The Singapore government recently issued the Singapore tech pass, which is to attract tech experts from around the world to work in the city-state. The pass is an expansion of the Tech@SG program, which was released by the Economic Development Board (EDB) and Enterprise Singapore (ESG) in 2019.
The Reason for the Singapore Tech Pass
The technology sector in Singapore has been growing, with innovations and disruptive technologies being introduced in every other field. Various studies have shown that technology will be the main driver of the economy in the coming years. Thus, even if Singapore has been investing a lot in improving the Human Resource in the tech field, it needs more professionals to guide and lead up-and-coming technology maestros.
Furthermore, Singapore has had to compete with other developed economies, and since almost every developed country has been implementing new ideas for their own growth, the Singapore Tech Pass is Singapore’s way of making a statement in the tech world. With the city-state’s existing reputation as one of the best places in the world to live and work, it comes to no surprise that some of the most talented technology experts will be making use of the Tech Pass.
Eligibility Criteria for Singapore Tech Pass
Initially, there will be 500 places available for applicants, which will be issued on a first-come-first-serve basis. You need to fulfil two out of these three criteria to be eligible for the Singapore tech pass:
- The last drawn monthly salary must be at least S$20,000 for at least one year.
- The person should have had at least five years of experience in a leading role in a tech company. The particular company should have had a valuation of US$500 million, or have raised US$30 million.
- The applicant should have had five years of experience in a leading role in the development of a product which has at least 100,000 monthly active users or annual revenue of at least US $100 million.
What Can You Do With the Singapore Tech Pass?
A Singapore tech pass lets you to:
- Start and run a technology company in Singapore.
- Work in a Singapore tech company.
- Change employer(s) once you arrive in Singapore.
- Be a consultant or a mentor to a technology company. You can also become a lecturer in colleges or become an investor or a director in a local company.
- With the tech pass, you can bring your family (spouse, children, and parents) to Singapore with the Long-Term Visit Pass (LTVP). Eligible family members can also get a Dependant’s Pass.
- If you meet the renewal criteria, you can renew your pass for another two years.
Thinking of Starting a Company in Singapore?
If you are thinking of running a business upon getting the Tech Pass, you need to register a company. Actually, you don’t even have to travel to Singapore for that. With professional help, online company formation in Singapore can be done without any hassle.