4.6 C
New York
January 17, 2021
Creative Business Leaders
Featured

Is Singapore’s New Tech Pass Worth it for Technology Experts? 

Singapore is one of the most developed countries in the world, and it is no surprise that tech advancements in the city-state have left many nations behind. However, with the sector still growing and a lot of potential in the coming days, the government has decided to open doors for competent foreign tech entrepreneurs, employees, and pioneers to invest their knowledge, capital, and skills in the city-state. The government recently announced the tech pass Singapore, which will allow around 500 technology experts to move into Singapore to share their expertise for the span of at least two years.

What are the Requirements for the Tech Pass?

Tech pass is for established technology experts, and the qualification requirements reflect that. You have to fulfil at least two of the following terms to get a Tech Pass:

  • Your last drawn monthly salary should be equivalent to at least S$20,000. Moreover, you should have worked on that salary for at least last year.
  • You should have worked in a leading role in a tech company for at least five years. The company should have a net worth of US$500 million or have raised US$30 million.
  • You should have worked in a leading role in a tech product with a minimum of 100,000 monthly users or annual revenue of US$100 million.

As we can see, the tech pass definitely ‘isn’t for anyone.’ You must have had an impressive work record. The bar has been set so high that the acceptance process is on a first-come, first-serve basis.

Are the Perks of the Tech Pass Worth It?

Yes, the Tech Pass can be worth its name for interested individuals. First, Singapore is a great place to live in and work, and there are a lot of opportunities in the tech sector. The money is good, and the community is diverse and developed. Other than that, even when we talk about the Tech Pass strictly in terms of its benefits, it stands apart from other visas in Singapore like the Employment Pass in terms of its flexibility.

These are the things you can do with the Tech Pass:

  • Start and run a technology company in Singapore.
  • Work in a Singapore-based tech company. You can work in more than one company at a time.
  • Change employers.
  • Become a consultant for a company or a lecturer in location institutions of higher learning. You can also invest in, or become the director of a local tech company in Singapore.
  • You can transit from being an employee to an entrepreneur and vice-versa at any time.
  • Like other passes, inviting your family to live in Singapore is possible. You can sponsor the stay of your spouse, children, and parents with the Dependant’s Pass or a Long-Term Visit Pass.

What is the Validity of the Tech Pass?

Initially, the validity is around 2 years. If you meet the requirements, you can renew your Tech Pass for another two years. For more information about how you can extend your tech pass, you can check tech pass Singapore.

Want to Start a Company in Singapore?

If you are thinking of applying for the tech pass and becoming an entrepreneur, you will need to start your own company. If you think registration is confusing to you; which is to most international investors in Singapore, consider professional guidance for setting up a company.