Singapore is all set to raise the bar for foreign tech professionals. As a part of developing the economy and the tech sector, the Economic and Development Board (EDB) will launch the pass in January 2021 for targeting the tech workers.
Initially, the pass will be targeting the 500 individuals who have a proven record of working in the tech industry. Alongside, it will also track record contributions in the global technology system. The pass will be valid for two years. One can renew it again after two years of completion under certain conditions.
Once the tech workers have acquired the pass, they will have the ability to participate in the activities like opening the business, becoming an investor, employee, director, or any other superior position in the Singapore based companies. Additionally, the pass holders can also act as a mentor to startups and universities.
The tech pass is a strategic move for Singapore to boost economic growth and become one of many leads in the technology sector. With the launch of new tech passes in 2021 the foreign professionals will bring capital, knowledge, and opportunities for the localities.
With COVID-19, many nations are undergoing tough times. Singapore is seeking to recover by building up an amicable relation with fellow countries and opening the borders to welcome the professionals. It needs to leverage its game and retain the position globally.
Tech Pass Requirements
The tech pass is launching in January 2021 and providing it to only 500 individuals. It’s going to be competitive to receive the pass. There are specific criteria that one needs to pass through in order to get the tech pass.
To qualify for the Tech Pass, below are the requirements to meet.
A last drawn month salary of at least $20,000 in the last year.
At least 5 years of cumulative experience in a leading role in a tech firm with a valuation or market capitalization of at least US$500 million or at least US$30 million funding and beyond.
At least 5 years of cumulative 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 revenue
To renew the pass at the end of the first two years, the holder should meet several requirements, such as having earned at least S$240,000 (US$177,871) in assessable income, demonstrating total annual business spending of at least S$100,000 (US$74,113), among others.
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(Information Credit - www.iasg.com.sg)