TechSG scheme will require firms to meet venture-capital terms
THE upcoming Tech@SG scheme for fast-growth tech companies, which will facilitate the entry of foreign"core team members" to Singapore, will require qualifying firms to have secured more than US$10 million in venture capital funding cumulatively, and have received funding from a programme-recognised VC in the past 36 months, said Minister for Trade and Industry Chan Chun Sing in Parliament on Monday.
Tech@SG"is intended for companies with the commitment and ability to build teams and products in Singapore", both local and foreign, said Mr Chan. Apart from the VC requirements, qualifying firms will have to be incorporated in Singapore, have a digital or technology offering, or have a business model built around proprietary technologies, research or hardware.
"We need to complement our local pipeline with skilled workers from all around the world to meet the surging demand from companies that are already in Singapore, and companies that we want to bring to Singapore," he said. That is where Tech@SG comes in.
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