This January, Singapore is launching a new Tech pass to strengthen its tech ecosystem by ushering in tech experts from foreign nations. With their expertise, capital, and networks, these pass holders are expected to tackle the current problems faced by Singapore’s tech industry and help it grow by developing world-class teams.
Options available to Tech pass holders include starting and running a new business or acting as consultant or director to Singapore-based firms. They may also lecture at local universities or perform the role of mentors to startups.
The tech pass is comparatively better than an employment pass since it allows the holder to change employers and roles. Unlike the employment pass, which is non-renewable after three years, the Tech pass can be renewed after two years if certain criteria are met. For instance, one condition is that the individual should possess a minimum of five years’ experience in a tech company with at least US $500 million market capital.
The Benefits of the Tech Pass to Singapore’s Industries
Here is how this tech pass can benefit the development of Singapore:
- The foreign tech experts will enhance Singapore’s tech capabilities and boost the sector with their experience and skills.
- It will help Singaporean entrepreneurs to learn, upgrade their skills, and develop their talent pool.
- Even though Singapore’s universities are producing many talented graduates, the tech pass will drive the tech industry’s growth by bringing in overseas professionals.
- This Tech pass’s launch will enable Singapore to compete with other nations and attract talented tech professionals in industries like artificial intelligence or cybersecurity.
How the Tech pass will benefit Singapore’s local talents
Singapore’s government assures its locals that they can put their insecurities aside and tap the opportunities they get to work with international competitive teams to develop new skills and sharpen their existing skills. The influx of foreign tech talent will solidify Singapore’s position as that of a leading tech centre for the region and boost its rapidly growing internet economy. The expansion of industries conducting online businesses will create more job opportunities for Singaporean locals. It will enable Singapore to be on par with other economically developed nations such as Europe and Asia.If you plan to relocate and incorporate a company in Singapore, 3E Accounting will provide all the support needed to shift there using the tech talent new pass. The firm’s talented team of Chartered Accountants, Secretaries, and Taxation experts will help you register and incorporate your company in Singapore. Over the past years, 3E Accounting has helped several budding entrepreneurs establish and run their businesses successfully in Singapore with their comprehensive, cost-effective services.