While Tech Pass Singapore is about to launch next year, which is just about the same time as Tech@SG, they are actually different even if they are confused with one another.
Either way, Singapore proves it is doing its best to promote and boost the growth of the technology sector. After all, IT is considered among the key industries that could uplift the economy currently suffering because of the coronavirus pandemic.
Tech Pass, like Tech@SG, aims to contribute to making Singapore’s tech scene even bigger, especially at a time when everyone is shifting to digital. In addition, both are government-led initiatives.
The Singaporean government earlier said that it was keen on attracting more talents in the technology field to scale the businesses not only in the country but in the region as well.
Let us now discuss the differences between the Tech Pass and Tech@SG.
Differentiating Tech Pass from Tech@SG
First of all, we need to understand that Tech Pass is an extension of the Tech@SG program. All these initiatives are aimed at developing the sector, as mentioned.
The Tech@SG program provides companies with a high potential of growing in different areas, and access to business networks, and talent they need as they venture into Singapore. These include the application of the Employment Pass of the core team members of the company. Among the areas this program is focusing on are the following:
- medical technology
- clean technology
- agricultural technology
- financial technology
Meanwhile, Tech Pass is for encouraging technology entrepreneurs, business leaders, and experts to contribute to the tech ecosystem in Singapore. The Tech Pass holders can do the following:
- start and operate their own business
- become an investor in a local company
- be employed in a local company
- serve as a consultant or director at a Singapore-based firm
- serve as a mentor to local startups
- give lectures at local universities
It is also important to know the difference between a Tech Pass and an Employment Pass. The former gives more flexibility because it is tied personally to the pass holder, unlike the Employment Pass, which is under the management of an employer. This means that the Tech Pass holder can move freely from one company to another if he or she wishes to do so.
Eligibility for Tech Pass and Tech@SG
Is a Tech Pass holder eligible for the Tech@SG program right away? The answer, unfortunately, is no. There are requirements that the company should meet to qualify for the said program. Here are the following criteria:
- incorporated a business in the country with the Accounting and Corporate Regulatory Authority
- the core business product or service is digital or technology offering
- has a total of $10 million investment in the past 36 months
- secured financing from a program-recognized investment company in the past 36 months
Meanwhile, the requirements to be eligible for a Tech Pass application are the following:
- The applicant should have at least a fixed monthly salary of $20,000 in the past year.
- The applicant should have at least five cumulative years of serving in a leadership role at a tech company. This firm should also have at least a market capital of $500 million or funding of at least $30 million.
- The applicant, serving in a leadership role, has at least five years of experience in the development of a tech product. Such a product should have a minimum of 100,000 monthly active users or generated at least $100 million in revenue.
If you meet at least two of the criteria, you are eligible to apply for the Tech Pass.
Your Own Business in Singapore
There are many incorporation services Singapore firms are offering. But we guarantee you that 3E Accounting is the best fit for you and your needs. Contact them today.