Centered in one of the world’s fastest-growing financial markets, coupled with an attractive regulatory framework designed to incentivize companies and their entrepreneurs, Singapore remains a top spot for attracting top talents from all around the world.
To enhance its position as a strategic hub, the Singapore Ministry of Manpower introduced the ONE Pass visa on 1 January 2023. The fundamental aim was to solidify Singapore’s appeal to attract global talent. Singapore has not been alone in its pursuit and other countries have tried to do the same as the UK HI (High Potential Individual) visa.
Unlike the Employment Pass (EP), Personalised Employment Pass (PEP) and EntrePass visas, ONE Pass holders are granted the freedom to engage in multiple ventures while contributing their valuable skills to various organizations simultaneously.
Upon successful ONE Pass application, the pass holders can apply for Dependent passes for their spouse, children, and Long-Term Visit Passes for their parents without any further requirements.
A clear advantage is that spouses holding Dependent Pass visas applied under the ONE Pass scheme, will also be eligible to live and work in Singapore, with the Letter of Consent (LOC) that is specifically facilitated for ONE Pass’ dependants without the need of having to fulfil being a business owner criteria.
This article attempts to provide a provisional overview of the salient requirements and procedures one will experience if you apply for the ONE Pass application.
Eligibility
According to the Ministry of Manpower’s ONE Pass page, an applicant will qualify for the scheme if one is able to meet (a) salary criteria or (b) qualify through the applicant’s outstanding achievements i.e., merit.
Under the Salary Criteria route, applicants must meet one of the following requirements:
- Earn a fixed monthly salary of at least S$30,000, or its equivalent in foreign currency, for the last 12 consecutive months. If you are an overseas candidate, you must also show that you have been working for an established company overseas for at least 1 year. The established company must have a market capitalisation or valuation of at least US$500 million, OR an Annual revenue of at least US$200 million; or,
- Will earn a fixed monthly salary of at least S$30,000 under your future employer, based in Singapore.
* The fixed monthly salary of at least $30,000 should come from one employer but other sources of income may be considered on a case-by-case basis.
Following the Outstanding Achievements route, applicants must be able to demonstrate exceptional outstanding achievements with proven track records in one of the expertise below:
- Arts and culture;
- Sports;
- Academia and/or research.
*Applicants applying based on outstanding achievements will not need to meet the salary criteria.
Starting Your Own Company
ONE Pass holders can incorporate their own company in Singapore quickly with added benefits: Unlike the EntrePass holder, ONE Pass holders enjoy a longer 5-years tenure and more flexibility, without stringent application requirements. For example: having a record of good investments, possessing intellectual property, evidence of having secured funding from third-party investors, duly accredited by the Singapore government.
Additionally, the ONE Pass holder can also act as a local Singapore director and shareholder of the company, without any restrictions. A ONE Pass holder can have directorships in multiple companies. In essence, ONE Pass holders get to enjoy similar benefits as locals and permanent residents with regards to operating a business.
Before moving forward with your application, it is important to note that a few factors should be taken into consideration when renewing the ONE Pass. To be eligible for renewal, you must be able to show that you have earned a fixed monthly salary of at least S$30,000 on average over the past 5-years in Singapore OR, if you have incorporated a company, your company must employ at least five locals who are earning a minimum salary of S$5,000 per month (pegged to the EP minimum qualifying salary at the time of renewal).
You will be required to submit your annual income details and professional activities annually to MOM for their records, to add to their assessment during renewals. Each successful renewal is valid for a further 5 years.
How long will the application process take, and what are the documents required?
Processing time varies depending on the type of visa which is applied for. The turnaround time for ONE Pass applications is approximately 4 weeks. The application may be made by either the applicant, or a prospective employer, or an appointed employment agency (EA licensed personnel).
Practical experience highlights that it is not uncommon for the Ministry of Manpower to request further information or additional documents or seek clarification on the applicant’s circumstances. For example, monthly payslips for a consecutive period of 12 months, the company’s latest audited P&L statements, supporting letters/testimonials, educational certificates (verified by one of the MOM approved panels) etc.
Interested in Learning More?
If you are considering applying for ONE Pass but do not know where to start, contact us and we will be happy to provide some provisional advice on eligibility.
With the constantly changing immigration policies, our well experienced team will be able to navigate and guide you through the application process, to provide the best chance of success. For more information, please visit www.voyageconsultants.sg to discover our full suite of services!
Voyage Consultants Pte. Ltd. is a fully licensed immigration agency in Singapore with a proven track record of delivering exceptional service and achieving success for our clients.
Email: Enquiry@voyageconsultants.sg
Contact: Canns Lim Hanna (Director)
Mobile: +65 8427 1729