In January 2027, Singapore will unveil a new visa pathway for top-tier talent in artificial intelligence and technology through the Overseas Networks and Expertise (ONE) Pass.
Manpower Minister Tan See Leng stated on Tuesday (Mar 3) that this aims to enhance Singapore's appeal to leading talent in essential and emerging technologies such as AI and quantum computing.
The ONE Pass (AI and Tech) program will take the place of the current Tech.Pass and provide better conditions, he mentioned in parliament while presenting the Ministry of Manpower’s (MOM) budgetary plans.
At present, the salary threshold for acquiring a Tech.Pass is a monthly minimum wage of no less than S$22,500 ($17,700) during the previous year. Non-cash elements are evaluated individually.
The new ONE Pass (AI and Tech) track will maintain the ONE Pass scheme's stipulation of earning a minimum of S$30,000 per month in the previous year.
In addition to a guaranteed monthly salary of no less than $22,500, the requirement can be fulfilled with vested non-cash elements, including employee stock option plans and employee share ownership.
MOM indicated that this acknowledges that leading talents in AI and technology might receive remuneration through these non-monetary elements.
Additional requirements include a minimum of five cumulative years of experience as a founder or in a C-suite position, or in a technical position like a senior software engineer, accumulated within the last 10 years from the application date.
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The applicant’s most recent or current job must be with a technology company, a technology sector of a business, or a technology investment firm.
The firm must possess a valuation or market capitalization of a minimum of $500 million, or generate annual revenue of no less than US$200 million, or manage assets totaling at least $500 million.
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Tech firms that have secured a minimum of $30 million in financing will also qualify.
These criteria are largely akin to those of the Tech.Pass, launched in 2021 as a visa aimed at exceptionally skilled global tech entrepreneurs, business leaders, and technical specialists.
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By the end of July 2022, the Economic Development Board had approved approximately 250 distinct Tech.Pass applications.
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.