INTRODUCTION OF THE OVERSEAS NETWORKS & EXPERTISE PASS
As part of a new initiative to ensure that Singapore can compete effectively in the global fight for top talent, the Ministry of Manpower (MOM) announced a new work pass effective from 1 January 2023.
The new Overseas Networks & Expertise Pass is targeted towards talented individuals from the Technology, Science, Business, Arts, Culture and Research sectors; those who earn a monthly salary of S$30,000 and above; or possesses “outstanding achievements” in the targeted sectors. This Pass will allow both high-earners and high-achievers to live in Singapore without having to first secure a job.
Applicants must prove the following criteria;
- Earned a minimum fixed monthly salary of S$30,000 within the last one year.
- Will earn under their future Singapore based employer a minimum fixed monthly salary of S$30,000
Overseas candidates will also be required to demonstrate that they have worked or will be working for an established company either in their overseas role at the point of their application or in their future role based in Singapore. An established company is defined as one with market capitalisation of at least US$500 million or an annual revenue of at least US$200 million.
Should applicants have “outstanding achievements” in arts, sports, science and/or academia, they may still qualify without meeting the S$30,000 monthly salary criterion for the pass.
BENEFITS OF THE PASS
Holders of the Overseas Networks & Expertise Pass will be able to -
- Concurrently start, operate and work for multiple companies.
- Not have to reapply for a new pass if they change jobs.
- Bring in dependants
Additionally, Overseas Networks & Expertise Pass holders will not be subject to the Complementarity Assessment Framework (COMPASS) and employers who wish to hire them are not subject to the Fair Consideration Framework job advertising requirement.
PayrollServe is a licensed Employment Agent with MOM. We offer professional Work Pass Services with end to end Work Pass Management by taking care of the Application, Appeal (if necessary), Renewal and Cancellation of the Work Passes.
To learn more about how PayrollServe Work Pass Management can help your business, please contact us.