The Singapore Economic Development Board (EDB) has announced plans to launch Tech.Pass, a targeted programme to attract founders, leaders, and technical experts with experience in established or fast-growing tech companies and contribute to the development of Singapore’s tech ecosystem. Tech.Pass will be open for application in January 2021, with 500 places available upon launch.
The Tech Pass will allow pass holders flexibility in the participation of activities such as starting and operating a business, being an investor, employee, consultant or director in one or more Singapore-based companies, mentoring start-ups and lecturing at local universities.
Key Features of the Tech Pass Include:
The pass, which will be valid for two years in the first instance allows the holder to:
- Own and operate one or more tech companies
- Be an employee in one or multiple Singapore-based companies at any time
- Transition between different employers or to be an entrepreneur
- Be a consultant, mentor, lecturer in local institutions of higher learning, or be an investor and director in one or more Singapore based companies
- Sponsor the stay for their spouse, children, and parents1 in Singapore on either a Dependant’s Pass (DP) or a Long-Term Visit Pass (LTVP) issued by MOM
1Legally married spouse and unmarried children under 21 years of age, including those legally adopted, will be eligible for a DP issued by MOM. Common-law spouse, unmarried handicapped children above 21 years of age, unmarried stepchildren below 21 years of age, and parents will be eligible for a LTVP issued by MOM.
Eligibility Criteria Includes:
Applicants must satisfy any two of the following conditions to be eligible for the pass:
- Have a last drawn fixed monthly salary (in the last 1 year) of at least S$20,0002.
- Have at least five cumulative years of experience in a leading role in a tech company with a valuation/market cap of at least US$500mil or at least US$30mil funding raised.
- Have at least five cumulative years of experience in a leading role3 in the development of a tech product that has at least 100,000 monthly active users or at least US$100mil annual revenue.
2Or its equivalent in a foreign currency. Candidates or business owners with annual income in excess of S$240,000 or its equivalent in a foreign currency will also be considered.
3E.g. made major contributions to the design, development, and/or deployment of a tech product.
How can your organization benefit from the Tech pass?
The tech pass will allow established tech talent to enter Singapore, bringing their networks and experience with them to benefit the local tech scene. Companies should leverage this to gain a competitive advantage within evolving tech industry, benefiting from the diverse skillsets and foresight of the tech pass holder.
The tech pass holder is also allowed to play different roles, from investor to employee, consultant or director and to transmit between different companies which is useful for large tech companies with parent and multiple subsidiaries, allowing them to support different stakeholders in your company.
How can Hawksford help?
We understand that navigating the eligibility criteria, collating documents, and renewing work passes can be a complex process. Hawksford can help entrepreneurs and foreign firms navigate Singapore’s immigration regulations when they require the service for themselves, their families, or their staff.
We are fully licensed by the Ministry of Manpower (MOM) in Singapore and provides customised advice to all our clients. We also work with government institutions such as EDB to follow best practise when applying for new work passes, such as the Tech Pass.
Hawksford supports Tech Companies
The global economy is changing at a rapid pace and many tech companies are looking to expand their business operations into regions which are digital trade and data-friendly, offer global connectivity and a talented workforce to choose from.
When looking to grow or expand your business into new regions it’s important to work with a corporate services provider who has the knowledge and expertise to support you through all stages of growth. From tech start-ups to companies looking to scale up, Hawksford offers customised corporate solutions to help our clients achieve their goals.
With sound knowledge of the tech sector and 12 offices globally, we take away the burden of regulatory, financial and tax compliance, corporate governance, and talent management so you can focus on managing your business.
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