New Tech.Pass Singapore To Attract Talented Migrants

It was just recently announced that a new type of work pass is expected to be launched in the year 2021 for top-tier professionals looking to either do business in, lead corporate teams or take on a teaching role in Singapore. It is also a type of work pass which will eventually allow its holders to apply for a Singapore PR if they wish to.

What is Tech.Pass?

On the 12 November 2020, The Economic Development Board (EDB) announced plans to launch Tech.Pass, which is an initiative designed to put Singapore ahead of others in the race to attract top-tier technology professionals from industries such as cyber security, E-commerce and more. This will be supported by the Ministry of Manpower. All of these are expected to be booming industries in the future, if not already.

The goal of this Tech.Pass is to create a flywheel effect to strengthen Singapore’s position as the preeminent tech hub in the entire region. Other than it being designed to attract talented foreign immigrants, it will have positive knock on effects by creating more high paying jobs for locals as well. This success will then spur further success and attraction of more such talents and so on – creating the flywheel effect that Mr Chan of the Singapore government has stated about.

This is especially important for the tech sector in our country because Singapore’s Internet economy is on track to reach approximately almost $30 billion per year by 2025. Additionally, our country also happens to house the greatest amount of corporate headquarters for tech companies with over a valuation of $1 billion among all other South East Asian countries.

What are the eligibility criteria for Tech.Pass?

The eligibility criteria for Tech.Pass are at least two out of the three following criteria:

  • A last drawn monthly salary of $20,000 in the last financial year
  • A minimum of five years of experience in a leading role in a technology company with a valuation or market cap of a minimum or US$500 million or with raised funding of at least US$30 million
  • A minimum of five years of experience in a leading role in the development of an IT based product which has at least 100,000 monthly active users (MAU) or US$100 million in revenue

What benefits will a Tech.Pass will provide holders?

Successful applicants will be able to easily start and operate a business locally, serve on board of directors of a Singapore incorporated company or be an investor in local companies. Something additional is that they can also do stuff like teaching roles in institutes of higher learning or universities, serve as a mentor to local corporations and be able to conduct trainings or workshops here physically too.

How long is the validity for Tech.Pass?

When it comes to this Tech.Pass, the validity of it will be for two years at a time, and a one time renewal for the subsequent two years will be contingent on several criteria. Application for Tech.Pass was expected to have begun in January 2021.
The renewal criteria for Tech.Pass will be as follows:

  • Applicant to have earned a minimum of $240,000 in declared, assessable income for the first two years OR
  • Providing proof that the business has spent at least $100,000 locally

How many available slots are there for Tech.Pass?

Spaces are extremely limited, and only 500 are available at the moment.

As you can tell from the above, the launch of the above is in line with our expectations that our country will still continue to work towards stable population growth by talented migrants.