Overview of Singapore’s Tech Pass
Singapore has launched its Tech.Pass, a new work pass that is meant to attract founders, leaders, and technical experts with vast experience in tech companies, so to develop and establish Singapore’s tech ecosystem. The country’s outlook towards recovery from Covid-19 is one that is focused on future industries, with the tech sector weighing heavily on the country’s economic development. Currently, Singapore’s Economic Development Board (EDB) are only administering 500 passes annually, making it one of the most sought-after passes globally in the tech industry. This pass will allow foreign professionals to be at the forefront of the most exciting and ground-breaking innovations and developments in the tech industry, and aid in Singapore’s efforts to develop local talent as well.
With the Tech.Pass, Foreign Professionals Will Be Able To:
- Start and operate one or more tech companies;
- Be an employed in one or more Singapore-based companies at any time;
- Transit between employers or become an entrepreneur;
- 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 parents1 in Singapore on either a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) issued by MOM; and,
- Renew for another two years, upon meeting renewal criteria.
Singapore is quickly becoming the gold standard for industry development and advancements. Gargantuan investments by the government and private companies have been put into establishing future industries within the country and developing the technology of the future. Many foreign conglomerates have relocated and settled in Singapore over the past year to facilitate this growth. This can be attributed to Singapore’s:
- Business-friendly environment
- Stable government and political climate
- Supportive government policies (Taxation, Laws and Intellectual Property rights etc)
- Access to fast growing markets in the region
- State of the art infrastructure and connectivity
- Good quality of life
- Adequate and prompt response to crises (e.g: Covid-19)
Requirements to Qualify for the Tech.Pass:
The Tech.Pass, as mentioned, is one that is extremely exclusive to attract key leaders of the tech industry. As such, the barriers to entry are high. To qualify, 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$20,000. Candidates or business owners with annual income in excess of SG$ 240,000 will also be considered.
- 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 role in the development of a tech product that has at least 100,000 monthly active users or at least USD 100 million in annual revenue.
How Does IASG Help?
IASG will provide consultation, advisory, as well as document preparation for interested applicants, for the application to stand out. This would be a partnership service between our advisors and the applicant, with both the applicants and IASG specialists having to work closely together in order to submit their application.
The service will include:
- Conducting an initial profile analysis;
- Aiding in the preparation of all necessary documentation;
- Recommending various supporting documents where needed to boost the applicant’s profile;
- Crafting of Application Cover Letter;
- Facilitating the process of application from start to end; and,
- Providing pre-application, application, and post-outcome advisory.
If you are interested to enquire for Tech.Pass, please complete the enquiry form below and we will get back to you within 24 hours, or 1 business day.