Singapore is seeking global tech entrepreneurs to develop its burgeoning ecosystem. The pass is open to established tech entrepreneurs, leaders of promising tech companies and technical experts in key emerging technologies. The process to secure the pass requires thorough evaluation by government authorities. It is vital to have a work pass specialist by your side to smoothen the journey!
1. Flexibility
Flexibility in working arrangements is a key factor for tech professionals when choosing an employer. It enables them to balance work with personal commitments and promotes employee wellbeing by reducing burnout. Tech Pass is a new work pass scheme in Singapore designed to encourage established technology leaders and experts to set up their own companies here. It offers greater flexibility than other work visas, such as the Employment Pass (EP), by allowing the holder to participate in multiple business activities concurrently and without restriction.
The program also allows immediate family members of Tech Pass holders to live and work in the country. This helps to support the families of the pass holders and provides them with a sense of security while pursuing their career goals in Singapore’s vibrant tech ecosystem.
2. Competitiveness
Amid global competition for tech talent, companies are facing a shortage of local talents in areas like software development and artificial intelligence (AI). To maintain its competitiveness, Singapore must recruit a steady stream of international talent to boost its own technology capabilities. Fortunately, the country offers a vibrant and supportive technology ecosystem, plus business-friendly policies and initiatives. Tech Pass holders can operate a tech business in Singapore, mentor tech start-ups or work as investors, directors, consultants and lecturers at Singaporean universities.
3. Entrepreneurship
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4. Opportunity
The Tech Pass allows foreign technology experts and entrepreneurs to establish a business in Singapore’s vibrant technology ecosystem. It also enables them to mentor and invest in technology start-ups. The visa is valid for two years upon first issuance and can be renewed if the applicant meets certain criteria. In addition, the pass holder can sponsor a Dependent Pass or Long Term Visit Pass for their family in Singapore.
Singapore is a global business hub that attracts investors and talent from around the world. It offers a thriving ecosystem, business-friendly policies, a strategic location and strong intellectual property protection. In addition, the government offers programs and grants to encourage entrepreneurship and innovation. This makes it an ideal place for technology entrepreneurs and start-ups to expand their operations.
5. Taxes
Tech Pass offers a tax-efficient environment for high-growth technology companies. As a result, they can focus more on developing their products and growing their business, rather than worrying about the cost of taxes. This is particularly true for companies that employ workers through professional employer organisations (PEOs), which serve as the employers of record for tax purposes. The IRS has affirmed that PEOs can still treat their employees as if they were paid directly by the company, which should help reduce human resources complexities and lower tax costs.
The agency is also working toward the goal of enabling taxpayers to seamlessly interact with it online, in person and over the phone. This includes making it possible for people to file their returns and respond to notices using digital mobile-adaptive forms, which launched this fall.
Conclusion
Singapore needs technology talents to remain competitive. Nonetheless, local tech companies find it challenging to attract and retain talent. The new Tech Pass offers foreign entrepreneurs and experts a platform to develop their tech services and products in Singapore. It also allows them to sponsor dependents’ Work Permits. For enquiries on Tech Pass applications, call Immigration@SG at +65 6493 1830.
