The new Overseas Networks and Expertise Pass was launched to attract Global Talents from specialized disciplines globally to Singapore which can potentially contribute to Singapore becoming the next global talent hub.
The new work pass, which will also allow high-income earners and established corporate executives to live in Singapore without needing to get a job here, was announced by the Ministry of Manpower (MOM) on Monday, August 29. According to Business Times, One Pass focus less on giving firms access to talent but more on attracting them.
As there is a severe talent shortage here, especially at the senior levels. The new work Visa scheme presumably intends to recruit specialized expertise in specialized fields.
Suppose you’re a start-up or one of the top organizations investing in Singapore as a market. In that case, it’s very easy to arrange for one of your headquarters’ employees to relocate here or for one of the co-founders or founders from another market to transfer into this market.
Because it aims to draw people from all walks of life who are at the top of their game and genuinely ensures that Singapore becomes a worldwide magnet for talent, this will significantly increase the ease of doing business here.
Criteria For the New Overseas networks and Expertise pass
As the Overseas Networks & Expertise Pass must meet demanding standards, Candidates must demonstrate exceptional achievements in their sector, which can be in the arts and culture, sports, Science and Technology, academia, or fulfill a monthly salary requirement of S$30,000 per month.
Candidates from abroad must show that they are holding a senior position in a well-established business with a market capitalization of at least US$500 million or US$200 million yearly revenue.
However, the pass allows much more freedom than the current work. The person can simultaneously start, operate, and work for several companies in Singapore since it is not connected to a certain job.
The person can sponsor their dependents to live here for more than five years. Their spouses are also allowed to work under the letter of consent.
Paving The Way Forward
The Singapore Manpower Minister Tan See Leng stated that the world today exists in a time where talent follows business as much as business follows talent when announcing the new pass and modifications to the employment pass framework on Monday. Businesses and talent seek secure locations to invest, live, and work. Singapore is the ultimate destination for them.
In addition to the new work visa scheme, starting on January 1, 2023, MOM will increase the length of work permits for seasoned tech experts with in-demand talents to five years.
At the same time, MOM claimed that cutting the processing time for EPs and the length of the Fair Consideration Framework job advertisements from 28 to 14 days will help businesses be more responsive to business demands.
Is the introduction of One Pass Good News?
In this section, we have compared other popular schemes to live and work in Singapore. By taking a bird’s eye view, it will become clear why One Pass is good news.
|Employment Pass (EP)
|Personalised Employment Pass (PEP)
|Overseas Network & Expertise Pass (ONE Pass)
|Company owners Working professionals, executive or specialised roles. Directors and Business Owners
|Entrepreneurs with track records
|High Earning Executives
|1. High Income earning executives who have work in an established company for over one year.
2. Individual with Outstanding achievements in the arts and culture, sports, science and technology, and academia and research.
|Visa Issued Validity
|Issued for 2 years
Renewal Allowed Every 2 years.
|First time issued for 1 - 2 years.
Renewal: 3 years
|First time issued for 1 years.
Renewal: Every year
|First time issued for 3 years.
Not possible to renew
|Issued for 5 years and can be renewed every 5 years but must meet certain criteria
|Fixed monthly salary of at least S$20,000;
See the full list of Tech Pass Criteria
|Minimum Fixed monthly salary of at least S$4,500
See list EP Criteria here.
|Applicants Meet the business track records. See the full list of Entrepass Criteria
|Applicants meet the Fixed Salary Criteria of 12,000 18,000 SGD per month. See the full list of PEP criteria here
|For Corporate Executives:
1. Earning a monthly salary of 30,000 SGD per years;
2. Worked in an Established company with annual revenue of 200 million or 500 million capitalisation
Individual with Outstanding Achievements in the arts & culture, sports, science and technology, academia and research
|Work for more than one employers and can start own business.
|Can only work for one employer or company.
|Can only operate One Company.
|Can work for more than one company but need to meet the minimum salary requirements yearly
|Allowed to concurrently work for more than one employers or operate a business
Despite the fact that the Eligibility Criteria is set too high, the flexibility of One Pass allows the applicant to work for multiple companies and at the same time operate their own business will eventually attract many foreign talents who would like to work and live in Singapore.
Your Next Steps
The passing of the new scheme is another testament to the fact that Singapore is open for business. If you are adamant about moving to the best Asian economy, One Visa can help you with your immigration. Since 2010, our company has been helping clients with their visa applications and scheme approvals. Feel free to connect with us; we will get started on the most suitable visa scheme for you immediately!