6/4/24, 12:26 PM Mail - International Affairs Committee, ICAI - Outlook

Re: ICAI Leadership Visit - Singapore - 15th March 2024 - COMPASS REQUIREMENTS
& WAY FORWARD

chairman.singapore <[email protected]>
Sun 4/21/2024 10:26 AM
To:​International Affairs Committee, ICAI <[email protected]>;​Nitin Jain – ICAI\President’s Office\I. P. Marg New Delhi
<[email protected]>​
Cc:​secretary.singapore <[email protected]>;​treasurer.singapore <[email protected]>;​Nitin
Grover\International Affairs Committee\I P Marg New Delhi <[email protected]>;​vicechairman.singapore
<[email protected]>​

3 attachments (720 KB)

Singapore COMPASS Framework.pdf; Email-MOM.pdf; ICAI Singapore Chapter Letter.pdf;

Greetings Nitin Jee

Trust all good at your end.

We hereby share with you:

1. A brief note on the COMPASS Framework and the mechanics and its importance to Chartered
Accountants in Singapore
2. Our email to Ministry of Manpower requesting them to include CA degree from ICAI as Top-
Tier Institution
3. The copy of the Letter

We will need further help from Head Office side. I will request a time to discuss with you on this to
take this forward.

Warm Regards,
CA. Nishant Kumar Surana,
Chairperson,
The Institute of Chartered Accountants of India,
Singapore Chapter
+65 8182 2456

From: chairman.singapore <[email protected]>

Sent: Sunday, March 31, 2024 9:41 PM
To: International Affairs Committee, ICAI <[email protected]>; Nitin Jain – ICAI\President’s Office\I. P. Marg New Delhi
<[email protected]>
Cc: secretary.singapore <[email protected]>; treasurer.singapore <[email protected]>;
Nitin Grover\International Affairs Committee\I P Marg New Delhi <[email protected]>;
vicechairman.singapore <[email protected]>
Subject: Re: ICAI Leadership Visit - Singapore - 15th March 2024

Greetings Nitin Jee,

We are pleased to inform you that we have made a 2 Management Committee members' committee
to work on a Note paper on this and they have already started the process.
https://outlook.office.com/mail/id/AAQkAGEwMDM5MTMyLThmNzktNGUxYS1iZjY4LWRjN2E1YzRiMTQxNQAQAMEJhQ62vRpCkWXYnzMqLN… 1/3
6/4/24, 12:26 PM Mail - International Affairs Committee, ICAI - Outlook

We are also in the process to liaise with Ministry of Manpower (MOM), Singapore on this matter and
trying to discuss with few of the seniors in the industry to get as much details as possible on this as
not much is publicly available on the criteria for incorporating the Chartered Accountants, ICAI
qualification under COMPASS calculation.

We shall keep you updated on the progress.

Warm Regards,
CA. Nishant Kumar Surana,
Chairperson,
ICAI Singapore Chapter

From: vicechairman.singapore <[email protected]>

Sent: Tuesday, March 26, 2024 3:18 PM
To: International Affairs Committee, ICAI <[email protected]>
Cc: chairman.singapore <[email protected]>; secretary.singapore <[email protected]>;
treasurer.singapore <[email protected]>; Nitin Jain – ICAI\President’s Office\I. P. Marg New Delhi
<[email protected]>; Nitin Grover\International Affairs Committee\I P Marg New Delhi <[email protected]>
Subject: Re: ICAI Leadership Visit - Singapore - 15th March 2024

Greetings Sir

We acknowledge the receipt. We shall get back to you on this soon.

Thanks & Best Regards,

Nishant Kumar Surana,
Vice Chairman,
ICAI Singapore Chapter

From: International Affairs Committee, ICAI <[email protected]>

Sent: Tuesday, March 26, 2024 3:01 PM
To: vicechairman.singapore <[email protected]>
Cc: chairman.singapore <[email protected]>; secretary.singapore <[email protected]>;
treasurer.singapore <[email protected]>; Nitin Jain – ICAI\President’s Office\I. P. Marg New Delhi
<[email protected]>; Nitin Grover\International Affairs Committee\I P Marg New Delhi <[email protected]>;
International Affairs Committee, ICAI <[email protected]>
Subject: Re: ICAI Leadership Visit - Singapore - 15th March 2024

Dear Sir,

Thank you for the inputs provided.

We are writing to inquire about the non-recognition of the ICAI Chartered Accountants' degree in the
COMPASS calculation for Employment Pass purposes, as highlighted by you in the report. We would
be grateful if you could provide further details on:

https://outlook.office.com/mail/id/AAQkAGEwMDM5MTMyLThmNzktNGUxYS1iZjY4LWRjN2E1YzRiMTQxNQAQAMEJhQ62vRpCkWXYnzMqLN… 2/3
6/4/24, 12:26 PM Mail - International Affairs Committee, ICAI - Outlook

The specific reasons behind the non-recognition.

Any discussions that have been held regarding the potential recognition of the ICAI
qualification in the COMPASS system.

This will enable us to take things forward.

Regards,
CA. Nitin Jain

From: vicechairman.singapore <[email protected]>

Sent: Thursday, March 21, 2024 9:40 AM
To: Nitin Jain – ICAI\President’s Office\I. P. Marg New Delhi <[email protected]>; Nitin Grover\International
Affairs Committee\I P Marg New Delhi <[email protected]>
Cc: chairman.singapore <[email protected]>; secretary.singapore <[email protected]>;
treasurer.singapore <[email protected]>; International Affairs Committee, ICAI <[email protected]>
Subject: ICAI Leadership Visit - Singapore - 15th March 2024

Greetings Nitin Jee

We are pleased to share with a brief report on the agenda points covered during President Sir's and
Vice President Sir's visit to Singapore on 15th March'24.

Please feel free to get in touch with me in case of any further details requirement.

Thanks & Best Regards,

Nishant Kumar Surana,
Vice Chairman,
ICAI Singapore Chapter

https://outlook.office.com/mail/id/AAQkAGEwMDM5MTMyLThmNzktNGUxYS1iZjY4LWRjN2E1YzRiMTQxNQAQAMEJhQ62vRpCkWXYnzMqLN… 3/3
 SINGAPORE – EMPLOYMENT PASS

Complementary Assessment (COMPASS) FRAMEWORK

APR’2024
WORK PASSES IN SINGAPORE
All foreigners who intend to work in Singapore must have a valid pass (commonly known as a
work visa) before they start work. If you are engaging foreigners to work in Singapore, you must
ensure that they hold a valid pass

Pass type Who is it for

• Employment Pass • For foreign professionals, managers, and

(This is the most common work pass executives. Candidates need to earn at
category for skilled employees such as least $5,000 a month and pass the
ICAI members) Complementarity Assessment
Framework (COMPASS).

• EntrePass • For foreign entrepreneurs who are keen to

start and operate a business in Singapore
that is venture-backed or possesses
innovative technologies.

• Personalised Employment Pass • For high-earning existing Employment Pass

holders or overseas foreign professionals.
The PEP offers greater flexibility than an
Employment Pass.

• Overseas Networks & Expertise Pass • For top talent in business, arts and culture,
sports, as well as academia and research.

• Others • Other types of passes are Work permit for

artiste, S-Pass (skilled workers), work
permit for semi-skilled workers in
constructions, domestic workers like
helpers, nanny etc.

Apr’24 1
SINGAPORE – EMPLOYMENT PASS
Complementary Assessment (COMPASS) FRAMEWORK

COMPASS FRAMEWORK
Ref: https://www.mom.gov.sg/passes-and-permits/employment-pass/eligibility#compass

The Ministry of Manpower (MOM) introduced the COMPASS Framework in September 2023,
fundamentally transforming the Employment Pass (EP) application process in Singapore. This
transparent, points-based system aims to attract and retain high-caliber foreign Professionals,
Managers, Executives, and Technicians (PMETs) while fostering a diverse and dynamic
workforce.

Employment Pass (EP) candidates need to pass the points-based COMPASS in addition to
meeting the EP qualifying salary. To qualify for EP applications, candidates will need to pass a
2-stage eligibility framework and needs to earn 40 points to pass COMPASS.

Key Objectives:
• Talent Acquisition: COMPASS prioritizes the selection of foreign PMETs with
demonstrably valuable skills and qualifications. This targeted approach ensures that
Singapore attracts talent that directly contributes to economic growth and industry
advancement.

• Workforce Diversity: The framework incentivizes employers to build a more diversified

workforce by awarding points for hiring PMETs from under-represented nationalities. This
fosters a broader range of perspectives and experiences within companies, leading to
enhanced innovation and problem-solving capabilities.

• Alignment with Fair Consideration Framework: COMPASS complements the existing

Fair Consideration Framework, guaranteeing a fair and balanced approach to talent
acquisition. While COMPASS facilitates the recruitment of qualified foreign PMETs,
employers are still required to make a good faith effort to source suitable candidates from
the local talent pool.

Report Date 2
SINGAPORE – EMPLOYMENT PASS
Complementary Assessment (COMPASS) FRAMEWORK

How to pass COMPASS

Chartered Accountants qualified from Institute of Chartered Accountants of India are currently
covered under degree-equivalent qualification that earns 10 points only.

The Two-Stage Assessment Process:

EP applications undergo a rigorous two-stage assessment:

• Stage 1: Minimum Qualifying Salary: Applicants must demonstrate they are offered a
salary that meets or exceeds the established benchmark for their industry and age group.
This ensures competitiveness in attracting skilled professionals and upholding fair
compensation practices.
• Stage 2: COMPASS Points Assessment: Applicants receive points based on four
foundational criteria and two bonus criteria. A minimum total of 40 points is required for EP
approval.

Report Date 3
SINGAPORE – EMPLOYMENT PASS
Complementary Assessment (COMPASS) FRAMEWORK

COMPASS Criteria Breakdown

• Foundational Criteria (Mandatory):

o Salary: Points are awarded based on the offered monthly salary in comparison to
established benchmarks for local PMETs in similar positions.
o Qualifications: This category assesses the applicant's educational background and
professional credentials. Points are granted for relevant degrees, diplomas, and
proven work experience that aligns with the job requirements.
o Work Experience: Applicants receive points based on their demonstrably relevant
work experience within their field. Extensive experience in a relevant industry signifies
expertise and a strong track record.
o Pass History: Points are awarded for any past Singapore immigration passes held by
the applicant. This provides valuable insight into the applicant's immigration
compliance and familiarity with Singapore's work environment.
• Bonus Criteria (Optional):
o Qualifications Premium: Additional points are granted for holding advanced degrees
(Masters, PhD) relevant to the job description. This incentivizes the recruitment of
highly specialized professionals.
o Diversity: Companies that hire PMETs from nationalities with lower representation in
Singapore's workforce can earn bonus points. This promotes a more inclusive talent
pool within the organization.

Exemptions from COMPASS

Candidates are exempted from COMPASS if they meet any of these conditions:
1. Have a fixed monthly salary of at least $22,500 (similar to the prevailing Fair Consideration
Framework (FCF) job advertising exemption from 1 September 2023)
2. Are applying as an overseas intra-corporate transferee
3. Are filling the role for 1 month or less

Report Date 4
 Institute of Chartered Accountants
of India, Singapore Chapter, The
(UEN: T09SS0091F) (ROS Ref No: 1110/2008)
60 PAYA LEBAR ROAD, #09-43 PAYA LEBAR SQUARE, Singapore 409051

To Dated: 18th April, 2024

The Officer-In-Charge,
Ministry of Manpower
Singapore.

Respected Madam / Sir,

Subject: Process for inclusion of the Chartered Accountants degree from

The Institute of Chartered Accountants of India into COMPASS Framework
into Top Tier Institution List to qualify for 20 COMPASS points

Our Society in Singapore, Institute of Chartered Accountants of India, Singapore Chapter, The (ICAI
Singapore) represents the Singapore Chapter of The Institute of Chartered Accountants of India
(ICAI).

ICAI is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949
for regulation and development of the profession of Chartered Accountants in India. It functions
under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI
is the largest professional body of Chartered Accountants (CAs) in the world, with a strong tradition
of service to the Indian economy in public interest. The examination for qualifying as Chartered
Accountant is conducted on a pan-India basis under the aegis of the ICAI and the standard to qualify
is one of the toughest in the world. As per the last examination, which was conducted in November
2023, only 9.42% of the candidates who appeared in both groups of CA Final examination had passed
the same.

ICAI Singapore is one of the premier overseas chapters of ICAI and represents the CAs from ICAI who
are working in Singapore. The members of ICAI Singapore have been contributing significantly to the
growth of Singapore over past many decades. Many of them are part of the middle and senior
management of Corporates in Singapore and some already setting up their own firms here in
Singapore. While many of them are either Singaporean Citizen or Permanent Resident here, a
significant number of them is on Employment Pass (EP) here.

This letter of request is in reference to the Complementarity Assessment Framework (COMPASS)

Framework setup by the Ministry of Manpower. The COMPASS Framework is now the guiding
lighthouse for the approval of EP. In the Framework, we noticed that ICAI has not been kept as part
of the list of the Top-tier Institution. This has affected many of our members who are EP as this do
not allow them to get 20 COMPASS points which is provided to the institutes who are part of the Top
Tier Institution.

With this letter we bring to your notice that we would be able to provide all the documents that you
might need to enable you to include ICAI into the Top-tier Institution. We would also like to highlight
here that The Institute of Singapore Chartered Accountants (ISCA) has already recognized ICAI’s
professional qualification to become an Associate Member of ISCA. And we are confident that basis
your criteria requirements, we would be able to satisfy that too.
We look forward to your urgent guidance on this matter. We remain at your disposal should you need
any additional information.

Yours Sincerely,

For and on behalf of,

Institute of Chartered Accountants of India, Singapore Chapter, The

_____________________
CA. Nishant Kumar Surana,
Chairperson,
Institute of Chartered Accountants of India, Singapore Chapter, The