Singapore has placed itself at the forefront of financial innovation and now it’s out to enhance its position as Southeast Asia’s tech & IT centre. To meet its objectives, the country has launched the Tech.Pass program. The focus of this program is to attract highly accomplished technology entrepreneurs, leaders, and experts from around the globe. This accomplishment will play a significant role in contributing to the development of the country’s tech ecosystem.
Paving the way for global mobility, eligible tech entrepreneurs and technical experts will be invited to apply for this new type of visa. This visa or pass will prompt the need for relocation and will allow top talent to start and operate more than one company and become an investor, consultant, or mentor for local start-ups in Singapore.
The Tech.Pass program precedes the current government regulations in flexibility. It omits the need for local tech businesses to sponsor an employment pass for talent they want to bring in. This adjustment accommodates the corporate shift to “working remotely” – a trend that’s been ignited by the Covid-19 pandemic. Professionals will be afforded new levels of freedom as 2021 issues them with an opportunity to settle in the presence of Singapore’s multinational companies.
Singapore has placed itself at the forefront of financial innovation and now it’s out to enhance its position as the Southeast Asia’s tech & IT centre.
“We must remember our competitiveness comes from our ability to aggregate talent from across the world to complement ours”, says Chan Chun Sing, Singapore’s minister of trade and industry.
Applying for Tech.Pass in Singapore
To qualify for this specialised visa, applicants must meet at least two of the following requirements:
- Prove that they have drawn a fixed monthly salary of at least S$20,000 (US$14,800) over the course of 12 months.
- Have at least five cumulative years of experience in a leading role in a tech company (with a minimum valuation or market cap of US$500 million or a minimum of US$30 million funding).
- Have 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 or at least US$100 million in annual revenue.
Holders will be able to retain this visa for two years with an option to renew if the applicable criteria are met.
Source: CAN Insider & Singapore EDB
Global Competition for Top Tech Talent
This Tech.Pass falls in line with trends from other countries that offer similar programs. For example, the UK has its Innovator and Start-up visas, giving rising tech, financial sector, and science entrepreneurs the chance to establish themselves in a secure economic climate.
Denmark and the Netherlands have also made it easy for business leaders to enter their market and promote programs that offer high potential for tech-driven entrepreneurs.
Expats who want to launch a company in New Zealand are offered a window of opportunity too, as the country aims to enhance its economy as a leader in emerging and disruptive technologies.
Singapore’s new Tech.Pass program was launched earlier in January 2021 and has thus far created 500 spots for qualifying applicants, increasing the need for professional serviced apartments and residences. AltoVita has positioned itself prominently at the forefront of high quality, safe & secure short-term and long-term accommodation and is ready to welcome leading tech professionals and their families with comfortable living solutions.
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