The Economic Development Board recently announced the launch of a new kind of visa that aims at incentivizing technology entrepreneurs and technical experts that have experience in either “established” or “fast-growing” tech-related companies. Singapore is aiming to develop a tech business hub to allow local talent to rise and prosper.
Why Has Singapore Introduced this Visa?
The Economic Development Board has launched this new initiative to provide more flexibility to participate more intensively in the tech industry. More specifically, with this visa, the pass holder is able to start and operate a business, act as an investor, mentor startups, and even lecture at universities. This is a fantastic opportunity for experts in the tech field to integrate themselves further into the economy and to boost the tech sector in Singapore.
How Will It Impact the Current Visa System in Singapore?
Unlike EntrePass, with Tech.Pass, the pass holder will be able to participate in just about any or multiple specific activities without needing to apply for the various respective passes. More importantly, the current EntrePass requires one to be sponsored by an employer. This will not be the case with Tech.Pass as the individual is solely responsible.
The Tech.Pass will provide a lot more flexibility to foreign talented technopreneurs as many of the rules included in the EntrePass are loosened up. This ensures that the candidate can fit into many roles to support the growth of local talents in Singapore. For example, one can sponsor a family member right at the beginning, which is currently not possible with the EntrePass as one must first achieve a few milestones before sponsoring is possible. Moreover, Tech.Pass holders can work for more than one company, which is different from all other visas which allow one to work only for a specific employer. Finally, the flexibility offers one the possibility to take up multiple roles as the director of more than one company as well as a consultant role or lecturer at local institutes.
How Will Applicants Benefit From This Program?
The benefits of this program include being able to start and operate one or more tech companies, being an employee in one or more Singapore-based companies during the duration of your visa, being able to transit between employers or as an entrepreneur, being able to be a consultant, mentor, lecturer, investor and/or director in one or more Singapore-based company, having access to a sponsor stay for your spouse, children, and parents in Singapore given that they are provided with a Dependant’s Pass and/or a Long-Term Visit Pass which must be awarded by MOM. Finally, one can also renew the visa for another two years if the renewal criteria are met.
How Can OneVisa Help?
In order to be eligible for this visa, you must have any two of the following:
- Have a monthly salary of at least $S 20, 000 monthly in the past year
- Have a minimum of five cumulative years of experience in a leadership position in any tech company that has a valuation of a minimum of $USD 500 Million, or, at least $USD 30 Million that has been raised.
- Have a minimum of five cumulative years of experience in a leadership position in a tech product that has amassed a minimum of 100 000 monthly active users. This can be replaced by a company that has made a minimum of $USD 100 million annually.
Applications for this pass will open in January 2021. As there will only be 500 passes awarded, it is crucial that you send your application on time. With December around the corner, there is no time to wait. The OneVisa team is there to take care of the paperwork and red-tape requirements that take away your valuable time.
We are the first go-to in Singapore for immigration services with an over 90% success rate, so you can be certain that you are in good hands. Contact Us for a Free Eligibility Assessment Today.