The requirement for a major growth in labor size is a big problem for Singapore’s technology industry. In addition to IT & Software, Banking, and Engineering, the industry is facing a significant shortage, necessitating the hiring of a staggering 260,000 workers.
Singapore provides a range of work visa alternatives, each with specific qualifying conditions, for foreign professionals in order to solve this shortage.The tech sector commonly uses three primary kinds of work visas:
Employment Pass (EP):
- primary work visa for foreign workers with exceptional skills.
- A university degree or an equivalent certification, three years of relevant job experience, and a minimum monthly remuneration of SGD 5,500 are among the requirements.
- specifically designed for international business owners looking to open or expand operations in Singapore.
- Requires a minimum investment of SGD 100,000, a workable company strategy, and a proven track record of entrepreneurial success.
- Holders of an EntrePass have access to government subsidies and startup support programs, as well as the ability to reside and work in Singapore for a maximum of two years (renewable).