The coronavirus pandemic has highlighted the importance of technology to everyday life. With a huge increase in the number of people working from home, companies have had to quickly adapt to this new way of working.
Not only this, but social interaction during the pandemic has relied on technological solutions. Being at the forefront of innovation and technology is now more important than ever.
Singapore recognizes the increasingly central role of technology. The country is hoping to attract top tech talent from across the globe by offering a new type of visa. The Tech.Pass will be made available for a limited number of foreign citizens who have contributed in a notable way to global technology.
Continue reading to find out more about the new visa for Singapore and the eligibility criteria.
What is the tech visa for Singapore?
Tech.Pass is the Singapore visa for entrepreneurs and leaders. The new permit is being introduced to attract top-tier talent and boost the technological ecosystem of Singapore.
In a closed-door dialogue with the European Chamber of Commerce on November 12th.
Trade and Industry Minister Chan Chun Sing stated:
“Tech.Pass will add to the critical mass of established tech talent in Singapore and create a flywheel effect to further strengthen our position as a leading tech hub for the region,”
Under the previous system, companies were required to sponsor an employment pass for the foreign talent they wished to recruit. The new visa offers greater flexibility as the permit will not be tied to one specific position. Instead, foreigners with the new work pass can choose who they work for.
The new tech visa for Singapore is valid for 2 years and can be renewed for 2 further years.
Permitted activities with the Tech.Pass for Singapore
According to the Economic Development Board, with the new tech visa for Singapore, foreigners will be able to:
- Start and operate businesses in Singapore
- Serve on the board of directors for a company in Singapore company
- Invest in companies in Singapore
The pass is not aimed at mid-level workers who could compete with locals for jobs. Instead, it has been created to encourage innovation and draw in the very best talent from across the globe.
Who can apply for the tech visa for Singapore?
Initially, 500 visas will be made available. To apply, foreign citizens must meet 2 of the following criteria:
- Last-drawn monthly salary of at least $20,000 USD (445,000 baht)
- Have a minimum of 5 years’ experience is a leading tech company with a valuation or market capitalization of at least $500 million USD
- Minimum of 5 years’ experience in a leading role in the development of a technological product with at least 100,000 monthly active users or $100 million in revenue
Only those who meet these requirements will be considered for the new pass. Foreign citizens who are not eligible must apply for another type of Singapore visa to live and work in the country long-term.