12 Nov

Singapore unveils new work pass - Tech.Pass, for global tech talents; applications open in January

Singapore’s Economic Development Board announced plans to introduce a new work pass – Tech.Pass, to attract global tech experts with a proven track record of contributing to the global technology ecosystem. This program is implemented as part of Singapore’s multi-pronged approach to develop Singapore’s tech scene, ensuring that Singapore remains globally competitive.

Under the Tech.pass program, a total of 500 work passes will be available for application upon its launch in January 2021. This program is mainly targeted at highly accomplished tech talents such as founders, leaders, and technical experts with experience in established or fast-growing tech organisations. EDB will take charge of the administering of passes, supported by the Ministry of Manpower.

Tech talents who are awarded the Tech.Pass enjoys the flexibility to move seamlessly between different activities that contribute to Singapore’s tech ecosystem – managing a business, investing, mentoring or leading companies, or even teaching professionally in institutes of higher learning.

Eligibility criteria for Tech.Pass

To qualify for the Tech.Pass, applicants must fulfill at least 2 of the following requirements:

Have a last drawn fixed monthly salary in the past year of at least $20,000
Possess at least five cumulative years of experience in a leading role in a tech company with a valuation or market cap of at least US$500 million or at least US$30 million funding
Possess 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 US$100 million revenue

Tech.Pass will be available for renewal for another subsequent two years, provided the holder meets certain requirements such as having earned at least S$240,000 (US$177,871) in assessable income, achieving total annual business spending of at least S$100,000 (US$74,113), among others.

Summary

By attracting established tech talent, it will further strengthen Singapore’s position as a leading tech hub for the region and the spillover effects could possibly include more job creations for local tech talents.

Tech.Pass is an extension of the Tech@SG program that was launched in 2019 to support fast-growing tech businesses and established tech talent to enter Singapore, facilitating knowledge and experience sharing in the local tech scene.

Source: CNA & EDB

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