Singapore is continually creating ways to increase foreign investment in the country. And just recently, the city-state has designed another strategy to entice global entrepreneurs and talents. With the new work pass in Singapore, in the form of Tech.Pass visa, the country expects an increase in tech entrepreneurs and experts to develop innovative tech products here.
What is Tech.Pass?
Tech.Pass is the new work pass in Singapore. It is a special visa that allows tech entrepreneurs, leaders, and technical experts from around the world to come to Singapore and carry out ground-breaking innovations. This is to encourage technology companies and experts to join Singapore’s tech ecosystem.
The visa is valid for two years. Further, this would allow the Tech.Pass holders to participate in various activities like starting and operating a business, taking on the role of an investor, mentor startups, and lecture in a university. Additionally, the holders could also use this visa to work as an employee, consultant, or director in a qualified Singapore-based company.
After two years, the holder can renew the visa, valid for another two years. That is if the applicant passes the criteria for the visa renewal. Moreover, Tech.Pass holders can also bring with them their spouse, parents, and children.
Who Is Qualified to Apply for a Tech.Pass?
Singapore will start accepting Tech.Pass applications starting January 2021. 500 visas will initially be available on a first-come-first-serve basis. To qualify for this new work pass in Singapore, the applicant must cover at least two conditions.
These conditions include, first, having a last-drawn fixed monthly salary of at least SG$ 20,000. Secondly, the applicant must have at least five cumulative years of experience in a leading role in a tech company. Additionally, this tech company must have a market cap of at least $500 million or has a fund of at least $30 million. Or the applicant must have at least 5 years of cumulative experience in a leading role in a tech company with at least 100,000 active monthly users or at least $100 million annual revenue.
Moreover, the renewal of the visa shall also require certain conditions before its grant. The holder must be earning at least SG$ 240,000 assessable income. Or the holder must demonstrate a total annual business spending of at east SG$ 100,000, and employ at least one local professional.
Further, to qualify for renewal, the holder must perform at least two of the list of the required roles for this visa. These roles include but are not limited to, founding a company in Singapore that offers tech-based or tech-enabled products or services. Another is to have a leading role in two or more Singapore-based tech companies.
The Broader Perspective
This new work pass for tech entrepreneurs and experts is an extension program of the Tech@SG initiative. This initiative aims to support the expansion of companies with high potential in Singapore. Together, these schemes will pave the way for fast-growing tech companies and entice tech talents to enter Singapore.
These are only a few of the active strategies of Singapore to develop a strong base of technology companies and talent. To ensure that the city-state remains globally competitive, it is continually implementing strategies to create more opportunities for both local and foreign tech talents.
Do you want to grow your talents with Singapore’s accessible opportunities? We can help assist you with your tech company set up. Contact 3E Accounting Singapore today to get in touch with our company formation experts.