Technology and humans have been bonding now more than ever. From working to studying to living, everything has been influenced by technology. So what’s up with Tech and Singapore?
Well, Singapore has introduced a visa called Tech.Pass. This visa paves the way for internationally recognised technical experts, entrepreneurs, and industry leaders to enter Singapore as they can contribute to technological innovations.
Even the locals in Singapore can benefit by learning about the latest technologies. People can apply for the pass directly from the Singapore Economic Development Board.
It is included among the work pass schemes of Singapore, along with the Employment Pass and Entrepreneur Pass. However, there will be some differences in validities, fees, etc.
The Pros Of Tech.Pass
You may know that in other work permit schemes, applicants only seek the sponsorship of one single company. The applicant will not be permitted to work for other companies if successful.
However, a Tech.Pass comes with a validity of 2 years and allows an individual to take part in numerous activities in Singapore. These are:
- Work for several Singapore companies at any time.
- Serve on a company’s board of directors.
- Own or more tech companies.
- Can be an investor or a shareholder.
- Serve as an advisor or a mentor at newly founded companies.
- Be a lecturer at institutes of higher education.
- Conduct awareness programs, workshops, training sessions, etc.
Steps To Gain The Tech.Pass
There are three requirements to gain access to the Tech.Pass. Being a professional in the tech industry, you must be eligible at least for two of the following criteria;
- The monthly salary during the previous year should be $20,000 or an annual wage of $240,000.
- Five years of experience in a leading role in a tech company which should have capital worth US$500 million or US$30 million.
- Or have at least five years of experience, including significant contributions to the development and design, with a tech product with at least 100,000 active users or US$100 million worth of income.
The Tech.Pass does not need an employer’s offer of employment as is necessary for the Employment Pass. Even the Singapore Economic Development Board has clarified this in a statement regarding eligibility for a Tech.Pass.
The Application Process
Take note that only the first 500 successful applicants are eligible to receive the Tech.Pass, making the process difficult if there are many eligible applicants.
The process is as follows:
- Firstly, verify if you are eligible and prepare the supporting documents.
- Download the Tech.Pass the application form.
- Fill up the soft copy of the application and obtain the auto-generated payment reference number.
- Next, please print out the application form and sign it.
- Pay SGD105 per application through Telegraphic Transfer or PayNow.
- Upload the signed application form along with the documents listed below:
- Payment receipt.
- Travel documents.
- Supporting documents for the dependants to confirm their relationship, along with the DP/LTVP application. Also, a document verifying vaccination should be attached.
- Finally, if your application is successful, the pass will be issued.
The duration of the process takes around eight weeks. If there are additional requirements, the time may differ.
Soon after the approval, you may receive an IPA letter through email. The validity of this letter would be six months, during which you should obtain the pass and also begin your work/business in Singapore.
For each pass, the cost is S$225, and for each Multiple Journey Visa, it is S$30. An IPA would not be granted any extension.
Steps To Renew The Tech.Pass
Tech.Pass holders can renew their passes after two years. The following steps should be considered;
- Earned an estimated income of S$240 000.
- Income should be reflected in the latest Notice of Assessment from the Inland Revenue Authority of Singapore.
- Income can be based on business or salary.
- Must show an annual income of S$100,000 under the employment of one Singaporean.
- Or present a monthly wage of S$3,900 or have assisted local workers who have a basic salary of $1,400 monthly.
Moreover, pass holders should be involved in any two of the roles mentioned below. But, most importantly, they should be taking on at least one role from column A if they are seeking renewal.
- Work in a tech-based or tech-enabled product or service company in Singapore.
- Engage in a leading role in a tech company in Singapore.
- Involved in two or more leading roles.
- Employment is a leading technical role such as senior researcher or senior engineer.
- Likewise, involvement in two or more technical leading roles.
- Member of a board of directors but not necessarily in a tech company.
- Mentor/advisor in a Singapore-based company.
- Professor/lecturer in an institute in Singapore.
- If the second or the third point is not applicable, they should have provided training such as in conducting workshops, etc.
- An investor in one or more tech-based companies in Singapore.
Suppose, by any chance; you do not match the renewal criteria. In that case, you may further inquire about the other work-permit schemes in Singapore to continue your work and living without interruptions.
Enabling Tech.Pass is going to help Singapore majorly. They’ll be able to make their workforce much better as more talented individuals across the globe move to Singapore for work.
As your business partner, these service firms would keep you updated on deadlines, milestones, etc. They would also help you and your company fill out your application in accordance with the pass’s requirements.
Moreover, a corporate services firm can also assist you in company incorporation, financial reporting, company secretary, auditing, etc., and help you focus on the more business-critical tasks.
So if you think you meet the eligibility criteria and wish to apply for the pass, follow the steps carefully to ensure you get your pass. Also, note that only 500 passes will be issued upon the launch of the pass on a first-come-first-serve basis. So apply today!