September 6, 2022
Singapore announces significant developments in its immigration landscape
Singapore's Ministry of Manpower (MOM) recently announced several enhancements to its work pass regulations, including the introduction of a new work visa category. Effective September 1, under the Fair Consideration Framework (FCF), employers will be required to advertise vacancies in the designated recruitment channel for only 14 calendar days prior to hiring foreign nationals, down from the previous 28 calendar days. Further, effective immediately, the immigration authorities will provide a decision on Employment Pass (EP) applications within 10 business days. The MOM also announced the creation of an Overseas Networks & Expertise Pass (ONE Pass) for top foreign talent that will allow them to start, operate and/or work for multiple companies concurrently in Singapore. The Singaporean government will begin accepting ONE Pass applications starting January 1, 2023.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert