Singapore’s Personalised Employment Pass (PEP) has long been the pass of choice for high earning Employment Pass holders who wanted freedom from a single sponsoring employer. But the PEP was never designed to be a permanent solution. It is issued only once, it is not renewable, and it comes with restrictions that increasingly do not fit the profile of the senior executives, fund managers and entrepreneurial professionals who hold it. Since the Overseas Networks and Expertise (ONE) Pass launched, a growing number of PEP holders in Singapore are asking the same question: should we convert, and if so, when and how. For a wider comparison of the two passes alongside the standard Employment Pass, see our earlier guide on Employment Pass vs ONE Pass vs PEP.
This article sets out the practical mechanics of moving from a PEP to a ONE Pass, who should consider it, and the timing questions that matter most for continuity of stay, family passes and business activity.
Why PEP Holders Are Looking at the ONE Pass
The PEP was built around one core promise: a foreign professional earning a fixed monthly salary of at least S$22,500 could move between jobs in Singapore without needing a new work pass each time. That flexibility was genuinely valuable when it launched. Two structural features of the PEP now push many holders towards the ONE Pass instead.
The PEP is a one-time, non-renewable pass
According to the Ministry of Manpower’s (MOM) key facts on the PEP, the PEP is issued only once and is valid for up to three years. It cannot be renewed. When it is expiring, a PEP holder needs to obtain an Employment Pass or S Pass to continue working in Singapore, which reintroduces the very employer-sponsorship dependency the PEP was meant to avoid. For many senior professionals nearing the end of their PEP validity, converting to the ONE Pass before expiry preserves the flexibility they came to the PEP for in the first place, because the ONE Pass is renewable for up to five years at a time provided the renewal criteria are met.
The PEP does not allow business ownership or concurrent directorships
MOM’s eligibility rules for the PEP are explicit that a PEP holder is not eligible if they are a sole proprietor, a partner, or a director who is also a shareholder in an ACRA-registered company. PEP holders are also barred from starting a business or conducting any entrepreneurial activity while on the pass. For a fund manager who wants to sit on the board of an affiliated entity, or a senior executive who is also incorporating a personal holding company, this is a hard limit. The ONE Pass, by contrast, gives holders the flexibility to concurrently start, operate and work for multiple companies at any one time, subject to their employment contract terms. This single difference is often the deciding factor for PEP holders who are building a portfolio of directorships or considering setting up their own Singapore-incorporated vehicle. Our guide on appointing company directors in Singapore sets out the wider rules on who can sit on a Singapore board once that step becomes relevant.
Comparing the Two Passes
| Feature | Personalised Employment Pass (PEP) | ONE Pass |
|---|---|---|
| Minimum qualifying salary | Fixed monthly salary of at least S$22,500 | Fixed monthly salary of at least S$30,000 for the preceding 12 months, or under a future Singapore employer |
| Renewable | No, issued only once | Yes, up to 5 years per renewal, subject to meeting renewal criteria |
| Validity | Up to 3 years | Up to 5 years, both first grant and subsequent renewals |
| Changing jobs | No new pass needed, but continuous employment is required | No new pass needed to change jobs |
| Concurrent directorships or businesses | Not permitted; excluded if a director-shareholder in an ACRA company | Permitted to concurrently start, operate and work for multiple companies |
| Unemployment buffer | Up to 6 months to search for a new job before the pass must be cancelled | Governed by separate ONE Pass unemployment provisions under MOM’s rules |
| COMPASS and Fair Consideration Framework | Not applicable to PEP | Exempt from COMPASS and Fair Consideration Framework job advertising requirements |
| Family passes | Available for eligible family members | Available for eligible family members, with spouses able to work under a Letter of Consent |
Eligibility Crossover: Can You Qualify for the ONE Pass?
The jump from PEP to ONE Pass is not automatic. MOM’s published eligibility criteria for the ONE Pass require candidates to meet one of the following: a fixed monthly salary of at least S$30,000 (or its foreign currency equivalent) for the 12 consecutive months immediately before applying, or a confirmed fixed monthly salary of at least S$30,000 with a future employer in Singapore. This is a meaningfully higher bar than the PEP’s S$22,500 threshold, so a PEP holder earning between S$22,500 and S$29,999 will not meet the salary route and should check whether they qualify instead through the outstanding achievements route that MOM makes available in business, arts and culture, sports, academia and research, or the newer AI and Tech track launching from 2027. Fund managers and family office principals converting for business ownership reasons should also review our separate guide on the Family Office Principal track under the ONE Pass.
Practically, this means the conversion decision splits PEP holders into two groups. Those already earning S$30,000 a month or more, which is a reasonably common profile among senior PEP holders given the pass targets the top 10 percent of Employment Pass earners, will usually clear the salary criterion without difficulty. Those below that threshold will need either a salary revision from their current or next employer, or a genuine case under the outstanding achievements provisions, before conversion becomes viable.
The Practical Steps to Convert
Step 1: Confirm eligibility before doing anything else
Before lodging any application, check current fixed monthly salary against the S$30,000 threshold over the trailing 12 months, or confirm the offered salary with a prospective Singapore employer meets that figure. Where salary alone falls short, assess whether the outstanding achievements pathway applies. This upfront check avoids a wasted application and the processing delay that comes with a rejection.
Step 2: Apply for the ONE Pass while the PEP is still valid
A PEP holder does not need to cancel the existing PEP before applying for a new pass. This mirrors how MOM already treats a PEP holder moving to an Employment Pass or S Pass when the PEP expires, and the same principle applies when moving to the ONE Pass. Applying while the PEP remains valid, rather than waiting for it to lapse, avoids any gap in lawful stay or work authorisation in Singapore. Employers or appointed employment agencies can submit the ONE Pass application on the candidate’s behalf, or the candidate can apply directly if they meet the eligibility criteria.
Step 3: Time the switch around business plans, not just pass expiry
Because the ONE Pass permits concurrent directorships and business ownership in a way the PEP does not, professionals who are actively planning to incorporate a company, take on a board seat, or hold shares as a director should time their conversion to precede those steps rather than follow them. Attempting those activities while still on a PEP risks breaching the pass conditions before the ONE Pass is even in hand.
Step 4: Cancel the PEP once the ONE Pass is issued
Once the ONE Pass is approved and issued, the PEP should be formally cancelled with MOM. Holding two work passes concurrently is not the intended outcome of a conversion, and tidying up the record protects against confusion in future renewal or dependant pass applications.
Family and Dependant Pass Continuity
Both passes allow eligible family members to hold their own passes, so a conversion from PEP to ONE Pass does not, by itself, disrupt a family’s ability to remain in Singapore. What does need attention is the paperwork. Dependant passes and Long-Term Visit Passes issued against a PEP are generally tied to that PEP remaining valid, so families should plan the sequencing of the principal’s conversion alongside any dependant pass renewal dates, rather than leaving it to the last minute. See our fuller breakdown in Dependant Pass Singapore 2026 for the documents and process involved. Under the ONE Pass, spouses have the added benefit of being able to apply to work under a Letter of Consent, which is a meaningfully different proposition for a professional family used to the PEP’s more limited spousal work arrangements.
Who Should Not Rush to Convert
Conversion is not automatically the right move for every PEP holder. Someone who is comfortably below the S$30,000 threshold, has no plans for directorships or business ownership, and is not near the end of their three-year PEP validity may simply be better served staying on the PEP until closer to its expiry, then assessing an Employment Pass, S Pass or ONE Pass application at that point based on their circumstances then. The value of converting early lies mainly in avoiding a scramble at PEP expiry and in unlocking the concurrent-employment flexibility of the ONE Pass, not in the ONE Pass being inherently superior for every profile.
Getting the Sequencing Right
The PEP to ONE Pass conversion is ultimately a sequencing exercise: confirm eligibility, apply before the PEP lapses, time any new directorships or share ownership to follow rather than precede pass issuance, and cancel the old pass once the new one is in hand. Get the order wrong and a professional risks either a gap in work authorisation or an inadvertent breach of PEP conditions. Get it right and the transition is largely administrative.
Raffles Corporate Services works with foreign professionals and their employers on exactly this kind of work pass planning, alongside the corporate secretarial and directorship support that becomes relevant once a ONE Pass holder starts taking on Singapore directorships. Visit Raffles Corporate Services to find out how we can help plan a work pass conversion and the corporate structure around it.
The Editorial Team, Raffles Corporate Services