How to Open a Company Bank Account in Singapore (2026 Guide for Locals & Foreigners)
Dawn Lee
Opening a company bank account in Singapore is a crucial requirement for any business seeking to operate or expand in Asia. A corporate account enables…
Since its launch in January 2023, Singapore’s Overseas Networks & Expertise Pass (ONE Pass) has rapidly become one of the most talked-about global talent visas in Asia. In its first year alone, nearly 4,200 applications were approved.
In 2024, approximately 3,000 new ONE Passes were granted—and notably, one in six of those were new entrants (i.e., not conversions from other Singapore work passes).
This is not just a visa—it’s a signal: Singapore is staking its claim as the global hub for high-achieving professionals and founders. In an era when U.S. H-1B pathways face rising uncertainty, Singapore is positioning its ONE Pass as a compelling alternative, especially for Indian founders and professionals seeking more stable, flexible, and regionally strategic bases.
This guide dives deep into how ONE Pass works, who qualifies, how to apply in practical steps, and why it may increasingly outperform H-1B as a target for top talent.
By engineering this structure, Singapore aims to anchor “rainmakers”—individuals who bring not just skill, but networks, capital flows, and cross-border deals.
You qualify if:
Renewal under the salary route requires meeting one of the following:
If you don’t meet the salary threshold, you may still qualify if you have demonstrated exceptional contributions in:
MOM, working with related agencies, considers publications, patents, awards, significant project impact, institutional endorsements, etc., on a case-by-case basis.
Renewal criteria for this route will depend partly on continued excellence and contribution; MOM’s guidelines are still evolving.
TIP: “Prepare everything in advance to avoid last-minute gaps.”
| Document | Purpose / Notes |
|---|---|
| Passport particulars page | Identity & travel document |
| 12 months’ payslips & tax statements | Prove salary eligibility |
| Other income proof | If significant part of your earnings |
| CV / Resume with achievements | Especially for “achievement” route |
| Supporting documents (awards, patents, publications) | Strengthen your case |
| Endorsement letters | Particularly for academia / research path |
| Company incorporation, contracts (for business route) | Show operational legitimacy |
| Corporate financials | If applying through business ownership |
Renewal is not automatic; you must satisfy one of your route’s renewal criteria.
MOM also runs annual notification exercises: you’ll need to report your income, business/employment activities, and contributions Failure to meaningfully contribute or long economic inactivity can lead to revocation.
This dual role (entrepreneur + professional) is a major differentiator and appeals strongly to serial founders and ecosystem builders.
Eligible for a Dependant’s Pass, and spouses can secure a Letter of Consent (LOC) to work in Singapore automatically without needing a separate work pass.
Eligible for Long Term Visit Pass under certain salary thresholds.
You may sponsor your parents on a Long Term Visit Pass if you meet higher salary requirements (e.g., SGD 12,000/month) under some conditions.
This framework ensures families can move with you, and spouses have work flexibility — a powerful incentive for relocation.
Even strong candidates may face rejections, particularly under the Achievement Route. Here’s how to handle:
If reasons are unclear or an advisory not issued, a professional consultant can sometimes request clarification or a strategic re-submission.
In recent years, the U.S. H-1B process has become more uncertain: high competition, lottery selection, stricter audits, and shifting immigration policies. Against this backdrop:
For many Asian professionals and founders, Singapore is becoming a more pragmatic route than a long H-1B wait. The relative transparency, speed, and ecosystem connectivity make it an increasingly attractive alternative.
The Singapore Overseas Networks & Expertise Pass (ONE Pass) marks a turning point in global mobility—redefining how high-achieving professionals and entrepreneurs choose where to live, work, and build. Beyond a work visa, it’s a strategic platform for founders and leaders who want to operate across markets without the restrictions of traditional employment-based passes.
For global talent—particularly Indian entrepreneurs navigating post–H-1B uncertainty—Singapore presents a practical, forward-looking alternative: a stable economy, business-friendly tax regime, regional access, and long-term pathways like PR. The ONE Pass simply formalises what Singapore already represents—a hub where innovation, capital, and expertise converge.
At VIVOS, we help foreign founders and professionals navigate the strategic and compliance dimensions of relocation — from structuring your Singapore entity and applying for the ONE Pass, to long-term immigration planning for your family and business. Our focus is on clarity, compliance, and continuity—so you can focus on what truly matters: building your vision.
What is the Singapore ONE Pass?
It’s a five-year work visa for top global professionals, allowing them to work, start businesses, and bring their families to Singapore without employer dependency.
What salary qualifies for the ONE Pass?
You must earn at least S$30,000/month or demonstrate exceptional achievements in your field.
How long does it take to process the ONE Pass?
Typically 4–8 weeks, depending on the complexity and volume of applications.
Can ONE Pass holders apply for PR?
Yes, after at least six months of residence and contribution to Singapore’s economy.
Can my spouse work in Singapore under the ONE Pass?
Yes, spouses can work freely with a Letter of Consent (LOC) without applying for a separate pass.
Is there a quota for ONE Passes?
No, the ONE Pass is not subject to annual quotas like other work visas.
What if my ONE Pass is rejected?
You can file an appeal within three months, supported by additional documentation or professional assistance.
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