The government of Singapore recently announced the Tech Pass, which interested technology professionals from all around the world looking to move in Singapore. Many seemed to ask what the pass was, and if they should apply for it rather than the standard Employment Pass. We bring you the answer to it.
What is the Tech Pass?
The tech pass is an exclusive visa for highly skilled and influential international technology experts to enter and work in Singapore. Furthermore, the Tech Pass is a temporary visa, meaning that there are only 500 slots available for now. The initial applications will be open in January 2021. The requirements for getting the visa are so high level that it will be given on a first-come, first-serve basis.
An individual needs to fulfil at least two of these three requirements to be considered for the Tech Pass:
- The applicant’s last drawn salary should be at least S $20,000 a month over the period of a year.
- The applicant should have an experience of at least five years of working in a leading tech company. Moreover, the company should have a valuation of US $500 million and have raised US $30 million.
- The applicant should have worked in a leading role in the development of a tech product with 100,000 monthly users. If not, the tech product should have an annual revenue of US$100 million.
How is the Tech Pass Different from the Employment Pass?
In Singapore, the employer needs to apply for the Employment Pass if they want to hire a foreign worker. Furthermore, the foreign worker needs to earn at least $4,500 a month to get the visa. They can’t change their employer after coming to Singapore. Depending on the salary, it is possible for them to bring their family members, and even parents to Singapore.
On the other hand, Tech Pass offers a lot more flexibility and freedom on what you can do after coming to Singapore. You can work in a tech firm, or open your own company. Additionally, you can work as a consultant or a lecturer or change employers. Similar to the Employment Pass, you can sponsor the stay of your family members in Singapore.
Which One Should You Go for?
The answer is very apparent- apply for the Tech Pass if you fulfil the requirements. Also, you may have to hurry with your decision. As there are limited slots, they may be taken soon.
On the other hand, if you can’t get a Tech Pass and already have an employer lined up, you can go for an Employment Pass. At the end of the day, the Employment pass is also meant only for highly competent professionals.
Again, remember, tech pass is only for Technology Experts. If you work in other sectors, you must get an Employment Pass.
Thinking of Becoming a Tech Entrepreneur in Singapore?
If you are thinking of getting the Tech Pass to start your entrepreneurial journey in Singapore, you need to register a company. You may need to get professional assistance, as registering a company in Singapore can be puzzling for foreigners. You will have to call a leading accounting service provider, who will complete your online company registration in no time.