Imagine this: A single Mark Zuckerberg helped to create a new era for social media and thousands of jobs around the world, bringing prestige to America.
What if Singapore has 10 Mark Zuckerbergs?
That’s the future that Singapore would like to experience as well, which is why they’re launching a new work pass for high-level tech professionals.
Everything About the New Work Pass for Foreigners in S’pore That’s for People Like Mark Zuckerberg
On 12 Nov 2020, the Economic Development Board (EDB) revealed their latest plan to attract more tech professionals in areas like e-commerce, artificial intelligence and cybersecurity to Singapore.
They will create a new type of work pass just for these tech professionals, called Tech.Pass.
Yes, even the name sounds futuristic.
Will Create Jobs For S’poreans
The hope is to bring these tech professionals to Singapore, along with their know-how, capital and networks to Singapore.
If you remember, technology is the future of tomorrow and Singapore aims to set itself up as a regional hub in Asia-Pacific.
“Tech.Pass will add to the critical mass of established tech talent in Singapore and create a flywheel effect to further strengthen our position as a leading tech hub for the region.” – Minister of Trade & Industry Chan Chun Sing
Meaning the more of such professionals we have to lead teams for international corporations, the more jobs will be created for fellow Singapore residents.
By 2025, it’s estimated that the internet industry in the country will hit US$22 billion (S$29.7 billion) and currently, Singapore houses the highest number of headquarters for companies valued above $1 billion.
It also doesn’t hurt that when these talents are working in Singapore, Singaporeans can also benefit by working alongside them and benefitting from their experience.
Applications Start On Jan 2021
At the start, there will be 500 places available for application which starts on Jan 2021.
The Tech.Pass will be valid for two years, and can subsequently be renewed for another two years.
In order to qualify for the new work pass, candidates must meet two of the three following criteria:
- Last drawn monthly salary of at least $20,000 in the past year
- 5 years of cumulative experience in a leading role at a tech firm worth at least US$500 million or US$30 million funding and beyond
- 5 years of cumulative experience in a leading role in the development of a tech product with at least 100,000 monthly active users / US$100 million in revenue.
To be eligible for renewal, these work pass holders must have:
- Earned at least $240,000 in assessable income over the two years, or
- Have an annual business spending of at least $100,000
Damn it, this means Mark Zuckerberg actually doesn’t qualify, because he’s only receiving USD$1 per year as his salary, which works out to be about SGD$0.10 a month.
It’s okay, we’ve Jeff Bezos, and he-
Reader Bao: Jeff Bezos earns USD$81,140 a year, which works out to be about less than SGD$9,000 a month.
Damn.
What Can These Work Passes Do?
With so much fanfare, it’s practically impossible for the new work pass to be anything ordinary, right?
Here are the perks of holding the new work passes:
- Start and operate a business
- Serve on the board of directors of a Singapore-based company
- Become a shareholder or investor in companies here
- Serve as a mentor or adviser to companies in Singapore
- Become a lecturer in institutes of higher learning
- Conduct corporate training and workshops
Competition Is High In The Region
Minister Chan also mentioned that Singapore isn’t alone in trying to attract top-tier talents in the industry.
Pointing out to other countries like Thailand, China and France, there are already countries which have already launched special visa programmes for tech talents.
If Singapore isn’t going to move along its way to attract said talents, we’ll find ourselves falling behind soon.
Moral of the story? If you’re unemployed or looking to make use of the #SG United Jobs and Skills package, tech might just be the next place you might want to look into.
In the meantime, you can watch this video on the three main types of work passes in Singapore (do subscribe to our YouTube channel for more informative videos, too!):
Image: Frederic Legrand – COMEO / Shutterstock.com
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