The Economic Development Board (EDB) recently stated its plans to launch Tech Pass visa programs. Tech Pass visas won’t just attract global entrepreneurs and leaders, but would also accelerate the leading and fast-growing tech companies of the world. Altogether, the advent of these global talents and established companies would be helpful for Singapore and its technological sector.
What Is Tech Pass?
Tech Pass is a visa that will permit established tech entrepreneurs and leaders from all around the globe to enter Singapore and conduct innovations that would not only help their business but will also contribute towards Singapore’s technological sector.
This new work pass Singapore will allow flexibility to the pass holders in various sectors of the country’s economy. The pass holders would be able to participate in various activities including starting or running a business, investing in different projects, and mentoring budding entrepreneurs to establish their start-ups in the international market.
Eligibility Criteria for Tech Pass
The information regarding the Tech Pass was introduced on 12th November, Thursday. Tech Pass was made available for the applicants in January 2020. At once, it will only be valid for two years from the date of issue. Holders having a Tech Pass would be only allowed one-time renewal for two years subsequently. There are predefined renewal criteria that would be considered for the renewal of the pass at the end of two years.
Now talking about the eligibility criteria for the visa, the applicants have to fulfill at least two mentioned requirements. These are some of the conditions that would tell whether an applicant is eligible for the Tech Pass or not:
- Last drawn monthly salary of at least SG$20,000.
- Minimum 5 years of experience in an executive position in a company that either has a market capitalization of at least $500 mn or that has raised at least $30mn funds.
- Minimum 5 years of experience in an executive position in a tech firm dealing with tech products having min. 10,000 active users or annual revenue of min. $10,000, etc.
Eligibility Criteria to Renewal Tech Pass
To have their pass renewed, a Tech Pass holder has to fulfil minimum two of the mentioned conditions:
- Earn at least SG$240,000 assessable income.
- Declare annual business spending of at least SG$100,000.
- Set up a company in Singapore that deals with Tech-Related products or services.
- Working in a leading role in Singapore-based tech companies, etc.
Singapore already has a business environment that supports technological innovation and welcomes global entrepreneurship talent. If you are among those who wish to enjoy the opportunities in Singapore, and want to reap the benefits after incorporation of the company, 3E Accounting Company’s services of company incorporation can be of great help.
3E Accounting Pvt. ltd. understands the reasons behind the surge in increase in interest of international entrepreneurs in setting up their businesses in Singapore. The Corporate Secretarial Services provider helps you incorporate a company in Singapore at affordable prices and offers all those services that can facilitate the process of incorporation.