The Advenz Industry Highlights is a quarterly digest that curates news essential to operating a business in Singapore. Not sure about the implications of new rules and regulations? We have you covered.
Applications for ONE Pass opens 1 January 2023
Applications for the newly launched Overseas Networks and Expertise Pass (ONE Pass) in Singapore will open on 1 January 2023. Aiming to attract top talent across all sectors, the pass offers much more flexibility for applications, but there is also a much higher eligibility criteria with a minimum monthly salary of S$30,000. Key facts and comparison of existing employment passes or schemes below:
Work pass/scheme | Salary criteria (monthly) | Validity | Application made by |
S$30,000 and above | 5 years (renewable) | Individual | |
S$22,500 and above | 3 years (non-renewable) | Individual
| |
S$5,000 – S$10,500
| 2 years (subsequent renewal validity of 3 years)
| Company of employment | |
S$3,000 – S$4,500
| 2 years (renewable)
| Company of employment | |
N/A | 2 years (renewable) | Individual (but must have incorporated a company with 30% shareholding at date of application)
|
With the upcoming Singapore Goods & Services Tax (GST) increase from 7% to 8% on 1 January 2023, businesses will need to start preparing for major changes to their finance operations. Some key actions include:
- Charge the correct GST rate for scenarios where the issuance of invoice, payment, and receipt of goods and services occur across 1 January 2023
- Update internal accounting and invoicing systems
- Update pricing and contracts for both customers and suppliers
- Educate employees on implications of GST hikes
- Prepare for the next GST increase from 8% to 9% in January 2024
As a GST hike would result in higher business expenses, non-GST registered businesses that are eligible can consider applying to leverage tax recovery benefits, even if they have not crossed the S$1 million revenue threshold.
Need an expert?
Unsure if your business has fully prepared for the upcoming GST hikes, or which work pass is the most suitable for your hiring needs? Advenz has been supporting both local and international clients since 2009 in core areas of tax compliance and business support. Reach out for a no-obligations consultation now!
