Technology is always moving forward and you must keep pace. As a Singapore PR Application Agency, we’ve created this guide to help you understand everything you need to know about the new Work Pass and get ahead of the curve when it comes to Singapore citizenship application and PR application.
1. What is Singapore Tech.Pass?
Singapore’s Tech.Pass is a new work pass administered by the Singapore Economic Development Board (EDB) and was launched on January 2021. This is an extension of the popular Tech@SG program and aims to help local companies to scale up faster and advance the tech hub in the region.
The program allows for a wider pool of foreign experts, entrepreneurs, and business leaders in the technology sector and enhancement of the local tech ecosystem.
Previous overseas recruitment was focused on blue-collar jobs but recently the Singapore government inclined towards the promotion of the science, technology, engineering, and technology (STEM) sectors.
The yearly quota for the Tech.Passes allocated were set at 500. Eligible companies were granted with up to 10 employment passes for foreign employees to achieve global collaboration and network sharing.
2. What are the benefits of Singapore Tech.Pass?
Unlike any existing pass, the Tech.Pass holder will enjoy the following major advantages:
- Start up a tech company in Singapore.
- Join the workforce in one or more Singapore-based companies at any stage within those two years.
- Be an investor/shareholder in one or more companies based in Singapore.
- Work as a director for one or more Singapore-based companies.
- Lecture in Singapore institutions of higher learning.
- Conduct corporate workshops or training.
- Join your family in Singapore.
- Sponsor a family member with a Dependant’s Pass or Long-Term Visit Pass.
3. How does Tech.Pass differ from Employment Pass?
In Singapore, there are several work passes but a Tech.Pass differs in various ways:
- Currently, there will be 500 Tech.Passes to be given out, whereas there is no limit for traditional work passes.
- Individuals can apply for the Tech.Pass directly. A traditional work pass must have a sponsorship from an employer.
- A Tech.Pass can be applied without being employed in Singapore before application.
4. How to Apply for the Singapore Tech.Pass?
To qualify for the pass, two out of the following three requirements should be met:
- Within the last year, your basic monthly salary should be at least S$20,000. If you are a business owner, you should make more than S$240,000 a year.
- You’ve worked in a top-level position within a tech company for at least five years, and have successfully led a company that has a market value of at least $500 million or has raised $30 million of funding.
- You’ve got 5 or more cumulative years of experience working in a leadership role in the design and roll-out of a tech product or service that has at least US$100 million in annual revenue, or at least 100,000 active monthly users.
5. How to Renew your Singapore Tech.Pass
Your Tech.Pass is set to expire within 2 years. If you meet the two conditions listed below, you can apply to renew your Tech:
- The Tech.Pass holder has earned at least S$240,000, either for a business income or salary or both.
OR
- The Tech.Pass holder must have annual business spending of at least S$100,000 and has hired at least one Singaporean or Singapore Permanent Resident Manager, Executive, or Professional with a monthly income of at least $3,900, or three Singaporeans or Singapore Permanent Residents with a monthly income of at least $1,400.
AND
You have worked at least two of the following roles, with one of them from the first five conditions:
- You have established a Singapore-based tech-enabled company.
- You have carried out a lead role in a Singapore based tech-company, e.g. as a CTO, CEO, APAC MD
- You have executed a leading role in at least two Singapore-based tech companies
- You have performed in a technical leadership role, e.g. senior researcher or engineer
- You have performed in a technical leadership role in at least two companies in Singapore
- You have performed as a director in a Singaporean company (not necessarily a tech company).
- You have acted as a mentor or an advisor for a start-up in Singapore
- You have rendered corporate training or workshop classes
- You have been employed as a lecturer, professor, adjunct lecturer, or adjunct professor in a Singapore Institute of higher learning
- You have invested in at least one Singapore-based tech company.
Conclusion
Singapore’s new work pass is a significant step forward in the government’s efforts to attract high-performing talents in the tech sector. The qualifications may be overwhelming but the opportunities that await are dynamic as Singapore is striving to become a global tech hub.
