The Economic Development Board (EDB) yesterday (12 Nov) announced plans to launch a new targeted employment pass called Tech.Pass 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.
The new Tech.Pass scheme differs from the current employment pass system in that applicants will not need to be sponsored by a particular company. Tech.Pass will allow pass holders flexibility in the 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 scheme 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.
Tech.Pass is an extension of the Tech@SG programme that was launched in 2019. The Tech@SG programme 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.
The EDB, a statutory board under the Ministry of Trade and Industry, said that this is part of Singapore’s multi-pronged approach to develop a strong base of technology companies and talent to ensure Singapore remains globally competitive. It added that 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.”