Singapore to launch new work pass in January to attract global tech talent

The Singapore Economic Development Board (EDB) announced plans to launch a new work pass, Tech.Pass, to attract founders, leaders, and technical experts to develop the country’s tech ecosystem.

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The program will be open for applications in January 2021, with 500 slots available upon launch. The pass will be valid for two years in the first instance, with a one-time renewal for a subsequent two-year period based on certain criteria.

With the program, pass holders can start and operate a business in Singapore, are allowed to be an investor, employee, consultant, and director in Singapore-based companies, mentor startups, and lecture at local universities.

To apply for the pass, candidates should meet any two of the three requirements:

1. A last drawn fixed monthly salary of at least S$20,000 (US$14,824) during the last year
2. At least five cumulative years of experience in a leading role in a tech company that has either a valuation of at least US$500 million or US$30 million in funding and beyond
3. At least five cumulative years of experience in a leading role in the development of a tech product that has at the very least 100,000 monthly active users or US$100 million in revenue

To renew the pass at the end of the first two years, the holder should meet several requirements, such as having earned at least S$240,000 (US$177,871) in assessable income, demonstrating total annual business spending of at least S$100,000 (US$74,113), among others.

Tech.Pass is an extension of the Tech@SG program that was launched in 2019 to help Singapore-based technology companies recruit foreign talent and expand in the region.

See also: Where exactly is the funding going in Singapore’s tech and startup ecosystem?

“This is part of Singapore’s multi-pronged approach to develop a strong base of technology companies and talent to ensure Singapore remains globally competitive,” said EDB in a statement. It added that this will also create opportunities for local tech talent to work in global teams.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.