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In today’s era of Industry 4.0 innovation, the most valuable product in the world is human talent. Singapore companies of all sizes recognize that they need to compete for top-notch workers for growth and prosperity. However, some may argue that this competition has led to a system in which only privileged people have access to quality work opportunities.
The Singapore Economic Development Board (EDB) recognized this issue and created a solution: Tech.Pass. Tech.Pass is a new type of work visa designed specifically for foreign technical professionals or technicians who want to come to Singapore.
Tech.Pass has many advantages, allowing owners to work for multiple tech companies at the same time, set up their own tech company, and even sponsor a family stay. For tech companies, it allows them to hire the world’s best tech talent with the most attractive visas possible.
The downside is the technology. The criteria for applying for a pass are very high and it is not uncommon for them to be rejected. However, you can get government support during the Tech.Pass application process.
However, let’s first look at the details of Tech.Pass.
What is Tech.Pass?
Tech.Pass is a new type of work visa created by EDB in Singapore, designed with technical professionals in mind. This work visa allows the owner to be employed by multiple companies and become self-employed if desired. Family members can also stay in Singapore on sponsorship.
Currently, foreign technical professionals are assigned 500 Tech.Passes annually, on a first-come, first-served basis.
Related: 5 Benefits You Have If You Are an Immigrant Entrepreneur
Who can get a Tech.Pass?
Tech.Pass is usually only given to foreign tech professionals looking for technology-based employment in Singapore, but EDB is also intended to encourage technicians to launch startups in Singapore. ..
The scheme is open to tech professionals who earned over US $ 20,000 a month last year. You also need 5 years of cumulative experience, either in a technology-leading role in a $ 500 million company, a developer of technology products or services with annual revenue of $ 100 million, or 100,000 monthly active users. ..
What are the benefits for Tech.Pass holders?
Tech.Pass’s big party trick is to give owners the ability to launch their own new tech company in Singapore. This is important when it comes to innovation, as Singapore’s economic situation has been dominated by large corporations with foreign investors. With Tech.Pass, individuals can enter Singapore’s innovation sector and impact the future of the technology sector in a measurable way.
Related: Asia’s New Decade of Tech Capital: Three Things to Define Singapore’s Startup Scene in the 2020s
Other benefits of Tech.Pass include:
Ability to participate as an employee in one or more Singapore-based companies.
Ability to transition from employer to entrepreneur.
Ability to become a board member of one or more Singapore-based companies.
Ability to become an investor / shareholder in one or more Singapore-based companies.
Ability to become a mentor or consultant at a university in Singapore and lecture at a local higher education institution.
Ability to join a family already in Singapore.
Ability to sponsor a family through a Dependent Pass or Long Visit Pass to live with you in Singapore.
What are the challenges in getting a Tech.Pass?
The challenge for Tech.Pass is to apply only to highly skilled and valuable jobs such as global technology companies and engineers, managers and executives of international R & D centers in Singapore.
Another major drawback of Tech.Pass is how intense the process of passing through the system is. When applying with a local sponsor, the applicant must submit an offer letter or employment contract from a potential employer. After this, the applicant must verify their work experience with the Ministry of Labor and conduct a background check on migration. Overall, getting a Tech.Pass requires a lot of steps, which poses a major challenge for both employers and employees.
Related: What you need to know about Singapore startup scene
Make the Tech.Pass application process easier with Tech @ SG
Thankfully, EDB and Enterprise Singapore are working with the Tech @ SG program to help. Tech @ SG was created to help Singapore technology companies access world-class talent and mitigate or eliminate some of the aforementioned obstacles.
For eligible companies (mainly US $ 10 million in funding over the last 36 months), the Tech @ SG program can give the Ministry of Labor (MOM) company-level approval and employment path (EP). Reduce risk. ) The application has been rejected.
Technology companies can also acquire 10 new EPs in two years to attract new talent and cover updates to those EPs for an additional three years.
It’s difficult to get world-class technicians. We hope that this program will help facilitate the Tech.Pass application process.
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