Family Office Principal track under ONE Pass and GIP — Step-by-step walkthrough
The Family Office Principal track under ONE Pass and GIP is the pair of immigration routes a high-net-worth family uses to base its principal in Singapore while running a Single Family Office. The Overseas Networks and Expertise (ONE) Pass suits an individual with a strong earnings or standing profile, while the Global Investor Programme (GIP) offers permanent residence in exchange for a qualifying investment, often anchored to a family office with assets under management.
Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Family Office Principal track under ONE Pass and GIP
What the two tracks are
A family office principal generally needs a long-term, flexible immigration status to direct the family’s Singapore Single Family Office (SFO). Two routes dominate. The Overseas Networks and Expertise Pass, administered by the Ministry of Manpower, is a personalised five-year work pass that allows the holder to operate across multiple companies. The Global Investor Programme, administered by the Singapore Economic Development Board (EDB), grants Permanent Residence to investors who commit qualifying capital.
The ONE Pass is faster to obtain and renewable, but remains a work pass. The GIP confers PR, which many principals prefer for permanence and family inclusion, but it carries higher investment commitments and longer assessment.
Who each track is for
The ONE Pass suits a principal who can meet the salary benchmark, currently a fixed monthly salary of at least S$30,000 within the last year, or who holds standing in the arts, science, sport or academia. It is well suited to a principal who is already drawing a substantial salary from the family enterprise.
The GIP suits a principal whose wealth is held in investible assets rather than salary. The family-office option under GIP requires the establishment of an SFO managing assets under management of at least S$200 million, of which a defined portion must be deployed into Singapore-based investments. The Employment of Foreign Manpower Act 1990 governs the work-pass framework that sits alongside these routes for the wider family office team.
Eligibility and the family office link
Under GIP, the SFO route ties PR to the family’s capital and to the office’s substance: professionals hired, assets deployed and a credible business plan assessed by EDB. The family office itself is typically structured as a Singapore private company that may apply for the Section 13O or Section 13U tax incentive under the Income Tax Act 1947, exempting qualifying fund income from Singapore tax.
For the ONE Pass, eligibility rests on the individual rather than the structure, but a principal drawing salary from the SFO operating company can use that salary to meet the benchmark. In practice, families often run both: the principal on a ONE Pass for speed, then converting toward GIP PR once the office is established.
Costs and timeline, with numbers
ONE Pass application fee is S$105 plus a S$225 issuance fee, and processing is typically within three to eight weeks. The pass is valid for five years and renewable.
GIP carries no fixed government fee comparable to a work pass, but the qualifying investment is substantial: the family-office option requires an SFO with assets under management of at least S$200 million, with at least S$50 million deployed across qualifying categories. EDB assessment commonly takes nine to twelve months from a complete submission. Professional set-up costs for the SFO, fund administration and tax-incentive application typically run from S$80,000 to S$200,000 in the first year, depending on complexity.
Step-by-step process
1. Decide the principal’s profile: salary-led (lean ONE Pass) or capital-led (lean GIP).
2. Incorporate the Single Family Office and fund vehicle in Singapore.
3. Prepare the tax-incentive application (Section 13O or 13U) with MAS where the office seeks fund-income exemption.
4. For ONE Pass, lodge the application with supporting salary evidence through the MOM portal.
5. For GIP, submit the investment plan and AUM evidence to EDB and attend assessment.
6. On approval, complete medical and formalities, then onboard the family and key staff.
Sequencing matters: establishing the SFO first gives the principal a salary base for the ONE Pass and the substance EDB looks for under GIP.
Common mistakes and gotchas
Treating the ONE Pass salary benchmark as flexible: the S$30,000 monthly figure is a firm threshold and must be evidenced. Assuming GIP PR is automatic once capital is committed; EDB assesses business substance, not just money. Underestimating the AUM and local-deployment conditions for the family-office GIP route. And launching the tax-incentive application without aligning it to the immigration timeline, which can leave the principal without status while the office is built.
Substance expectations and the family office team
Both immigration routes increasingly turn on substance. For a Single Family Office seeking the Section 13O or Section 13U incentive, the Monetary Authority of Singapore looks for local investment professionals, a minimum business spending commitment, and assets genuinely managed from Singapore. A principal’s immigration application is far stronger when it sits on top of a credible operating office rather than a shell.
The team usually includes at least two investment professionals, with the 13U enhanced-tier conditions generally calling for a larger headcount and higher assets under management than the 13O resident-fund scheme. Hiring those professionals creates work-pass demand of its own, typically Employment Passes governed by the Employment of Foreign Manpower Act 1990, which the family office should plan alongside the principal’s status.
Comparing the two routes side by side
The ONE Pass is faster, cheaper and flexible, but it is a renewable work pass rather than permanent residence, and it rests on the individual meeting the salary or eminence test. It suits a principal who wants to be operational quickly and who draws a substantial salary.
The GIP confers permanent residence, which can extend to the spouse and children, and aligns the family’s status with a long-term Singapore base. The trade-off is the scale of the commitment, an SFO managing at least S$200 million with a defined local deployment, and a longer EDB assessment, commonly nine to twelve months. Many families therefore run a sequenced plan: enter on a ONE Pass, build the office and track record, then convert toward GIP permanent residence.
Tax planning runs in parallel. The family office vehicle, the fund structure, and the incentive application should be designed together so that the immigration timeline, the fund-income exemption and the family’s wider succession arrangements all line up rather than pulling against each other.
Related guides and where to get help
For the wider context, see our related guide on real cost hiring foreign professional singapore 2026. It also helps to read section 13o vs section 13u comparing singapores family office tax incentive sche across the Raffles group of sites. On this site, our companion guide complete guide family office singapore goes deeper on the practical steps.
Official references
Always confirm the latest rules with the source authorities: MAS, IRAS, Law Society of Singapore.
FAQs
Can a family office principal hold both a ONE Pass and apply for GIP?
Yes. Many principals enter on a ONE Pass for speed and flexibility, then pursue Global Investor Programme PR once the Single Family Office is established and the assets under management are in place.
What is the minimum AUM for the GIP family-office option?
The family-office option under GIP requires a Single Family Office managing assets under management of at least S$200 million, with a defined portion, currently at least S$50 million, deployed into qualifying Singapore-based investments.
Does the ONE Pass lead to permanent residence?
The ONE Pass is a five-year renewable work pass, not PR. A holder may separately apply for permanent residence, but the pass itself does not confer it.
Is a family office required to obtain a tax incentive?
No, but most established Single Family Offices apply for the Section 13O or Section 13U incentive under the Income Tax Act 1947 to exempt qualifying fund income from Singapore tax.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.