EDB launched new Tech Pass to attract Tech industry experts.
The new Tech Pass aims to attract tech industry experts, highly accomplished entrepreneur, and business leaders that can contribute to the Singapore tech ecosystem.
Under the purview of the Economic Development Board (EDB), a new work pass called the Tech Pass will be open for application in January 2021. The tech pass is considered as the top tier work pass, which required the candidate to meet various high levels criteria.
Similar to Singapore, many other countries are trying to attract tech professionals to help them grow their tech industries and create job opportunities. Countries like France, Thailand, Malaysia, and Britain have also introduced a special visa to attract top tech talents in this global race.
Unlike the Employment Pass (EP), the tech pass candidate does not need a job offer in Singapore. It allows the Tech pass holder to decide what they want to do such as:
- Incorporate a company;
- being an investor;
- Be a consultant or board of director in one or more Singapore based companies;
- Provide mentorship to start-ups;
- And participate in lecturing at local universities or corporate training.
There will be only 500 places available upon launch. The tech pass is valid for 2 years with the option to renew for another 2 years. However, the renewal of the pass will be subjected to the fulfillment of certain criteria.
Who is eligible for the Tech Pass?
To be eligible for the Tech Pass, the candidates must meet two of the three criteria:
- Last drawn monthly salary of at least S$20,000 in the last 1 year.
- Have at least 5 years of cumulative experience in a leadership role for a tech firm with a valuation/market capitalisation of at least US$500 million or raised at least US$30 million funding and beyond;
- Have at least 5 years of cumulative experience in a leadership position that involves the major development/design and or deployment of a tech product, that has at least 100,000 monthly active users or at least US$100,000 million in revenue.
Tech Pass renewal criteria.
The Tech Pass holder has to meet several requirements such as:
- Have earned an assessable income of at least S$240,000 based on the latest Notice of Assessment from IRAS. The income can be made up of salary and/or business income; or
- Incur business expenses of at least $100,000 a year and employ 1 local PME or 3 LQS.
At the point of renewal, the Tech Pass holder must have already performed at least 2 of the following roles, and at least 1 of which must be in Column (A).
|
A |
B |
| Start and operate a company in Singapore, offering a tech-based or tech-enabled product or service | Served on Board of Directors of a Singapore-based company |
| Be appointed as a (CEO, CTO, APAC MD) in a Singapore-based tech company | Acted as an advisor/mentor to a Singapore based start-up |
| Served a leading role for two or more Singapore-based tech companies | Served as professor/lecturer/adjunct professor/adjunct lecture in a Singapore Institute of Higher Learning (IHL) |
| Employed in a technical role leading a team in a Singapore-based company, e.g. senior engineer or senior researcher leading a team in a particular tech field | Provided training in some form not covered by B2 or B3 above (e.g. workshops, corporate training classes). |
| Employed in a technical role leading a team in two or more Singapore-based companies | Invested in one or more Singapore-based tech companies |
How to apply for the Tech Pass?
Candidates can apply for the Pass directly with EDB on January 2021. The applicants will be assessed based on their track record and prior experience in leading teams or developing a tech product.
