Singapore has launched a work visa that is made to attract top talent in technology sectors, as the country changes its foreign workforce in hopes of transforming into a tech hub. The government of Singapore is extremely aware that they need to strengthen the country’s position as a leading tech hub of the region and has rolled out a few programs to achieve this.
As part of this new scheme, the Singapore government is trying to make it more engaging for tech experts to work and live in Singapore, and Tech.Pass is the latest of such programs. Knows as Tech.Pass, this new work visa is designed at providing the Republican edge in the global race to attract highly skilled tech professionals. Here are some of the essential things you need to know about this new work visa for top-tier foreign tech professionals in Singapore.
What is a Tech.Pass?
Tech.Pass is a new work visa tailored by the Economic Development Board intended at bringing in foreign technology industry professionals to come to Singapore. The objective of the Tech.Pass program is to contribute to the expansion of Singapore’s technology environment, by creating a strong base of technology businesses and talents in Singapore.
Like other work visas such as Personalised Employment Pass Singapore visa, Tech.Pass will be valid for 2 years, and the holder can apply for a one-time renewal of the visa for another 2 more years if the holder meets specific renewal criteria.
Who is eligible to apply?
The government of Singapore has introduced strict eligibility requirements for Tech.Pass applicants. They need to meet at least two of the following conditions:
- Their last fixed monthly rate of at least S$20,000, or its equivalent in foreign currency;
- Having at least five years of experience in a high position in a tech company that has a total market valuation of at least US$500 million or have raised at least US$30 million in funding; or
- Having at least five years of experience in a high position in the development of a tech product or service that has at least garnered US$100 million in annual revenue or at least 100,000 monthly active users.
What is Tech.Pass holders allowed to do?
The unique thing about Tech.Pass is the fact that it gives the holders a high degree of flexibility just like Personalised Employment Pass Singapore visa. Especially, if you are a Tech.Pass holder, you can join in a wide range of activities within 2 years because the technology pass is valid for up to 2 years.
The allowed activities include:
- Conducting lectures in Singapore institutes of higher learning.
- Providing workshops and corporate training;
- Being an advisor or mentor of one or more companies based in Singapore;
- Shifting between employers or to an entrepreneur;
- Being hired any time as a staff in one or more companies in Singapore;
- Investing in one or more Singapore-based companies;
- Being a CEO or director of one or more companies in Singapore;
- Launching and running one or more tech agencies in Singapore.
How to renew a Tech.Pass in Singapore?
As what is stated above, Singapore Tech.Pass is like other work pass such as Personalised Employment Pass Singapore visa because it is valid for 2 years, but you can renew it thereafter. To renew your pass, you need to meet the two conditions below:
- Showing a total business spending of at least S$100,000 per year and hiring at least 3 LQSs (local residents who receive CPF contributions for at least 3 months and earn at least S$1,400 per month) or 1 local PME (professional, manager, and executive); or
- Proving total computable earned income (either business income or salaries, or both combined) of at least S$240,000, according to the latest Notice of Assessment from IRAS.
Also, you should have at least two of the following accomplishments, with at least one accomplishment mentioned below:
- Founded a tech-related Singapore-based company
- Served a CEO, APAC MD, CTO in a tech Singapore-based company
- Served a high position in at least two tech Singapore-based company
- Employed as a senior researcher or senior engineer leading a team in a company in Singapore
- Employed as a technical team leader in at least two (2) Singaporean companies
- Served as a director in a Singapore-based company
- Served as a mentor or advisor of a Singapore-based start-up
- Served as an adjunct lecturer, adjunct professor, lecturer, or professor in a Singapore Institute of Higher Learning
- Provided corporate training classes or workshops
- Invested in at least one tech company in Singapore
Apply with an agency
In general, Singapore Tech.Pass is ideal for highly qualified candidates in the technology industry. If you do not fulfill the requirements, there are still a lot of other passes that you can apply to move to Singapore like the Employment Pass or Personalised Employment Pass Singapore scheme. You can apply with an agency like Ren Ai Group. We process different work visa applications like work permit, S Pass, Employment Pass, Personalised Employment Pass Singapore, and the new Tech.Pass.