Singapore Rolls Out New Work Visa For Techies; But You Need Rs 15 Lakh Monthly Salary For That
If you are a tech executive traveling to Singapore, you will now get a new work visa!
On Thursday, a new work visa for foreign executives of tech firms has been announced by the Singapore government.
Read on to find out more about this visa…
Singapore Trying To Lure Foreign Executives Amidst Unemployment Worries?
This visa program comes with a view of promoting the future economic growth of Singapore through this sector.
The Tech.Pass program will be launching in January 2021.
Trade minister Chan Chun Sing of Singapore while announcing the program said, “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.”
Over the past few years, Singapore has been enticing tech companies and investors like Facebook, Google, Tencent, and Alibaba by offering incentives and grants.
Amidst the COVID-19 pandemic, unemployment in Singapore has hit a 16-year high because of the COVID-19 pandemic. This has in turn raised fears amongst the local workers about competition with foreign workers.
The authorities have tightened the immigration rules while encouraging firms to give priority to domestic workers when it comes to keeping the jobs. However, the authorities have maintained that the companies should be open to overseas talent.
What Are The Features Of the Tech.Pass Programme?
For the two-year work visas, over 500 qualified executives can apply. The applicants, however, must meet the criteria that are as follows-
1) Previous monthly salary of at least $20,000,
2) 5 years of experience in a leading role in the tech industry or
3) Experience in developing a successful tech product.
Under this program, the participants can operate a business, invest in a business, or become a director in Singapore-based companies, and mentor start-ups.