Data on Employment Pass Applications by Family Offices in Singapore

Mr Gan Thiam Poh asked the Minister for Manpower (a) since the time that family offices are allowed to set up in Singapore, how many applicants of employment passes who seek to work in family offices in Singapore are declined; (b) of these, how many of them are immediate members of the owner of the family office; (c) what are the reasons for the rejection; and (d) whether they will be considered under the new Overseas Networks and Expertise Pass scheme.

Based on the Monetary Authority of Singapore (MAS)'s estimates, there are about 700 Single Family Offices (SFOs) in Singapore as at end-2021.

Employment Pass (EP) applications from SFOs are handled in the same way as other EP applications. EP applications from SFOs are also rejected for reasons similar to other EP applications. These include the inability to meet the salary criteria as well as the inability to pass the Ministry of Manpower (MOM)'s verification checks on the profile of the applicant and hiring company.

The Overseas Networks & Expertise (ONE) Pass is open to top talent across all sectors. Applicants will need to earn a fixed monthly salary of at least S$30,000 within the last year or with their future employer based in Singapore. In addition to meeting the salary criteria, overseas candidates will also need to demonstrate that they have been working for an established company overseas for at least one year or will be working for an established company in Singapore. For a company to be considered established, it must have a market capitalisation of at least US$500 million or an annual revenue of US$200 million.

Applicants from SFOs can apply for ONE Pass if they are able to meet the above criteria. If not, they can continue to apply for other work passes.