Singapore's Economic Development Board (EDB) has on Thursday (12 November) announced plans to launch a targeted programme to attract founders, leaders and technical experts with experience in established or fast-growing tech companies, so as to contribute to the development of Singapore’s tech ecosystem.
Known as Tech.Pass, the programme will allow pass holders flexibility in the participation of activities such as starting and operating a business, being an investor, employee, consultant or director in one or more Singapore-based companies, mentoring start-ups and lecturing at local universities.
The initiative is an extension of the Tech@SG programme that was launched in 2019., which anchors and supports the expansion of high potential companies in Singapore. Both programmes facilitate fast growing tech companies and established tech talent to enter and anchor themselves in Singapore, bringing their networks and experience with them to benefit the local tech ecosystem.
Overall, EDB stated, this comes as part of Singapore's multi-pronged approach to develop a strong base of technology companies and talent, to ensure Singapore remains globally competitive. This will also create more opportunities for local tech talent to work in globally competitive teams alongside top tech talent from all over the world.
Details on application for Tech.Pass
Tech.Pass will be open for application in January 2021, with 500 places available upon launch. The pass will be valid for two years in the first instance, with a one-time renewal for a subsequent two years. The consideration for renewal at the end of two years will depend on meeting the renewal criteria. The full renewal criteria can be found in Annex C.
To be eligible for the pass, applicants must fulfil any two of the following conditions:
- Have a last drawn fixed monthly salary (in the last 1 year) of at least S$20,000.
- Have at least five cumulative years of experience in a leading role in a tech company with a valuation/market cap of at least US$500mmn or at least US$30mn funding raised.
- Have at least five cumulative years of experience in a leading role in the development of a tech product that has at least 100,000 monthly active users or at least US$100mn in annual revenue.
Pass renewal criteria
To be eligible for a two-year renewal, the pass holder must fulfil the following:
- Have earned at least S$240,000 in assessable income based on the latest Notice of Assessment from the Inland Revenue Authority of Singapore (can be made up of salaries and / or business income);
- OR Demonstrates total annual business spending of at least S$100,000 and employs at least one local PME or three LQS.
More information on the Tech.Pass can be found on EDB's website, here.
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