What the Tech.Pass scheme means for startups and the rise of Singapore as a thriving centre of innovation
As the pandemic slammed the global economy, protectionist measures to support local employment became a top priority for many governments. So, some might wonder why the Singapore Economic Development Board (EDB) announced a new work pass scheme called the Tech.Pass to attract foreign talent.
As defined by EDB, “Tech.Pass is a visa that allows established tech entrepreneurs, leaders, or technical experts from around the world to come to Singapore to perform frontier and disruptive innovations.”
According to Prime Minister Lee Hsien Loong in his keynote speech at the Singapore Technology Forum 2020 last November 17, the country needs to attract highly accomplished individuals to further develop Singapore’s technology ecosystem. Contrary to the perception that Singapore is closing up to foreign talent, Lee reiterated that Singapore will continue to bring in top talent in sectors like technology in order to enhance the country’s know-how, as well as to attract more capital and advanced technology.
It is no secret that Singapore has been vying to become Asia’s tech capital for years. With the mounting US-China trade rivalry and the shifting global technology chain, Singapore has become a rather ideal, neutral choice as a launchpad for any company that wants to seize opportunities in Southeast Asia.
Within one to two-hour flight distance from other emerging tech cities in ASEAN such as Jakarta, Bangkok, Penang and Ho Chi Minh, Singapore makes a strategic regional tech node. At the height of US-China trade tensions this year, Singapore continued to see increased investments from US MNCs and unicorns and Chinese tech titans alike.
Tech.Pass supports Singapore’s positioning as a regional tech hub. With the scheme, Singapore aims to develop top-notch talent that ensures Singapore stays ahead of the game in today’s fiercely competitive digital world while contributing to the growth of the regional start-up ecosystem.
Host to 80 of 100 top tech firms and over 1,000 startups, Singapore has a constant high demand for tech talent. Given Singapore’s economic development strategy which includes further investment in deep tech areas like artificial intelligence, data science, cybersecurity and Internet of Things, among others, Tech.Pass should give the local talent pool its much-needed boost.
To be launched in January 2021, the Tech.Pass will welcome global technology entrepreneurs, technology experts and mentors into Singapore.
Different from EntrePass which is meant for those who want to start a business and Employment Pass for experienced foreign talent with a minimum qualifying salary starting from S$4,500-5,000 (US$3,300-US$3,700) for financial services, the Tech.Pass is targeted at C-suite technology leaders.
These talents could be from countries such as Australia, China, Germany, Japan, Israel, US, or the UK, or practically anywhere as long as they have a considerable amount of expertise to contribute to the tech ecosystem, and even better, if they are a high tech job creator.
In order to be eligible for this limited number of Tech.Pass, candidates must fulfil at least two of the following criteria: draw at least a S$20,000 (US$15,000) fixed monthly salary, have five cumulative years in a leading role of a tech company with at least a valuation of US$500 million or US$30 million in funding, or have five cumulative years of experience in developing a tech product with 100,000 monthly active users or at least S$100 million (US$75 million) revenue.
With a limited number of 500 passes, the qualifications and requirements guarantee that “real movers and shakers” of the tech industry get the spot. From my perspective, I see the Tech.Pass scheme as a “seed programme” with 500 seeds of the world’s best technical talent being planted to grow and incentivise companies, particularly startups, to establish and expand in Singapore and in the neighbouring countries in Southeast Asia.
Ultimately, as these seeds get ploughed into the field and get fertilised, they will bear fruit, meaning, greater opportunities for local talent to work in globally competitive teams and more job opportunities being created.
End to end innovation, strategic go-to-market execution, and operational excellence are paramount to the success of enterprises and startups alike. The fuel for this evolution is access to amazing talent, and the timing for the best available is right now.
Singapore, for the last few decades, has been a top choice for investment and business expansion due to its pro-business policies, low taxes, rule of law, strong IP protection and superb connectivity infrastructure. The country has leveraged its financial strength to attract venture capital funds and incentivise startups and this has made the Little Red Dot feature more prominently in the global tech map. Bringing in more of the world-class tech talent into the country via the Tech.Pass scheme, among other initiatives, further enhances global recognition for Singapore as a thriving centre of innovation in Asia.
With the Regional Comprehensive Economic Partnership (RCEP) signed recently, the 15-member states’ commitment to a multilateral trade relationship sends a very strong and positive signal to international investors. As RCEP gets ratified in the coming months, greater investments will flow into the region and more exciting things are in store, and Singapore is going to play a pivotal role as a regional tech hub.
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