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. Of course, if you become a Singapore PR, you can also do all of those.
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.
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. Take note though, that the application for this Tech.Pass has not yet started, and is expected to only begin in January 2021. Spaces are extremely limited, and only 500 are available at the moment.
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.
The eligibility criteria for Tech.Pass is 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 are the benefits that 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.
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
As you can tell from the above, it is in line with our expectations that our country will still continue to work towards stable population growth by talented migrants.