One of our Singapore government’s goals is to digitalize the entire country through its Smart Nation drive launched in 2014. Businesses have been encouraged to adopt new technologies through the 23 Industry Transformation Maps rolled out since 2016.
During the COVID-19 period, it has changed and forced our behavior in many ways. We conduct more meetings via online platforms than to meet in person. We made payments using our mobile phones frequently to reduce human contact by paying in cash etc.
Singapore has a well-developed IT infrastructure and a business-friendly environment. Many foreign technologies experts consider migrating to Asia. Singapore will be their first choice most of the time.
Read our article: Why live permanently in Singapore?
Currently, there are only two choices available for blue-collared workers to work in Singapore, and they are Employment Pass and/ or S Pass holders. From next year (2021) onwards, there will be a new pass, named Tech. Pass, will be available.
Why does Singapore need to launch a new Tech. Pass?
Singapore does not have natural resources like the neighboring countries. We are well-known to have a talented workforce for years.
With the emerging of technologies, we need to keep up with the changes to compete globally.
To do so, is to create opportunities for our local technology talent workforce working with/and gaining technologies knowledge from globally recognized talents with experience in the technology field. Allow foreign technology experts to transfer their knowledge, sharing their networks. This move will benefit our local technologies talents.
What is a Tech Pass?
At a glance:
- Is a visa specially administered by the Singapore Economic Development Board for entrepreneurs, leaders, or experts worldwide to come to Singapore to perform frontier and disruptive innovations.
- Launching in January 2021
- 500 passes available
- Individuals can apply for the pass directly & more
Benefits holding a Tech.Pass.
- Able to transit from an employer to an entrepreneur
- More job opportunities – able to work with more than one Singapore-based companies at any time
- Able to set up and operate one or more technology companies in Singapore.
- Broaden your job experience for e.g. job opportunities in local educational institutions being a consultant, lecturer etc.
- Become an investor in one or more Singapore-based companies.
- Be a director in Singapore-based companies.
- You are holding on to the Tech. Pass also allows you to sponsor a Dependant Pass or a Long-Term Visit Pass for your family.
Please read our article: Sponsoring Singapore PR Application for Wife or Husband.
Applicants must meet the following conditions:
- Last drawn fixed monthly salary (in the last one year) of at least S$20,000.
- At least five cumulative years of experience in a leading role in a tech company with a valuation/market cap of at least US$500mil or at least US$30mil funding raised.
- Have at least five cumulative years of experience in a leading role3 in developing a tech product with at least 100,000 monthly active users or at least US$100mil annual revenue.
Will you stand a higher chance of becoming a Singapore Permanent Resident (PR) if you are holding a Tech. Pass?
As this is a new pass, so there isn’t any data to prove it. There are various factors for the Immigration Checkpoint Authority (ICA) to consider your Singapore Permanent Resident (PR) Application. Please read our article: Common Reasons for Singapore PR Application Rejection.
However, we believe that the applicants might stand out from the rest of the Singapore Permanent Resident (PR) applications since the demand for foreign technologies is increasing. Holding on to a Tech. Pass, you can be a consultant, mentor, or lecturer in local educational institutes. As such, it does enhance your social integration in the Singapore community. One of the influencing factors that might stand out in your Singapore Permanent Resident (PR) applications is the amount of time and effort you put into the social integration.
Furthermore, data shows that for Singapore to meet the growing demand for technology experts, local universities have expanded their intake of students studying computing-related courses. Technology companies and industry experts have also expressed their concern on insufficient talents required in software development, cybersecurity, and artificial intelligence. To close the gap, companies have no choice but to hire from other countries.
To develop a strong base of technology companies and talent to ensure Singapore remains globally competitive. Singapore needs technological talents and has to retain them if possible.
Check-out our services if you are planning to apply for Employment Pass, business relocation etc.
We are here to help.
For more on how we can assist you with Singapore PR applications, you can begin by taking our preliminary assessment here.