The Singapore government has launched the Tech Pass to lure IT talent from foreign countries required by the firms here to lead their projects and teams. This decision is a game-changer and is expected to give Singapore an edge against other developed nations like the UK, France, Japan, or China by enabling it to grow its tech industries.    

The Tech Pass’s key unique feature is that it gives the holders the freedom to do what they want, like starting and running their own tech companies, working for different employers, providing training to staff in corporate firms, or lecturing in reputed institutes. The pass is valid for two years, after which the holders can renew it, provided they meet specific conditions, such as having experience leading a team in a technical role in two or more Singapore-based firms.

The Tech pass will solve the talent crunch in Singapore

As per the EDB (Economic Development Board), the Pass supplements the Tech@SG Programme launched in 2019 to find tech talent for Singapore’s fast-growing companies. With the Tech Pass’s launch, Singapore can meet its requirement for experienced senior tech candidates when it launches virtual banks in the near future. Studies estimate that there will be more than 50000 tech and digital job positions in the coming three years. In contrast, the nation will generate only around 8000 tech graduates during the same period. The tech pass will enable Singaporean firms to meet the huge demand for senior tech professionals who will handle high-level leadership roles.  

How the Tech Pass Will Benefit Locals in Singapore

The Tech Pass aims to attract tech people with a proven track record of running businesses. For local tech candidates in Singapore, the Tech Pass will open the door for more job opportunities as most of the pass-holders will form their own business ventures than work as employees. It will also provide a chance for the locals to upgrade their skills by exposing them to the new tech ventures started by the pass-holders. The experienced overseas tech experts will pass on their cutting-edge know-how to Singaporean locals.

If you are scouting for a suitable location to start a new profitable business venture, you should consider moving to Singapore, which is poised to become one of the world’s leading tech hubs. We will make the relocation process stress-free for you if you meet all the requirements for eligibility under Singapore new tech pass. Our expert team at 3E Accounting provides professional company incorporation services Singapore that will enable you to incorporate your company, complying with all statutory requirements and laws. By taking care of your company’s setup worries, we will let you focus on other essential matters such as business operations, marketing, or finance.

By Richard