Talent is universally recognized as the driving force behind productivity, a consensus shared worldwide. To attract exceptional talent from all corners of the globe, countries have been adjusting their immigration policies, favoring skilled immigrants and igniting a fierce competition for talent.
In August 2022, Tan See Leng, Singapore’s Minister for Manpower, emphasized that upholding openness and fostering strong global connections form the bedrock of Singapore’s journey towards becoming a global city and business hub. In a strategic move to solidify Singapore’s position as a global talent magnet, the Singaporean government officially launched the Top Talent Certification – Overseas Networks & Expertise Pass (ONE Pass), accepting applications from January 1, 2023. Go Global Gem wasted no time and emerged as one of the first beneficiaries of this groundbreaking initiative.
What are the requirements for ONE Pass?
The requirements for ONE Pass are quite stringent, reflecting the Singaporean government’s confidence in attracting top-tier talent. Applicants need to meet the following criteria:
- Earn a fixed monthly salary of at least S$30,000, or its equivalent in foreign currency,for the last year or will be earning a fixed monthly salary of at least S$30,000 under their prospective employer based in Singapore.
- Overseas applicants must demonstrate holding a key position in a company with a market value exceeding 500 million US dollars or an annual income exceeding 200 million US dollars.
- Holders of the pass are required to report their professional activities to the Ministry of Manpower annually, ensuring meaningful contributions.
- Individuals with outstanding achievements in the arts and culture, sports, as well as academia and research can qualify for Overseas Networks & Expertise Pass without meeting the salary criterion.
What are the advantages of ONE Pass?
Although the application requirements for ONE Pass are demanding, Singapore offers corresponding benefits to applicants. In comparison to other work permits, which usually have a validity period of two years, ONE Pass provides a five-year validity period without the need for scoring. Additionally, unlike other work permit categories where spouses are not allowed to work, the spouse of a ONE Pass holder is granted the right to work.
1. Greater Flexibility:
Holders of the Top Talent Certification can simultaneously engage in entrepreneurship, business operations, or work for multiple companies in Singapore.
2. Enhanced Freedom:
ONE Pass holders have the freedom to switch employers without the need for a new visa application, as the pass has a long validity period of up to five years.
3. Increased Diversity:
Applicants can apply for corresponding dependent passes for their spouse, children, and parents.
4. Improved Convenience:
If the applicant’s spouse wishes to work in Singapore, they only need to obtain a Letter of Consent (LOC) from the Ministry of Manpower, without the need for a separate work permit application.
5. Long-lasting Validity:
The ONE Pass has a remarkable validity period of five years, with the possibility of renewal for another five years upon meeting the renewal criteria.
Mr. Z’s Overseas Venturing Story
Go Global Gem, upon the launch of the ONE Pass, signed its first client, an executive from a listed company who intended to apply for the ONE Pass. After thorough communication and discussions with the client, a suitable plan was formulated. The application was submitted on 6 April 2023, and successfully approved on 16 May 2023, making it one of the early approved cases of ONE Pass.
Mr. Z, a graduate of a prestigious university in East China, currently serves as a financial partner in a venture capital group. He previously worked for one of the “Big Four” accounting firms, providing financial and business consulting services to overseas US dollar funds and domestic RMB funds.
He has rich experience in finance, private equity, venture capital, and finance, with expertise in investment areas such as medical equipment and online marketing. Notable projects he has invested in include Tencent Music, Haier Smart Home, and Baofeng Comic.
Mr. Z’s achievements in the finance and investment industry are highly valued by Singapore.
He utilized the employment method through a Singaporean company, providing employment contracts, organizational charts, parent company introductions, and parent company valuation documents. Go Global Gem’s account manager drafted a detailed business development plan based on the client’s industry and actively progressed various tasks in line with the requirements of ONE Pass.
After the client arrives in Singapore, Go Global Gem’s Singapore team will provide comprehensive landing services, including accompanying the client to collect the pass, applying for dependent passes, and providing consultation for their children’s education. Two years after the approval of ONE Pass, Go Global Gem will assist in submitting Singapore PR applications.
Singapore aims to become a global talent hub, providing a platform for top talents to thrive. When these talents arrive, they should have the opportunity to build teams locally and also assist in nurturing local talents. This is the vision that Singaporean authorities aspire to see.
Singapore is actively working towards attracting global elite talents by introducing various talent visas. However, it is also raising the bar in terms of requirements. If you have plans for expanding internationally, it is advisable to contact Go Global Gem as soon as possible. We provide assessment and consultation services to help you seize the current opportune and favorable environment.
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