Singapore to issue Tech Pass visa in 2021 — here’s the eligibility criteria for the new work permit
Singapore Tech.Pass visaprogram incentivises tech entrepreneurs from across the world to set up and operate companies in the South East Asian trading hub.
- It offers more flexibility when compared to the EntrePass visa and is valid for two years.
- Tech.Pass visa applications will open in January 2021, and only 500 are available initially.
- Check out the latest news and updates on Business Insider.
AdvertisementSingapore, one of the most important trading hubs in South East Asia, announced a special visa to attract top tech entrepreneurs from across the world. The Singapore Tech.Pass visa program incentivises technology entrepreneurs and experts with experience in already established or fast-growing tech-related companies.
Tech.Pass applications will be accepted starting from January 2021. Only 500 visas are available at launch on a first-come first-serve basis. Each pass will be valid for two years, and can be further renewed for two more years based on satisfying renewal criteria.
Here are all the details you need to know about the program, including who is eligible for the Singapore Tech.Pass visa.
What is the Singapore Tech.Pass visa program?
Under the Singapore Tech.Pass visa program, qualified individuals will be able to become an investor, start and operate more than one company. They will also be able to mentor and consult startups, or even become lecturers at universities in Singapore.
In addition to this, Tech.Pass holders will also be able to sponsor stay for their spouse, children or parents.
This new program offers more flexibility when compared to the existing EntrePass scheme. The EntrePass program requires individuals to be sponsored by their employers, while Tech.Pass puts the responsibility on the individual.
Who is eligible for the Singapore Tech.Pass visa program?
To be eligible for the Singapore Tech.Pass visa program, individuals will have to fulfill at least two of the following three requirements:
- Have a last drawn fixed monthly salary (in the last 1 year) of at least S$20,000 (or its equivalent in a foreign currency).
- 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$500m or at least US$30m funding raised.
- 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$100m annual revenue.
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