Singapore is one of the successful economic hubs in SouthEast Asia. Recently, it announced that it will launch a unique work visa to draw more leading technology entrepreneurs from all over the globe. This Singapore Tech.Pass visa scheme encourages tech entrepreneurs and professionals with experience in fast-growing or established tech-related companies.
Starting from January 2021, Tech.Pass applications will be accepted. This program is only limited to 500 visas during its launch, which is available on a first-come-first-serve basis. This type of pass will be valid for up to two years. It is subject to renewal for two more years depending on fulfilling renewal criteria. If you are interested in getting this special work visa, here are all the things you should know about the program.
Singapore Tech.Pass visa
Holders of the Singapore Tech.Pass visas are eligible to become an investor, launch, and run more multiple companies. If you want to apply for this work visa, you are allowed to consult and mentor startups or even be one of the lecturers at institutes in Singapore. Aside from this, holders of Tech.Pass can also sponsor stay for their parents, spouse, or children. This new work visa scheme provides more versatility when compared to the current EntrePass or Personalised Employment Pass Singapore scheme. If you apply for the Entrepreneur Pass scheme you need to have an employer who will sponsor you, while the Tech.Pass program places the responsibility on you.
Unlike Employment Pass or Personalised employment pass Singapore, the Tech.Pass program doesn’t need to have a sponsorship of an employer in Singapore, providing you to have greater versatility in your responsibilities, such as launching a business, being an investor or employer, or becoming a consultant or director in one or more technology companies based in Singapore. Like the Personalised employment pass Singapore program, this work visa also permits holders to change employers without the need to get a new one.
Singapore Tech.Pass visa program eligibility
Starting 1 January 2021, anyone can submit an application on the website of the Singapore Economic Development Board. If you’re interested in applying for the Singapore Tech.Pass visa program, you need to complete or have at least two of the listed requirements below:
- You must be receiving the fixed monthly salary of at least S$20,000 which is recorded in the previous year.
- You need to have experience working in the development of a technology service or product for at least five collective years and must have at least US$100M yearly income or at least 10,000 monthly active users.
- Aside from the tech product development, you must also have experience working as an executive or director in a tech company for at least five collective years with at least US$30M funding raised or a US$500M market or valuation cap.
Tech professionals can submit an application for the Tech.Pass work visa directly. Once you get approved, it will be valid for up to two years, which you can renew for another two years when you are able to fulfill the required renewal requirements. There are a lot of benefits that you can experience once you become a Tech.Pass holder. You are eligible to start and manage several tech agencies. Like the Personalised Employment Pass Singapore scheme, you can be a worker in one or more companies in Singapore at any time. You can also switch from being an employer to becoming an entrepreneur.
Part of the program is also to allow you to become a mentor or consultant to teach in Singapore-based universities of higher education, or become a director or investor in one or multiple companies in Singapore. You are also allowed to sponsor stay of your parents, spouse, and children in the country or either a Long-Term Visit Pass or a Dependent Pass, which is authorized by the Ministry of Manpower in Singapore.
Get the right work visa
Singapore is becoming more and more successful in terms of economic status. That’s why recently, they launched a new work pass program which is called “Tech.Pass”. This visa is essential to draw more leading accomplished tech experts, leaders, and entrepreneurs from across the globe to Singapore and be a part of the development of the country’s tech industry. If you’re planning on getting any kind of work passes like S Pass, EPass, or Personalised employment pass Singapore visa in Singapore, you can partner with an experienced agency like Ren Ai Group. We handle work visa processing and make sure we will prepare all the necessary documents and paperwork needed before you arrive. Call us today so you won’t have to worry about building a new career in Singapore.