Recently, Singapore unleashed a new kind of work permit, Overseas Networks and Expertise (ONE), which enables companies in the country to hire foreign workers without any hiccup.
As per the new work permit, foreigners drawing a minimum of S$30,000 per month can get a five-year work pass and, it does not stop with that as it also permits their dependents to find work in the country.
Interestingly, the candidates with exceptional skills in sports, arts, science and academia also become eligible for the ONE permit, even if they don’t meet the conditions regarding pay packages. However, the criteria for these types of applicants are yet to be declared.
The new work permit is all set to come into force from January 1, 2023.
Who Are Suitable For This Permit?
People who are in the country with work passes and overseas candidates fall in the eligibility bracket, provided they meet the salary criteria below:
The regular monthly pay package of a minimum S$30,000, or its equivalent in foreign currency, within the last 1 year.
Regular monthly package of at least S$30,000 from their future employer in Singapore.
These aside, foreign workers are also required to prove that they have been employed with an ‘established company’ overseas for at least 1 year or will be professionally associated with an ‘established company’ in Singapore.
Now, What Do You Mean By An ‘established company’?
A company can be termed established if it has a market capitalisation of at least US$500 million or a minimum yearly income of US$200 million.
Is It Possible To Renew The ONE Pass?
The Overseas Networks & Expertise (ONE) Pass can be renewed for 5 years every time after the expiry. To renew the same, the pass holders need to fulfil certain criteria:
Drawn a stable monthly income of at least S$30,000 on average in the past 5 years in the country Launched and currently running a company in Singapore employing at least 5 locals, each getting at least S$5,000.
What About Family?
Family is a vital ingredient in the lives of individuals and it is something that keeps them going. So, when people go abroad for professional reasons they always prefer to take their family along, if not immediately but at least in the near future. And to get your family to Singapore, you must apply for these passes:
Dependent’s pass for legally married spouses and unmarried children under the age of 21, including lawfully adopted kids.
Long-term visit pass for unmarried differently-abled kids above 21 years of age, unmarried stepchildren below 21 years of age and parents.
