Despite the recent economic uncertainty brought about by COVID-19, which saw a tightening of immigration policies and a focus towards developing a stronger local workforce, the Singapore Government continues to recognise the need for global talent in growing sectors. This includes the burgeoning area of technology, which faces stiff competition for top leaders and thinkers the nation requires to bring about significant growth and opportunities in this industry.
On the Employment Pass and S-Pass front, minimum salary requirements for new applicants have been raised to S$4,500 (S$5,000 for applicants in the Financial Services sector) and S$2,500 respectively with effect from 1 September 2020. Adjustments have also been made to the advertising requirements for job positions and the Ministry of Manpower (“MOM”) will scrutinise more closely, the hiring process of employers to ensure that there is fair consideration given to qualified candidates. The updates are part of MOM’s continual efforts to ensure that the criteria for work passes continue to be relevant and responsive. MOM has affirmed that Singapore will continue to remain an open and connected hub for international businesses.
While the Employment Pass scheme has been the go-to for professionals and managers from diverse sectors seeking to work in Singapore, the Government has also been exploring avenues to attract top talent through the introduction of industry-specific visa schemes such as the newly launched Tech.Pass. Targeted towards tech founders, leaders and technical experts worldwide with an established track record, the Economic Development Board will be accepting applications from January 2021 onwards, with 500 places available initially. Applicants will be expected to fulfil at least two of the criteria pertaining to previous drawn salary (minimum of S$20,000 a month), relevant experience (minimum of 5 years) in a leading role with a tech company (with a minimum valuation of US$500 million or US$30 million in funding) and/or experience (minimum of 5 years) in developing a tech product with an established track record (100,000 monthly active users or at least US$100 million revenue). The Tech.Pass is valid for two years and can be renewed once for another two years thereafter, subject to meeting the renewal criteria. The Tech.Pass does not require employer sponsorship and presents holders with the unique flexibility to take on multiple roles such as an entrepreneur, employee, investor and/or an advisor to companies.
Singapore presents itself as an ideal hub for tech businesses to establish their presence and serves as a gateway into the region. Notably, Singapore has a sound infrastructure in place, strong regulatory frameworks and offers one of the most well-educated and highly skilled talent pools in Asia. The Singapore Government also strongly supports the development of the tech industry and has launched multiple initiatives to encourage innovation, research and talent development in this area. In this unpredictable COVID-19 era, Singapore also offers an overall safe and stable environment with its relative success in managing the pandemic.
As part of our employment and immigration practice, we routinely assist our clients on a comprehensive spectrum of employment-related matters including advising on employment contracts and policies, terminations, work pass applications and more recently, navigating the COVID-19 measures and regulations. For more information, please contact Ms. Krithika Gunasingham at krithika@globalaw.com.sg or Ms. Lim Shen-Nen at shennen@globalaw.com.sg.