Singapore’s Prime Minister said that the recently launched work pass could help the country attract more technology entrepreneurs and talents.
During the launch, the official stressed that Singapore Tech Pass would help in boosting the technology industry and its players in the country.
Tech Pass is a visa that permits technology entrepreneurs and experts to work or establish their business in Singapore. The Singapore Economic Development Board issues this pass, which has a validity of two years.
The new work pass gives the holder flexibility. Unlike the Employment Pass—which is under a specific job or company—the Singapore Tech Pass is tied personally to the holder. This means they can move to different roles and companies if they wish to.
Apart from building your own technology firm, the work pass also allows you to serve as a consultant or mentor, investor, and director in many Singapore-based companies.
The government noted that these tech players could help to improve the Singaporean economy, with their capital, networks, and expertise.
Building Up the Talent Pool
The Prime Minister underscored the importance of sourcing talents to develop the technology sector of Singapore.
So far, the country has been showing its support toward science and technology as evidenced by its tech-literate population. In addition, the Singaporean government puts up reliable technology infrastructures, including a high-speed nationwide broadband network.
At the same time, Singapore builds up its information technology engineering capabilities with the help of the Government Technology Agency of Singapore.
The Prime Minister also noted that Singapore has been becoming a technology hub because major firms are based in the country. These tech companies, the official said, conduct not only sales and marketing but engineering work as well.
Among the companies are Google, Facebook, and Amazon, which the government official said contributed to the growing industry.
With growing demand, more tech players are needed in the country, the government noted.
The Singaporean official said the local universities and polytechnics are bound to produce more talents for the sector. But with the companies bringing in foreign talent, the new Singapore Tech Pass is seen to be necessary to facilitate an easy transition.
Technology Sector is Key to Singapore’s Recovery Plan
The Prime Minister said that technology plays a major role in the country’s recovery plan amid the coronavirus pandemic.
As of now, the coronavirus in Singapore has stabilized already, thanks to testing, contact tracing, and physical distancing measures. These measures allowed the economy to reopen, even greenlighting some overseas travel gradually. The country has managed to navigate the so-called new normal as it waits for the cure.
The government said that technology helped the country implement the said safeguard measures.
For example, it noted that biomedical science is a crucial aspect in analyzing the genome of the virus and understanding its patterns and trends, which are helpful in finding the cure.
In addition, infotech also helps the country in tracking the status of the number of coronavirus cases; collecting and analyzing data, patterns, and trends; and ensuring the public’s compliance to the lockdown measures.
The government also developed a technology-enabled contract tracing tool.
Incorporating Your Business in Singapore
With Singapore attracting more local and foreign investors, businesses are established left and right. More and more firms are taking an interest in the potential of the country as an investment destination, especially with Singapore Tech Pass being launched recently.
If you need help in companies incorporation in Singapore, do not hesitate to reach out to 3E Accounting. They have an excellent team of professionals ready to serve you every step of the way. Contact them today.