The Economic Development Board (EDB) and Enterprise Singapore announced yesterday (30 July) a new scheme called Tech@SG.
This two-year scheme will start pilot only in the fourth quarter of this year.
Under this programme, tech firms in Singapore will have more flexibility in employment pass (EP) applications so they can easily hire foreign talents.
EP is applicable for foreign professionals who have a job offer in Singapore, work in a managerial, executive or specialised job, earn a fixed salary of at least $3,600 and have qualifications like a good university degree or specialist skills.
With this scheme, other factors will be considered in the application, such as stock options remunerations of the core team members, or their deep skillsets instead of academic qualifications.
Bridging The Tech Talent Gap
In their media statement, the two agencies said that high-potential companies in growth areas such as digital, medtech, biotech, cleantech, agritech and fintech will get access to business networks and talent needed to set up new teams.
This includes connecting the companies to relevant organisations and start-ups here, as well as facilitating the entry of core team members.
“Our high-growth companies with technology needs will benefit from the expertise that global tech talent can bring. This is especially so for tech start-ups that require the resources to strengthen their tech capabilities and scale up more quickly,” said Edwin Chow, assistant CEO of Enterprise Singapore.
In all, this scheme serves as a good call as there is a tech talent shortage in Singapore and it usually takes at least three months to fill up a tech role, according to a study by Robert Walters.
Featured Image Credit: AFP