In an attempt to sustainable development in the technology sector, the government of Singapore recently announced the Tech Pass. The pass itself is an extension of the Tech@SG program, which has been around since 2019.
Initially, there will be 500 places open and the passes will be handed out on a first-come, first-serve basis.
What is the Singapore Tech Pass?
The Singapore tech pass is a special visa for international tech experts to live and work in Singapore. It is for established personnel, who already have a lot of influence in the sector. Instead of the everyday works, the Singapore government has looked to hire experts who can help with their knowledge, skills, capital, and networks to develop the technology scene in the country.
What are the Requirements for the Singapore Tech Pass?
You need to fulfil two of these three requirements to get the Singapore Tech Pass.
- Your last drawn monthly salary should be equivalent to S$20,000 over the course of a year.
- You should have worked in a leading role in a company that has a valuation of US$500 million or has raised US$30 million for at least five years.
- You should have worked in a leading role in the development of a tech product which has 1,00,000 active monthly users or annual revenue of US $100 million.
What Can Tech Pass Holders Do in Singapore?
You will be free to do these tasks in Singapore:
- To start and operate one or more tech businesses in Singapore.
To work in one or more Singapore Tech Company. You can change employers in the process.
- To work as a consultant, or become a mentor of a Singapore company. You can also give lectures at local institutions.
- To transit between becoming an employee and an entrepreneur.
You can sponsor the stay of your family members, ie., spouse, children, and parents with the Tech Pass.
What is the Validity of the Tech Pass?
Initially, the tech pass is valid for two years. The validity will increase if you fulfil the requirements for the extension of the new work pass Singapore.
What if You want to Start Your Own Company?
Yes, you can start your own company with the Tech Pass. By the way, it will be beneficial if you take help from professional Corporate Service Providers, who can assist you with Tech Pass and company setup both.