Differences b/w Singapore Tech Pass & Employment Pass

If you plan to expand your business to the Singapore market, you have to qualify for some passes. This pass consists of both a Singapore tech pass and an employee pass. After getting such passes, a user can live and work in Singapore without any hassle. Moreover, it allows the user to travel in and out of the country without applying for entry Visas. It is designed mainly for highly skilled and mid-skilled professionals. 

Many might think that both passes are quite similar and wonder about the difference between the two. This is why knowing both is essential. The next few details will clarify the difference between the Singapore tech pass & the Employee pass. 

Singapore tech pass

Singapore tech pass is defined as the new work pass found by the Singapore Economic Development Board (EDB) and launched in January 2021. It aims to attract founders, technical professionals, the leader having a vast year of experience working in tech companies to contribute to Singapore’s tech ecosystems by establishing a strong base of talent and the technology industry in Singapore. 

Benefits of having a Singapore tech pass:

• Obtaining a Singapore tech pass provides the greater flexibility to be a part of several activities in Singapore. 
• You get liable to become an employee of more than one Singapore-based company at a time. 
• You can become a lecturer in the institutes of higher learning. 
• You can begin and initiate in one or more companies. 
• You can also qualify to become an investor or shareholder in Singapore companies.

Requirements to apply for Singapore tech pass

• Singapore government has imposed strict eligibility requirements for those looking to apply for a Singapore tech pass. Out of three requirements, candidates must at least satisfy any two criteria. Some of the given criteria are as follows:
• They might have a fixed monthly salary of at least S$20,000 (US$14,852) from last year. Moreover, the applicants having an annual income of S$2,40,000 can also be considered. 
• The other thing is that the candidates should have a minimum of five years of experience in a leading role in the tech company with a market valuation of US$500 million or if they raised the funding of at least US$30 million. 
• The last criteria mean that the candidates should have five years of experience in the main role in tech product manufacturing that should have a minimum of 100,000 monthly working users or a guaranteed annual revenue of US$100. 

Employee pass

Employee pass or EP is defined as the Singapore visa scheme issued by the ministry of workers. It aims at enabling foreign professionals, owners, and managers to work and live in Singapore.
The validity period of an employee pass is around 1 to 2 years, and after that, you can renew it. Moreover, an employee pass enables you to register for permanent residence in Singapore. 

Eligibility criteria for employee pass

• The employee should have a fixed monthly salary of S$3,600 per month. These are minimum salary requirements that are mainly for young graduates. The experienced one needs to hold a much higher salary to qualify for the employee’s pass. 
• They should employ in executive, managerial, and professional jobs. 
• They possess a tertiary degree from the recognized university. A highly experienced and salary might get fluctuate due to lack of education.  

Facts to know about Singapore employee pass 

• With the Employee pass, the pass holder gets liable to work and live in Singapore.
• The Employee pass holders also can bring their family spouse to Singapore through the long-term visa pass or on a dependent pass. 
• The first-time cardholders get the Validity of up to two years. 
• A higher experience needs a higher salary to get eligible for the pass. 
• Due to the ongoing pandemic, your visa application approval might get delay than usual.  

Difference between Singapore tech pass and employee pass

Singapore tech pass 

• Singapore tech pass is a type of Singapore visa that enables the leaders, managers, and tech professionals to arrive in Singapore to contribute to its economy. 
• Individuals who meet the eligibility criteria get liable to apply for the pass directly. 
• This Singapore pass is regulated by Singapore economic development board. 
• The validity period of this pass will be two years. Also, the pass holders can apply for the renewal and renew it for another two years. 

Singapore employee pass

• Singapore employee pass is a visa pass designed mainly for highly trained professionals having a job offer in Singapore. 
• The person should have an intention to contribute to the Singapore market. 
• It needs to meet the eligibility requirements set by the Singapore government to apply for the pass. 
• The validity period of the pass is two years.