Innovative visa opportunities for BD entrepreneurs and freelancers

Rounak Marium | Published: September 28, 2024 21:47:31

The modern world's interconnectivity has led to substantial changes in work, opening up new opportunities for Bangladeshi entrepreneurs and digital nomads. More than 2.2 million Bangladeshi freelancers are active globally and a growing number of youths are pursuing entrepreneurship.
Countries worldwide are introducing updated immigration regulations to attract talented entrepreneurs and freelancers. Countries including Malaysia, Singapore, Thailand, the UAE, the UK, Canada, Australia, and Brazil have created specialised visa programmes.
Malaysia offers an initiative for foreign entrepreneurs and digital nomads called the Malaysia Tech Entrepreneur Programme (MTEP) and The DE Rantau Nomad Pass. Under MTEP, an entrepreneur applying for the visa should demonstrate a solid business plan and technological innovation. New entrepreneurs can apply for a one-year pass with the possibility of renewal if they meet certain milestones. Established entrepreneurs can apply for a five-year pass, offering more long-term stability for scaling their businesses in Malaysia.
The DE Rantau Nomad Pass is Malaysia's initiative to attract digital nomads, offering remote workers and freelancers the opportunity to live and work in the country. This pass is designed for both tech and non-tech professionals, allowing them to stay for three to 12 months, with the option to extend for an additional year. Tech professionals must earn at least US$ 24,000 annually. Non-tech professionals need an annual income of at least US$ 60,000. Applicants must provide essential documents like a passport, CV, proof of income, and contracts. Digital nomad hubs are being developed across Malaysia, such as in Kuala Lumpur, Langkawi, and Penang, offering co-working spaces and amenities suited for remote work.
Singapore has one of the best business ecosystems in the world. Singapore offers an EntrePass visa for business startup entrepreneurs, experienced investors, and high-calibre innovators to invest in their country. This visa will open the door for entrepreneurs in many Asian countries as Singapore stands at the crossroads. Singapore EntrePass holders become eligible for permanent residency status depending on their age, qualifications, the company's success, and their stay in Singapore.
To qualify for Singapore's EntrePass visa, entrepreneurs must secure funding from a government-recognised venture capitalist or angel investor, with a minimum investment of SG$ 100,000. Alternatively, they can be part of a recognised incubator or accelerator and must plan to establish an innovative tech or venture-backed business. Innovators must possess registered intellectual property (IP) that offers a competitive edge, with one shareholder being the IP owner, and should collaborate with an A*STAR which means an Agency for Science, Technology, and Research institution. In the EntrePass visa, an applicant can bring their family to Singapore using two different passes: a Dependent pass and a Long-term visit pass.
Thailand launched the Thailand SMART Visa Program on February 1, 2018, and The Destination Thailand Visa (DTV). Offering unique benefits over traditional visas, the SMART Visa is specifically crafted to support the advancement of priority industries known as "S-Curve" industries. In this programme, the SMART Startup (S) Visa is designed to cater to entrepreneurs looking to establish a startup in Thailand or participate in accelerator programmes. The eligibility varies depending on the period for the visa. The Destination Thailand Visa (DTV) is a special visa designed for digital nomads, remote workers, and individuals involved in "Thai Soft Power" activities, offering a five-year multiple-entry visa with a maximum stay of 180 days per entry. This visa is also extendable annually.
The growing demand for digital nomads is not just a trend in Southeast Asia; it is also being recognised by the UAE. Dubai's Virtual Working Program is aimed at digital nomads who wish to take advantage of Dubai's world-class infrastructure, zero personal income tax, and high quality of life. Brazil also offers a similar Digital Nomad Visa. In this visa process applicants must demonstrate employment or self-employment with a foreign entity, ensuring their income is sourced outside Brazil. A minimum monthly income of US$ 1,500 is required, or a bank balance of at least US$ 18,000. A clean criminal record must be proven through a background check from the applicant's country of residence.
The United Kingdom, Australia, and Canada are also popular choices for entrepreneurs pursuing startup and innovation visas due to their country's economic status.
In the UK, The UK Innovator Founder Visa is aimed at individuals looking to establish and run an innovative business in the UK. The key requirement is having a business idea endorsement from an authorised body that assesses the business idea for innovation, viability, and scalability. An entrepreneur can apply as the sole founder or as part of a team. However, all applicants need their endorsement. The business idea must demonstrate strong potential for growth.
The visa is granted for up to three years and can be extended. It also offers a pathway to settlement in the UK after three years. Also, applicants can bring their family members with them.
The Canadian government provides the Canada Start-up Visa Program, designed to attract innovative entrepreneurs who can create businesses that will contribute to the Canadian economy and create jobs for Canadians.
To apply, entrepreneurs must get backing from a designated venture capital fund, angel investor network, or business incubator and an endorsement letter from the appropriate organisation is required for an application. The applicants must hold a minimum of 10 per cent of the voting rights and the designated organisation and the applicants combined must have over 50 per cent of the total voting rights in the business. Also, an applicant must achieve a Canadian Language Benchmark (CLB) of 5 in listening, reading, writing, and speaking in either English or French. To stay on this visa applicants must provide proof to have sufficient funds to support themselves and any dependents after arriving in Canada. According to Shahriar, who availed Canadian Startup Visa, "Bangladeshi entrepreneurs need to be more ambitious and active to get these opportunities, most people don't even try properly."
Australia offers the Business Innovation and Investment (Provisional) visa (subclass 188) for entrepreneurs and investors. The subclass 188 visa is a provisional visa that can lead to a permanent residency option (subclass 888) if certain conditions are met, such as business operation success and continued compliance with visa conditions.
An Australian State or Territory government must first sponsor the applicants for the visa and receive an Expression of Interest (EOI) and nomination must be valid for the duration of the application procedure. To be eligible, applicants must receive a minimum of 65 points on the points exam, which takes into account their age, English language ability, credentials, work experience, and other variables. If the applicant's annual sales are less than AUD 400,000, they must possess at least 51 per cent of the combined value of one or two businesses. 30 per cent of the whole business value if the company generates AUD 400,000 or more in revenue annually, or 10 per cent of the total business value if the company is run by a publicly traded corporation according to the official portal.
Ahmed Rakib, a digital nomad living in Thailand says, "For freelancers and remote workers, these visas help in growing networks and experience for a long term career."
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