Debated in Parliament on 12 Sep 2022.
Mr Gerald Giam Yean Song asked the Minister for Trade and Industry since the Tech.Pass was opened for application in January 2021 (a) how many applications have been received; (b) of these, how many have been approved; (c) what is the median and mean monthly salary of the successful applicants; and (d) what metrics are being tracked to measure the contribution of Tech.Pass holders to Singapore.
Introduced in January 2021, the Tech.Pass is a visa that targets highly accomplished tech entrepreneurs, business leaders, and technical experts. The eligibility criteria is stringent. Tech.Pass candidates must meet at least two out of three criteria, which include having a fixed monthly salary of at least S$20,000 a month, having at least five cumulative years of experience in a leading role in a sizeable tech firm, or having 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. As at 31 July 2022, EDB has received more than 450 applications, of which around 250 have been approved. The median monthly income of Tech.Pass holders is around S$30,000.
The Tech.Pass is only valid for two years in the first instance. To be eligible for renewal, existing pass holders must make contributions to our economy and the creation of job opportunities for the tech ecosystem. They must meet either the assessable income requirement or specific requirements on total annual business spending and job creation for Singaporeans. Pass holders must also have contributed to Singapore’s tech ecosystem by having taken on at least two roles. These roles could include having founded a tech company in Singapore; served as a lecturer in an Institute of Higher Learning; invested in one or more Singapore based tech companies; or served on Boards of Directors of a Singapore company.
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