SINGAPORE: Singapore will introduce a new visa track in January 2027 for “pinnacle talent” in artificial intelligence and technology under the Overseas Networks and Expertise (ONE) Pass.
This is to make Singapore more attractive to top talent in critical and emerging technologies like AI and quantum computing, Manpower Minister Tan See Leng said on Tuesday (Mar 3).
The ONE Pass (AI and Tech) track will replace the existing Tech.Pass and offer more attractive terms, he said in parliament while laying out the Ministry of Manpower’s (MOM) spending plans.
Currently, the salary requirement to obtain a Tech.Pass is a fixed monthly salary of at least S$22,500 (US$17,700) in the past year. Non-cash components are considered on a case-by-case basis.
The new ONE Pass (AI and Tech) track will retain the ONE Pass scheme’s requirement to earn at least S$30,000 a month in the past year.
On top of a fixed monthly salary of at least S$22,500, the requirement can be met through vested non-cash components, such as employee stock option plans and employee share ownership.
MOM said this recognises that top talents in AI and tech may be compensated through such non-cash components.
Other criteria are at least five cumulative years of experience in a founder or C-suite role, or a technical role such as a senior software engineer, clocked within the past 10 years from the date of application.
The applicant’s current or last-held employment must be in a tech company, a tech division within a company or a tech venture capital firm.
The company must have a valuation or market capitalisation of at least US$500 million, or annual revenue of at least US$200 million, or at least US$500 million in assets under management.
Tech companies that have raised at least US$30 million in funding will also be eligible.
These are largely similar to the eligibility criteria for the Tech.Pass, which was introduced in 2021 as a visa that targets highly accomplished global tech entrepreneurs, business leaders and technical experts.
About 250 unique Tech.Pass applications had been approved by the Economic Development Board as of the end of July 2022.
The Tech.Pass is valid for two years and can be renewed once for another two years if the renewal criteria are met, while the ONE Pass is valid for five years and is renewable for five years each time.
The ONE Pass was introduced in 2023 and is meant for top talent in all sectors, such as business, the arts and culture, sports, academia and research.
Dr Tan said over 8,000 people are currently on the ONE Pass.
They include Dr Anders Skanderup, an assistant director at the A*STAR Genome Institute of Singapore, who developed a novel AI-based method to monitor cancer progression; and Mr Oliver Jay, OpenAI’s managing director of international strategy and operations.
“We will continue to remain globally connected and open to talent that can complement our skilled local workforce, while reducing reliance on foreign labour where there is scope to raise productivity,” said Dr Tan.
At a briefing on Feb 27, an MOM spokesperson said the aim is for ONE Pass (AI and Tech) holders to generate new activities that create not only economic growth and business opportunities, but jobs for Singaporeans.
The spokesperson said a target number of ONE Pass (AI and Tech) visas is not being specified beforehand, and that given the high thresholds for eligibility, the number of approvals is not expected to be large.
Other countries have launched new visa schemes for tech talent in the past year.
China’s K visa targets young science, technology, engineering and mathematics graduates, while South Korea’s “top-tier” visa aims to attract professionals in high-tech industries like semiconductors and biotechnology.
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This is to make Singapore more attractive to top talent in critical and emerging technologies like AI and quantum computing, Manpower Minister Tan See Leng said on Tuesday (Mar 3).
The ONE Pass (AI and Tech) track will replace the existing Tech.Pass and offer more attractive terms, he said in parliament while laying out the Ministry of Manpower’s (MOM) spending plans.
Currently, the salary requirement to obtain a Tech.Pass is a fixed monthly salary of at least S$22,500 (US$17,700) in the past year. Non-cash components are considered on a case-by-case basis.
The new ONE Pass (AI and Tech) track will retain the ONE Pass scheme’s requirement to earn at least S$30,000 a month in the past year.
On top of a fixed monthly salary of at least S$22,500, the requirement can be met through vested non-cash components, such as employee stock option plans and employee share ownership.
MOM said this recognises that top talents in AI and tech may be compensated through such non-cash components.
Other criteria are at least five cumulative years of experience in a founder or C-suite role, or a technical role such as a senior software engineer, clocked within the past 10 years from the date of application.
The applicant’s current or last-held employment must be in a tech company, a tech division within a company or a tech venture capital firm.
The company must have a valuation or market capitalisation of at least US$500 million, or annual revenue of at least US$200 million, or at least US$500 million in assets under management.
Tech companies that have raised at least US$30 million in funding will also be eligible.
These are largely similar to the eligibility criteria for the Tech.Pass, which was introduced in 2021 as a visa that targets highly accomplished global tech entrepreneurs, business leaders and technical experts.
About 250 unique Tech.Pass applications had been approved by the Economic Development Board as of the end of July 2022.
The Tech.Pass is valid for two years and can be renewed once for another two years if the renewal criteria are met, while the ONE Pass is valid for five years and is renewable for five years each time.
The ONE Pass was introduced in 2023 and is meant for top talent in all sectors, such as business, the arts and culture, sports, academia and research.
Dr Tan said over 8,000 people are currently on the ONE Pass.
They include Dr Anders Skanderup, an assistant director at the A*STAR Genome Institute of Singapore, who developed a novel AI-based method to monitor cancer progression; and Mr Oliver Jay, OpenAI’s managing director of international strategy and operations.
“We will continue to remain globally connected and open to talent that can complement our skilled local workforce, while reducing reliance on foreign labour where there is scope to raise productivity,” said Dr Tan.
At a briefing on Feb 27, an MOM spokesperson said the aim is for ONE Pass (AI and Tech) holders to generate new activities that create not only economic growth and business opportunities, but jobs for Singaporeans.
The spokesperson said a target number of ONE Pass (AI and Tech) visas is not being specified beforehand, and that given the high thresholds for eligibility, the number of approvals is not expected to be large.
Other countries have launched new visa schemes for tech talent in the past year.
China’s K visa targets young science, technology, engineering and mathematics graduates, while South Korea’s “top-tier” visa aims to attract professionals in high-tech industries like semiconductors and biotechnology.
Continue reading...