As a part of Singapore’s initiative to become a globally competitive nation, it launched the new Tech Pass that will enable it to attract high-quality tech talent from foreign countries for its technology companies. The starting date for applications is January 2021, with 500 positions available initially on a first-come, first-serve basis. The Singapore EDB (Economic Development Board) has laid out specific eligibility criteria to qualify as a Tech Pass applicant, such as having a fixed monthly income of minimum SG$20,000.
The Tech Pass’s unique features
Unlike other schemes, the Tech Pass does not limit the potentials of the talented pass-holders but provides them with an opportunity to explore their talent. It includes training corporate employees in firms, providing consultation to local tech firms, or utilizing their skills under different employers.
The pass is renewable further for another two years after expiry by fulfilling stated conditions, such as earning an assessable income of at least SG$240,000. The pass-holder also needs to be performing at least one among specific roles listed out, like starting a company in Singapore that provides tech-based products or services.
How the Tech Pass will Impact Singapore’s economy
The entire world appreciated how Singapore efficiently managed the Covid-19 crisis with its cutting-edge technology. The new Tech Pass will further cement Singapore’s position among the world’s top competitive economies and establish it as a leading tech hub. It will add fuel to the Tech@SG initiative by facilitating the entry of experienced, skilled talent from all over the globe who will enrich Singapore’s tech firms with their networks and rich experience.
The pass-holders will meet the demand for high-level leadership positions in Singapore’s tech industry and strengthen the tech ecosystem. The pass will also give locals opportunities to enhance their tech skills by working alongside world-class competitive teams.
For investors looking to start a profitable business venture, relocating to Singapore using the new tech pass Singapore would be one of the best decisions you could make. 3E Accounting will provide you with all the support needed for the formation of company in Singapore. The firm has in its team experienced professionals who will leverage their expertise and guide you in registering your business and help you comply with all mandatory statutory requirements.