At the end of 2020, the Singapore government has introduced a new category of work visa known as Tech.Pass Singapore Employment Visa. This latest category of work visa is tailored to meet the need to develop a strong start up and business technopreneurs ecosystem in Singapore.
This new pass category is somewhat similar to the Personalised Employment Pass category which has been around for quite sometime. The aim is really to attract high income top tier talent from around the world to be in Singapore in order to create business and employment opportunities.
It is hoped that the holders of such a privilege work visa will bring with them not just the knowledge and networks, but also global business contacts and connections to further enhance the efforts to make Singapore the tech hub for the region and Asia.
Besides offering foreign tech talents the flexibility to work across different companies or set up their own business, the Tech.Pass work visa will also provide its holders the opportunities to invest in and serve on the board of directors of various Singapore companies, lead teams in Singapore or be a consultant or mentor in start-ups and universities here to groom Singaporean talent.
The criteria is the strictest amongst all types of available work visa in Singapore so far.
To be eligible for the Tech.Pass work visa, potential candidates must meet at least two out of the following three criteria:
1) Have a last-drawn fixed monthly salary (in the last year) of at least equivalent to USD14,750.00 or SGD20,000.00;
2) Have at least five cumulative years of experience in a leading role in a tech company with a valuation or market capitalisation of at least US$500 million (S$674 million) or at least US$30 million funding or more;
3) Have at least five cumulative years of experience in a leading role in the development of a tech product that has at least 100,000 monthly active users or at least US$100 million revenue. For example, a leading role could mean having made major contributions to the design, development and deployment of a tech product.