Singapore has been facing a tight talent crunch especially at senior management levels, therefore the new employment pass is likely targeted at attracting specific talent in niche areas.
There is a S$30,000 minimum monthly salary requirement for the new Overseas Networks & Expertise Pass. Those with “outstanding achievements” in tech, arts, academia or sports can qualify even if they do not meet the salary criterion.
Overseas candidates need to demonstrate that they are playing a leading role in an established company, with market capitalisation of at least US$500 million or annual revenue of USS$200 million.
Differences between Employment Pass (EP) versus Overseas Networks & Expertise Pass
- EP-holders are generally not allowed to start their own companies in Singapore, and the EP is generally tied to a single job. However, the new Overseas Networks & Expertise Pass holders will allow holders to concurrently start, operate and work for multiple companies, and will therefore also not be required to reapply for a new pass when changing jobs.
- There is a S$30,000 minimum monthly salary requirement for the new Overseas Networks & Expertise Pass holders. Those with “outstanding achievements” in tech, arts, academia or sports can qualify even if they do not meet the salary criterion.
- EP-holders are typically granted 2 years in the beginning allowing further renewals of 3 year periods later. Overseas Networks & Expertise Pass holders will be granted for 5 years, and renewed for further periods of 5 years.
- EP-holders are also granted to those who work in a managerial, executive or specialized job, whereas the Overseas Networks & Expertise Pass holders is available to talents in any industry – individuals who are able to demonstrate “outstanding talents” in arts and culture, sports, science and technology, and academia and research can qualify for the Overseas Networks & Expertise Pass.
- Overseas Networks & Expertise Pass holders similar to EP-Holders are able to obtain Dependent’s Passes (“DP”) for their spouses and children, as well as Long Term Visit Passes (“LTVP”) for their parents. However Overseas Networks & Expertise Pass holders can obtain DPs and LTVPs for family members.
- Overseas Networks & Expertise Pass holder's spouse will be able to work in Singapore by applying for a Letter of Consent. Should the spouses of EP-holders wish to work, they would need to obtain a work permit, S Pass or EP, along with all the associated conditions and requirements that that entails. To apply for a DP, an EP-holder would need to be earning at least $6,000 per month, while getting an LTVP will require a salary of at least $12,000 per month.
The Overseas Networks & Expertise Pass will come into effect starting 1 January 2023. This will eventually pave the way for Singapore to become a global hub for talent - attracting individuals from various walks of life who are at the top of their game as global cities compete for their share of talents. The benchmark salary of S$30,000 is comparable to the top 5 per cent of EP holders in Singapore.
For more information and clarifications regarding the application and eligibility of the Overseas Networks & Expertise Pass, you may click to visit the MOM website.