Tech@SG - An Employment Pass (EP) scheme to assist Singapore's Tech Sector

Singapore’s ambitious Smart Nation initiative aims to harness technology to stay ahead as a global city and to improve lives and livelihoods for all. Singapore has very strong digital foundations. It has excellent, first-world digital infrastructure, with fibre connection in every single home and office. The mobile penetration rate is 150%, and most Singaporeans are digitally literate.

A supporting strand of Smart Nation is the new Tech@SG programme. Jointly administered by the Singapore Economic Development Board (EDB) and Enterprise Singapore it has been launched to help fast-growing tech companies access the global talent they may need to scale.

Recognising that the availability of talent is a key consideration for investment decisions and that the talent war in the tech space is raging, and global. The programme will help ensure tech companies can access global talents whilst the development of Singapore’s local talent continues for the longer term.

To qualify for the programme a company must fulfil all of the following:

• Have a  core digital or technology offering;
• Have secured more than US$10 million in venture capital (VC) funding over the last 36 months;
• Have received some of this funding (no minimum amount) from a VC recognised by the programme.

The benefits of the programme include:

• Company-level endorsement to the Ministry of Manpower (MOM), reducing the risks of rejections for Employment Pass (EP) applications to MOM;
• Up to 10 new EPs over two years for foreign employees who will be hired as part of the company’s core team in Singapore; and thereafter,

• Coverage for the first renewal of each new EP obtained under the programme (each renewal will be valid for up to three years)

Mazars can help you with relevant requirements such as incorporation and applying for the Tech@SG programme and Employment Passes.