Published: 15:13, November 12, 2020 | Updated: 11:37, June 5, 2023
Singapore looks to woo global tech execs with special visa
By Reuters

SINGAPORE - Singapore on Thursday announced a new work visa for foreign executives of technology firms, a sector the low-tax global business hub hopes will power future economic growth.

Applicants for the new visa must meet criteria that could include a previous monthly salary of at least US$20,000, five years' experience in a leading role in the tech industry or experience in developing a successful tech product

Under the Tech.Pass program launching in January, up to 500 experienced executives can apply for the two-year visas, which allow participants to operate a business, invest in or become a director in Singapore-based companies, and mentor startups.

"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," Trade Minister Chan Chun Sing said, announcing the program.

Armed with lucrative grants and incentives, Singapore has in recent years been ramping up its efforts to lure tech firms and investors, including global players like Facebook, Alphabet's Google and Chinese tech giants like Tencent and Alibaba.

ALSO READ: S'pore expat jobs under threat in recession, local hire push

Applicants for the new visa - aimed at attracting "founders, leaders and technical experts" - must meet criteria that can include a previous monthly salary of at least US$20,000, five years' experience in a leading role in the tech industry or experience in developing a successful tech product.

The move comes as unemployment in the city-state has hit a 16-year high because of the coronavirus pandemic, raising local fears about competition with foreign workers.

READ MORE: PM: S'pore to adjust work pass schemes while maintaining openness

Authorities have imposed tighter immigration curbs more broadly, and encouraged firms to lay off foreign workers first, but also said it must remain open to overseas talent.