Tech.Pass Applications Received and Approved and Their Median and Mean Monthly Salaries
Ministry of Trade and IndustrySpeakers
Summary
This question concerns inquiries from Mr Gerald Giam Yean Song regarding Tech.Pass application statistics, the income levels of successful applicants, and the performance metrics used to measure their contributions to Singapore. Minister for Trade and Industry Gan Kim Yong reported that as of 31 July 2022, over 450 applications were received with approximately 250 approved, and holders have a median monthly income of about S$30,000. He explained that the pass targets high-level tech talent through stringent criteria, such as a S$20,000 monthly salary or leadership experience in significant tech companies and product development. For visa renewal, holders must demonstrate economic impact through assessable income, business spending, and the creation of job opportunities for Singaporeans within the local tech ecosystem. Furthermore, they must fulfill at least two specific roles, such as founding a Singapore-based company, lecturing at Institutes of Higher Learning, investing in local firms, or serving on boards of directors.
Transcript
20 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.
Mr Gan Kim Yong: 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.