What is Tech.Pass?
Tech.Pass is a new visa program that aims to attract highly accomplished entrepreneurs, business leaders, or technical experts to Singapore and provide them with the flexibility in participating in a variety of activities that can contribute to the tech ecosystem. The applicant does not need a specific job/field in mind while applying for the pass.
Individuals can apply directly to the Singapore Economic Development Board to get the pass. The applications will open in January 2021.
Do I need to secure employment in Singapore to apply for Tech.Pass?
No, one does not need to secure employment in Singapore to apply. Individuals can apply without employer sponsorship. The application will be judged based on the track record and prior experience of the applicant. Tech.Pass holders will subsequently be able to utilize flexibilities accorded with the pass, such as starting and operating companies, being an investor, employee, consultant or director in one or more Singapore-based companies, mentoring start-ups or even conduct training in local institutions. Therefore, one does not need a specific field/job in mind before applying for the pass.
What are the key features of Tech.Pass?
The key features of Tech.Pass are as follows:
· It is valid for 2 years and can be renewed for another 2 years, upon meeting renewal criteria
· It allows individuals the flexibility of transitioning from being an employee to being an entrepreneur.
· Start and operate one or more tech companies at any time
· Be an employee in one or more Singapore-based companies at any time
· Be a consultant or mentor, lecture in local institutions of higher learning, or be an investor and director in one or more Singapore based companies
· Sponsor stay for spouse, children, and parents in Singapore on either a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) issued by MOM
What are the eligibility criteria of Tech.Pass?
To be eligible for the pass, applicants must satisfy any two of the following conditions:
· Have a last drawn fixed monthly salary (in the last 1 year) of at least S$20,0001.
· Have at least five cumulative years of experience in a leading role in a tech company with a valuation/market cap of at least US$500mil or at least US$30mil funding raised.
· Have at least five cumulative years of experience in a leading role2 in the development of a tech product that has at least 100,000 monthly active users or at least US$100mil annual revenue.
1 Or it’s equivalent in a foreign currency. Candidates or business owners with annual income in excess of S$240,000 or its equivalent in a foreign currency will also be considered.
2 E.g. made major contributions to the design, development, and/or deployment of a tech product.
What are the renewal criteria of Tech.Pass?
To be eligible for a two-year renewal, the pass holder must
1. Have earned at least S$240,000 in assessable income based on the latest Notice of Assessment from the Inland Revenue Authority of Singapore (can be made up of salaries and/or business income); OR
2. Demonstrate total annual business spending of at least S$100,000 and employ at least 1 local PME or 3 LQS .
At the time of renewal, be performing at least two of the following roles, at least one of which must be in Column (A):
|1. Founded a company in Singapore, offering a tech-based or tech-enabled product or service|
2.Served a leading role (e.g. CEO, CTO, APAC MD) in a Singapore-based tech company
3.Served a leading role in two or more Singapore-based tech companies
4.Employed in a technical role leading a team in a Singapore-based company, e.g. senior engineer or senior researcher leading a team in a particular tech field
5.Employed in a technical role leading a team in two or more Singapore-based companies
|1.Served on Board of Directors of a Singapore-based company (need not necessarily be tech company)|
2.Acted as advisor/mentor to a Singapore-based start-up
3.Served as professor/lecturer/adjunct professor/adjunct lecture in a Singapore Institute of Higher Learning (IHL)
4.Provided training in some form not covered by B2 or B3 above (e.g. workshops, corporate training classes).
5.Invested in one or more Singapore-based tech companies
We hope we provided more clarity on the Tech.Pass and the requirements of the program. Please don’t hesitate to Contact Us if you have any more questions.