, which enables qualified individuals to simultaneously launch, run, and work for several firms in Singapore without having to apply for separate passes.
One Pass holders can opt to register a business in Singapore and manage it, unlike those with other types of work visas.
Pass holders also don’t need to apply for a new work visa if they change jobs because the pass is a personalized document tied to the individual.
The tension that comes with having to apply for or renew a work pass might make pass holders reconsider staying, which is something the ONE Pass can help with.
Fewer Employment Requirements
Holders of ONE Pass are exempt from the Complementarity Assessment Framework (COMPASS), a brand-new points-based eligibility evaluation system that rates prospective international applicants.
The COMPASS framework will be a part of the standard 2-stage qualifying requirements for Employment Pass (EP) candidates starting in September 2023.
Additionally, employers are not required to follow the ONE Pass holders’ employment advertising requirements according to the Fair Consideration Framework (FCF).
This implies that both employers and holders of ONE Passes may have less bother when hiring new employees.
The ONE Pass, in contrast to other work passes, offers a favourable 5-year validity that is also renewable upon fulfilling the requirements for renewal.
This makes it a great option for people who want to stay in Singapore for an extended period of time, whether to settle down or to directly manage their company’s operations and growth.
Spouses Can Work With a Letter of Consent (LOC)
The ability to work in Singapore with a LOC is available to the spouses of ONE Pass holders. This authorization certificate enables qualified people to work for a Singaporean company.
Due to this benefit, dual-earner couples are likely to move to Singapore to work without having to give up their respective careers.
What Are the Requirements of the ONE Pass?
1. Salary Criteria
- Must have earned at least S$30,000 per month from one employer over the preceding year, or the equivalent amount in another currency, or will do so under a future Singapore-based employer.
- Prove that they have worked for or will be working for a reputable company for at least one year abroad. Current work pass holders must provide proof that they have worked for or will work for any company in Singapore for at least a year.
A company is considered established if it has a market capitalisation of at least US$500 million or yearly revenue of at least US$200 million.
2. Exceptional Achievements
Applicants must submit:
- Detailed curriculum vitae (CV) that includes information on education, work history, and notable accomplishments
- If the applicant is applying under the research and academia outstanding achievement track, a letter of support from a local Singapore research institution, such as an autonomous universities or A*STAR
However, as was already noted, it is crucial to remember that, whichever path is chosen, candidates must come from at least one of these areas:
- Education and research
- The Arts and Culture
- Technology and science
What Are the Documents Needed for a ONE Pass Application?
The documents required depend on the path that applicants choose. Here is a quick breakdown:
|Fixed monthly salary of S$30,000 working for a company in Singapore
|Fixed monthly salary of S$30,000 working for a company overseas
|Fixed monthly salary of S$30,000 for a future Singapore-based employer
· Monthly payslips over a continuous 12-month period
· Latest tax statements from the Inland Revenue Authority of Singapore (IRAS)
· Documents for other income resources, if applicable
· Monthly payslips over a continuous 12-month period
· Employment verification proof from a background-screening business
· Documents that show the most recent company valuation, market capitalisation, or yearly revenue of the current and latest from any of the listed sources (Bloomberg, Google Finance, Crunchbase, etc) within the past 3 months
· If unavailable, the company’s latest audited P&L statement can also be provided
· Supporting documents for other income sources, if applicable
|· The employment contract of letter of offer, both of which must be with a Singapore-based company.
· Documents that show the most recent company valuation, market capitalisation, or yearly revenue of the future employer from any of the listed sources (Bloomberg, Google Finance, Crunchbase, etc) within the past 3 months
· If unavailable, the company’s latest audited P&L statements can be provided
|· Latest month payslips
· CV with an important achievement
· For applicants applying under the academia and research track, the CV should list notable patents, technology disclosure, or publications over the past 5 years, and there should also be a letter of recommendation by a Singapore host institution
· Documents that support other sources of income, if applicable
What is the Process of the ONE Pass Application?
Here is a brief overview of how the process will usually go:
- Step 1: Application submission
- Step 2: Receipt of the In-Principle Approval (IPA) Letter
- Step 3: Applicant enters Singapore
- Step 4: Make an appointment to get the ONE Pass issued at the Employment Pass Services Centre (EPSC) within 6 months of the IPA
- Step 5: Get a notification letter that allows the candidate to travel and work inside and outside of Singapore for 1 month
- Step 6 (only for new candidates and existing candidates who registered over 5 years ago): Register fingerprints and take photos within 2 weeks of ONE Pass issuance
- Step 7: Successful applicants will get the ONE Pass within 5 working days of registration or document verification
How Long is the ONE Pass Application Process?
Typically, the ONE Pass application process takes 4 weeks. However, if it comes under the “outstanding achievements” track, the process can take longer.
ONE Pass Renewal Criteria
A renewal is good for an additional five years. The pass holder must meet one of the following criteria to be eligible for renewal:
- Be making a minimum fixed monthly salary of $30,000 in Singapore on average for the previous five years.
- Must have founded and run a business in Singapore that employs at least 5 locals and pays them each at least S$5,000.
The flexibility of ONE Pass allows the applicant to work for multiple companies and at the same time operate a business, enabling companies to be more responsive to business needs. This flexibility aims to attract more highly skilled foreign nationals to live and work in Singapore.
The launch of the ONE Pass is a testament to Singapore’s dedication to remaining open and connected to the world through building a deep local talent pool and welcoming global talents.
Existing Employment Pass (EP) holders who meet the requirements could be able to upgrade to the ONE Pass. Before making a choice, it’s crucial to consider the advantages and disadvantages of the ONE Pass.