Singapore will introduce a special work pass in January 2021 easing the entry of foreign tech industry experts in another effort to guarantee the country's future global competitiveness.
The new work permit is called "Tech.Pass." A total of 500 slots for Tech.Pass will initially be available in January, said the Economic Development Board on Thursday.
The board said the Tech.Pass program is aimed at attracting "founders, leaders and technical experts with experience in established or fast-growing tech companies." Tech.Pass also aims to build a strong base of technology companies and talent to ensure Singapore remains globally competitive.
EDB said pass holders will be allowed to engage in wealth creation activities such as starting and operating a business, or becoming investors. Pass holders can also opt to become consultants or directors in Singapore-based companies, as well as company employees. They can also mentor startups or lecture at local universities.
For Singapore's tech industry, Tech.Pass will create more opportunities for local tech talent to work in globally competitive teams alongside top tech talent from across the world.
Tech.Pass will be valid for only two years. It can be renewed once for another two years if renewal criteria are met.
"This is part of Singapore's multipronged approach to develop a strong base of technology companies and talent to ensure Singapore remains globally competitive," said EDB in a statement.
EDB is the government agency that plans and executes strategies to sustain Singapore as a leading global hub for business and investment.
The requirements to avail of Tech.Pass are somewhat strict, however. A pass holder should have a last drawn fixed monthly salary of at least S$20,000, or $15,000, in the past year.
This person must have at least five cumulative years of experience in a leading role in a tech company with a valuation or market cap of at least $500 million or at least $30 million funding
A pass holder should also 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 revenue.
Tech.Pass is an extension of the Tech@SG program launched in 2019. Both programs facilitate the entry into Singapore of fast growing tech companies and established tech talent to benefit the local tech ecosystem with their experience and networks.
The tech sector has become a key engine of growth for Singapore, which is grappling with the consequences of its small population and a birth rate that is one of the world's lowest.
Singapore's internet economy, which consists of businesses conducted online, is expected to hit US$22 billion in 2025.
