Often referred to as Asia’s own Silicon Valley, the Southeast Asia state of Singapore enjoys strong partnerships with various multinational tech corporations, 59% of which chose the country for their Asian regional headquarters. However, to further uphold the country’s lofty status in the world’s tech landscape, the Economic Development Board (EDB) of Singapore introduced a new visa programme whose main focus is to attract more high-potential talent: the Tech.Pass visa.
An extension of EDB’s Tech@SG programme, the Tech.Pass visa is meant to entice experts, entrepreneurs, and investors to scale their businesses and eventually settle in the Lion City. Through the Tech.Pass programme, the Singaporean government seeks to strengthen alliances with foreign specialists and open more opportunities to the local talent pool.
Initially, the government set an annual quota of 500 spots for the Tech.Pass programme on a first-come, first-served basis. This entrepreneur pass Singapore-bound tech innovators must apply for has a stringent application process, but the promise of working and living in one of the world’s most dynamic and cosmopolitan cities is already a reward on its own. If you’re an entrepreneur that wants to take a shot at this lucrative opportunity in one of the world’s burgeoning tech hubs, here are some of the things you need to know about Singapore’s Tech.Pass initiative.
Quick Facts about Tech.Pass
The Tech.Pass programme targets accomplished individuals that seek to operate their technology-focused businesses in Singapore or work in any industry-relevant company headquartered in the country. The Tech.Pass visa is valid for 2 years and can be renewed upon achieving certain criteria.
Unlike similar visa programmes like the S-Pass and Employment Pass, this work visa allows direct application from interested individuals. This means that applicants no longer need to secure a job in a Singapore-based company or have a local employer sponsor their applications for a work permit.
What Are the Benefits of a Tech.Pass Visa?
Successful applicants for the Tech.Pass visa enjoy greater flexibility throughout their careers in Singapore. Under this initiative, visa holders may take investor, employee, consulting, or directorial positions in other Singapore-based tech companies. They’re also allowed to transition between employers, mentor start-ups, conduct training and workshops, and lecture at higher education institutions. Additionally, Tech.Pass holders may sponsor their children, spouses, or parents by applying for a Dependant’s Pass (DP) or Long-Term Visit Pass (LTVP) with the Ministry of Manpower (MOM).
Who Can Apply?
The Tech.Pass scheme is known for having strict eligibility criteria. Before submitting an application, prospective visa holders need to meet any two of the following conditions:
- A fixed monthly salary of SGD 20,000 (USD 14,852) over the past year.
- A total of at least five years of experience in a leadership position at a tech company that has a valuation of at least USD 500 million or a minimum of USD 30 million in funding.
- At least five years of cumulative experience in a leadership role with a focus on developing a tech product that garners a minimum annual revenue of USD 100 million or has at least 100,000 monthly active users.
How Do I Apply?
The great thing about the Tech.Pass programme is that you can undergo the entire application process online. Before you apply for the visa, make sure that you meet the eligibility criteria and have the right documentation as listed on EDB’s website. You only need to download the application form on the site, pay the processing fee, and upload the necessary documents including dependant requirements, if applicable.
Processing time for applications may extend to 8 weeks or more, especially if you need to provide additional information. If successful, you’ll receive an in-principal approval (IPA) via email which allows you to travel to Singapore within 6 months to secure your pass. You can get your pass by scheduling an appointment with the MOM Employment Pass Services Centre or via the ministry’s EP Online System, provided that you have a SingPass.
How Do I Renew My Tech.Pass Visa?
The requirements for renewal are just as stringent as the application process, so it’s important to assess your capacity to deliver returns before applying for the programme. Once the two-year validity period is over, you can apply for renewal given that you’ve achieved a cumulative annual income of over USD 240,000. This can originate from your salary, business income, or both.
If you’re a Tech.Pass holder with a total business spending of at least USD 100,000 per year, you’re also eligible for renewal provided that you’ve hired at least one professional, manager, or executive (PME) who earns at least USD 3,900 per month. If not, you need to have employed at least three Singapore residents or local qualifying salary (LQS) workers with a minimum monthly income of USD 1,400. They must also have made CPF contributions for at least three months for you to qualify for renewal. There are additional requirements that prospective applicants must meet at the time of renewal, which can be explored in full detail at the EDB website.
Shoot Your Shot in Singapore
Singapore is an exciting place for anyone with a restless urge to be at the forefront of innovation. Taking pride in its diversity of stories, Singapore welcomes brilliant people of all backgrounds that can help reinforce its position as a key player in the digital age. Apply for a Tech.Pass visa today and take your place among the world’s biggest trailblazers, game-changers, and disruptors in the technological space.
