What can I do with Tech Pass?
Incorporate a company and launch a business in Singapore
Be the board of directors of a Singapore-based company or become an investor or shareholder in Singapore’s companies
Be a lecturer in universities in Singapore
Be an adviser or mentor to a Singapore company, conducting corporate training or workshops.
Other things to consider if you are planning to start a tech business in Singapore
1. Opening the right corporate bank account
Nowadays, it is not easy to open bank account in Singapore. Gone are the days where you can easily open a bank account by filling in a form. The Bank compliance team’s objective is unlike sales banker – they are more risk adverse. There will be no special treatment so you need to give them a good reason to open the bank account opening.
Hence, the best method is to open account with 1 bank at a time and not rush to submit application with too many banks. Not all service providers will inform you about this. Here at Paul Hype Page, we are a Chartered Accounting firm and follows a rule book of ethics.
By letting the banks know that you are applying for Tech Pass, this will proof your intention to stay in Singapore and forms a part of Tax Substance.
2. Choosing the right provider for your Tech Pass
Make sure you choose the right provider for your Tech Pass! Tech Pass is a newly introduced work pass by the Ministry of Manpower (MOM). Thus, it is best to have a work pass expert to step in to smooth your application! Paul Hype Page & Co, established in 2008, has worked closely with MOM to provide work passes in Singapore for expatriates for more than a decade.
Do I need to renew my Tech Pass?
After 2 years, pass holders can apply to renew their Tech Pass if they meet the renewal criteria as follows:
Have earned at least S$240,000 in assessable income based on the latest Notice of;
Assessment from IRAS (can be earnings from salaries and/or business income); or
Demonstrate total annual business spending of at least S$100,000 and employ at least 1 Singaporean/Singapore Permanent Resident Professional, Manager or Executive with a monthly salary of at least S$3,900, or 3 Singaporeans/Singapore Permanent Residents with a monthly salary of at least S$1,400.
Additionally, pass holders must be performing at least 2 of the following roles (one of which must be in Column (A) at the time of their renewal application:
|1. Founded a company in Singapore, offering a tech-based or tech-enabled product or service||1. Served on board of directors of a Singapore-based company (which need not be a tech company)|
|2. Served a leading role (e.g. CEO, CTO, APAC MD) in a Singapore-based tech company||2. Acted as advisor/mentor to a Singapore-based start-up|
|3. Served a leading role in 2 or more Singapore-based tech companies||3. Served as professor/lecturer/adjunct professor/adjunct lecturer in a Singapore Institute of Higher Learning (IHL)|
|4. Employed in a technical role leading a team in a Singapore-based company, e.g. senior engineer or senior researcher leading a team in a particular tech field||4. Provided training in some form not covered by B2 or B3 above (e.g. workshops, corporate training classes).|
|5. Employed in a technical role leading a team in 2 or more Singapore-based companies||5. Invested in one or more Singapore-based tech companies|