Starting in January 2021, Singapore will issue the new work permit named Tech.Pass. This is a visa that allows tech professionals and entrepreneurs to come to Singapore and make frontier innovations. This is one of Singapore’s strategies to attract and retain highly-accomplished technology entrepreneurs, experts, and business leaders in the country.
Key Features of Tech.Pass
Tech.Pass in Singapore is a visa that grants its holder two years of access to Singapore resources and opportunities. Initial eligibility to Tech.Pass allows its holder to do the following activities;
- Start and run at least one tech company;
- Work as an employee in one or more Singapore-based companies at any time;
- Transit between employers or to entrepreneurs;
- Consult, mentor, or lecture in universities
- Invest and direct in one or more companies in Singapore;
- Stay opportunities for spouse, children, and parents on either a dependent’s pass or a long-term visit pass
- Renew for another two years, subject to renewal criteria
The new Tech.Pass in Singapore allows its holder the flexibility to participate in many tech development and entrepreneurship activities. This new work pass is a program under the Tech@SG initiative. The initiative aims to support the expansion of high-potential companies in Singapore.
Further, the schemes are also put in place to strengthen the tech industry in Singapore. Additionally, to remain globally competitive, new talents and connections must come in the country. The Tech.Pass will open doors to even starting tech talents to unleash their potentials.
Tech Pass Eligibility
To apply for the new visa, the applicant must satisfy at least two of the following criteria:
- In the past year, has a fixed monthly salary of at least SG$ 20,000 or its equivalent in foreign currency; or
- Candidates or business owners with an annual income of more than SG$ 240,000 or its equivalent in foreign currency.
- Has at least five cumulative years of experience in a leading role in a tech company. The company valuation of at least US$ 500 million or at least US$ 30 million funding raised.
- Has at least five cumulative years of experience in a leading role in the development of a tech product. The tech product must have at least 100,000 monthly active users or at least US$100mil annual revenue.
Tech Pass Renewal
The initial validity of the Tech.Pass lasts for two years. Afterward, the holder may opt to renew the visa for another two years. The renewal of the pass is subject to a new set of criteria. To qualify for the two-year renewal, the pass holder must have achieved either of the two:
- Earned at least S$240,000 in assessable income based on the latest Notice of Assessment from the Inland Revenue Authority of Singapore; or
- Demonstrate total annual business spending of at least S$100,000. Further, employs at least 1 local professional, manager, and executive with a minimum fixed monthly salary of SG$ 3,900 and receives CPF contributions for a minimum of 3 months. Or employs at least 3 Singapore citizens and permanent residents with a minimum fixed monthly salary of SG$ 1,400 and receives CPF contributions for at least 3 months.
In addition to having done either of the above mentioned, Tech pass holders must have completed at least two roles specified by the Singapore Economic Development Board. The roles are listed in an array of two columns. At least one of the achieved roles must be from column A.
Are you interested in applying for the new Tech.Pass in Singapore as an entrepreneur? We can help you work out the requirements and assist you in your Singapore company setup. Contact 3E Accounting Singapore today to get in touch with our expert teams.