New work pass to launch in Singapore in January

Out-Law News | 18 Nov 2020 | 1:09 am | 1 min. read

The Economic Development Board (EDB) plans to launch a new work pass to attract foreign technology professionals and experts that plan to start business in Singapore.

Applications for the new work pass, which will be called the Tech.Pass, will be accepted from January, with 500 passes available at launch. Pass holders are allowed to start and operate businesses, be an employee, an investor, a consultant or a mentor in one or more Singapore-based companies, or can lecture at universities.

Applicants will have to meet any two of out of three of the following conditions:

  • have a last drawn fixed monthly salary at least S$20, 000 in the last one year;
  • have at least five cumulative years of experience in a leading role in a technology company with a valuation of at least US$500 million or at least US$30million funding raised;
  • have at least five cumulative years of experience in a leading role in the development of a technology product that has at least 100,000 monthly active users or at least US$100million revenue.

The Tech.Pass will be valid for two years, with an option to renew the pass for two additional years, subject to the fulfilment of renewal criteria. The renewal criteria include:

  • having earned at least S$240,000 in assessable income over the initial two year period;
  • demonstrating total annual business spending of at least S$100,000 and employing Singaporeans or Singapore permanent residents who fulfil the specific criteria set out by EDB.

The new work pass is an extension of the [email protected] programme, which provides eligible companies with company-level endorsements to the Ministry of Manpower (MOM) , reducing the risk of rejection for their Employment Pass (EP) applications to MOM.

Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said, "For the individuals who are able to meet the criteria, this will be a good way for them to enter the local tech scene. The pass provides individuals with more flexibility than under the existing work passes, which is ideal in the fast growing tech sector. "