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Long term work visa in Singapore
Singapore is overhauling its visa rules in order to attract foreign workers to help boost its struggling labour market.
The introduction of this new long term work visa is meant to be a way to address the problems facing the labour market in Singapore. It is also a way to attract international business to help drive their ambition to become a global financial hub. Singapore has also introduced numerous pay increases this year in an attempt to lure talent, however, it has not been as effective as anticipated.
Key Points
- Foreigners earning a minimum of SG $30,000 per month will be able to secure a five-year work pass.
- This 5 year work pass contains a provision that allows their dependents (spouse) to also seek employment.
- Exceptional candidates in sports, arts, science and academia who don’t meet the salary criteria are also eligible for the long-term visa under the so-called Overseas Networks and Expertise (ONE) pass. The ONE pass will come into effect on Jan 1.
How will Long term Visa work?
Singapore’s government has stated that this new visa and employment pass will be a 5-year work pass that allows holders to start, operate, and work for multiple companies in Singapore at any one time.
Furthermore, the spouse of the pass holder will also be able to work. However, in order to do so, they will need to obtain a Letter of Consent.
Who will be eligible for the new long term work Visa in Singapore
The new rules will allow foreigners earning a minimum $30,000 per month to secure a five-year work pass, with a provision to allow their dependents to seek employment, according to the Ministry of Manpower.
Exceptional candidates in sports, arts, science and academia who don’t meet the salary criteria are also eligible for the long-term visa under the so-called Overseas Networks and Expertise (ONE) pass that will take effect on Jan 1.
When will this visa be available?
This new 5-year work visa and employment pass will be available from January 1, 2023.
Why has this visa been introduced?
Singapore hopes that this new visa will help them better compete with rival business hubs such as Hong Kong and the United Arab Emirates. Singapore also hopes to catch up to Australia and the UK, which have similar global talent visas available. (source)
Furthermore, Singapore is losing ground to countries such as The UAE, who this year made it easier for expatriates to work without being sponsored by an employer. New policies such as this and switching to a Saturday-Sunday weekend has allowed The UAE to align itself with global markets as it seeks to attract more businesses, especially with Dubai positioning itself as a global crypto hub.
Singapore has also had to deal with especially challenging labour-market shortages due to the Covid situation. These shortages have escalated the need to boost sectors that have suffered disproportionately due to the imposed restrictions, such as hospitality and food and beverage.
Future plans for Singapore
As of Sept 1 2023, Singapore plans to exempt jobs, comparable to those held by top 10% of Employment Pass holders, from having to be advertised locally before hiring foreigners under a system called Fair Consideration Framework (FCF). The duration of FCF advertisements, where applicable, will be halved to 14 days. Furthermore, the processing time for all Employment Pass applications will be cut to 10 business days from the current maximum of three weeks.
How can our team of experts can help?
Obtaining an Employment Pass has long been a troublesome procedure for applicants, these new announcements could be good news for those looking to work in Singapore. If you need more information about the different types of Passes available in Singapore, talk to one of our experts now.
Question about the long term work Visa in Singapore?
Please note that this article is for information purposes only and does not constitute legal advice.
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