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SINGAPORE – A new job pass will be launched next year for top-tier foreign professionals and experts looking to start businesses, lead corporate teams, or teach here, in a bid to attract these individuals to Singapore and develop its high-potential technology ecosystem. .
The Economic Development Board announced plans on Thursday (November 12) to launch Tech.Pass, which is planned to put Singapore ahead in the global race to attract highly skilled tech professionals in fields such as e-commerce, artificial intelligence and cyber security.
Tech.Pass will be valid for two years, with a one-time renewal for the next two years depending on certain criteria. Applications for the pass will begin in January 2021, with 500 spots available from launch.
Having such experts in Singapore will not only allow them to bring their capital, networks and knowledge to the country’s tech ecosystem, but will also create opportunities for Singaporeans, said Trade and Industry Minister Chan Chun Sing.
“Tech.Pass will add to the critical mass of established technology talent in Singapore and create a steering wheel effect to further strengthen our position as a leading technology hub for the region,” Chan said at the Tech.Pass launch on Thursday at dialogue with the European Chamber of Commerce.
The tech sector is poised to be a huge growth engine for Singapore, and a study by Temasek, Google and consultancy Bain & Company published on Tuesday found that the country’s internet economy, or business conducted online, is on its way. to reach US $ 22. billion (S $ 29.7 billion) by 2025.
The same report noted that Singapore is home to the largest number of corporate headquarters with a valuation of more than $ 1 billion among Southeast Asian countries, including the Lazada e-commerce platform and the Internet platform Shopee ownerSea.
To be eligible for Tech.Pass, candidates must meet two of the three criteria: a last monthly salary drawn of at least $ 20,000 in the last year, at least five years of accumulated experience in a leadership role in a technology company with a valuation or market capitalization of at least $ 500 million or at least $ 30 million in financing and above, or at least five years of accumulated experience in a leadership role in the development of a technology product that has at least 100,000 monthly active users or $ 100 million in revenue.
With the work pass, these people can carry out activities such as starting and operating a business, serving on the board of directors of a company based in Singapore or being a shareholder or investor in companies here.
They may also take on speaking roles at institutes of higher education, serve as company mentors or consultants here, and conduct corporate workshops or trainings.
For Tech.Pass to be renewed, pass holders will need to meet several requirements, including having earned at least $ 240,000 in assessable income over the two years or demonstrating a total annual business expense of at least $ 100,000.
EDB will manage the applications for the pass, with the support of the Ministry of Manpower, said Mr. Chan.
Tech.Pass is based on the Tech @ SG program, which details more flexible requirements for foreign professionals to apply for an Employment Pass (EP).
The EP is for foreign professionals who have a job offer here, work in a managerial, executive or specialty job, earn a fixed monthly salary of at least $ 4,500, and have acceptable qualifications.
Singapore is not alone in its quest to attract top international talent, and Chan noted Thursday that many countries have their own plans to compete for these people.
Chan had said in Parliament last year that countries like Thailand, China, and France are already making their bid for highly-skilled tech professionals, and mentioned how both France and Thailand have special visa programs to make it easier for tech talents to work in their countries.
He had warned then that Singapore would “almost certainly be left behind” if it did not attract that talent as well.
EDB said in a statement on Thursday that both Tech.Pass and Tech @ SG allow fast-growing tech companies and established tech talent to enter Singapore and anchor here, which is part of Singapore’s multi-pronged approach to building a strong foundation. of technology. companies and talent to ensure it remains globally competitive.
“This will also create more opportunities for local tech talent to work in globally competitive teams alongside top tech talent from around the world,” he added.
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