Singapore

New program aims to help tech startups recruit, retain foreign talent

17 Jan 20

SINGAPORE

IMPACT – MEDIUM

What is the change? Singapore has launched Tech@SG, a program designed to help tech startups recruit and retain high-skilled foreign talent.

What does the change mean? Under the program, qualifying companies will be able to secure up to 10 Employment Passes to hire foreign nationals as core members of their companies. The Ministry of Manpower will ensure the first renewal of each of the Employment Passes, with each renewal valid for up to three years.

  • Implementation time frame: Immediate and ongoing.
  • Visas/permits affected: Employment Passes.
  • Who is affected: Tech startups that meet qualifying criteria (detailed below).
  • Business impact: Officials hope the program will help Singapore draw top foreign talent in the tech field to help grow the sector in the country.

Additional information: Singapore’s Economic Development Board (EDB) and Enterprise Singapore announced plans for Tech@SG this past summer, and officials have now implemented it. The program will be open to companies that:

  • Are incorporated with the Accounting and Corporate Regulatory Authority in Singapore.
  • Have a digital or technological product or service at the core of their company.
  • Have secured more than US$10 million in investment funding in the past three years.
  • Have received funding from at least one of Tech@SG’s recognized investment firms during that time.

Companies with at least 30% local shareholding should not apply under Tech@SG but should instead submit applications under Startup SG, which is a separate Enterprise Singapore program.

Analysis & Comments: The implementation of Tech@SG is a major policy development for Singapore. While the program is not geared toward more established companies, it could help a number of tech startups meet workforce needs and remain globally competitive.

Source: Deloitte. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Legal means the legal practices of Deloitte Touche Tohmatsu Limited member firms or their affiliates that provide legal services. For legal, regulatory and other reasons, not all member firms provide legal services. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. © 2020. For information, contact Deloitte Touche Tohmatsu Limited.

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