The Economic Development Board (EDB) is an agency under the Ministry of Trade and Industry of Singapore. Its mandate is to position Singapore as a global centre for business, innovation, and talent. For decades, it has been helping businesses in Singapore achieve continued growth and development, thus, yielding massive employment opportunities in the state. As a leading institution in Singapore, they are responsible for investment promotion and industry development, helping businesses transform their operations and enhance their productivity, providing support to various companies' needs, and improving the pro-business environment in Singapore. It has also tied up with EDBI, the investment arm of EDB that focuses on high growth technology sectors including Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC), and other strategic industries. To continue thriving amidst the competitive businesses environment in Singapore, companies are provided with assistance privileges in the form of incentives or schemes. Check to see if your company qualifies for any of these benefits: 1. Special Situation Fund The S$285 million SSFS was introduced in June 2020 to catalyze investments into high-potential startups facing cash-flow or fund-raising difficulties due to the pandemic. Type of Support:
Support level:
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To know more, visit this website. 2. Pioneer Certificate Incentive (PC) & Development and Expansion Incentive (DEI) To keep up with the fast-paced economic landscape in Singapore, companies are empowered to grow capabilities and conduct new or expanded economic activities in the state. Specifically, companies that cater the following services such as carrying out global or regional headquarters (HQ) activities of managing, coordinating and controlling business activities for a group of companies may also apply for the PC or DEI for the HQ activities. Type of Support:
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3. Finance & Treasury Centre (FTC) Incentive This scheme challenges companies to grow treasury management capabilities and use Singapore as a base for conducting strategic finance and treasury management activities. Essentially, an FTC is part of a larger presence of a company in Singapore, which may include manufacturing, R&D or a range of headquarters activities. The FTC set-up generally has about 10 staff and incurs total business spending of about $3.5 million. Type of Support:
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4. Aircraft Leasing Scheme (ALS) This scheme supports companies to develop aircraft leasing capabilities and grow the aircraft leasing industry in Singapore. Type of Support:
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5. R&D Schemes 5.1 Tech@SG Programme This scheme helps companies pool talent to catapult their growth in Singapore and the region. They also help facilitate the entry of global technology talent for eligible companies and provide company-level endorsement to the Ministry of Manpower (MOM), reducing the risks of rejections for their Employment Pass (EP) applications to MOM. Supported programs include up to 10 new EPs over two years for foreign employees who will be hired as part of your company’s core team in Singapore; and coverage for the first renewal of each new EP obtained under the program (each renewal will be valid for up to three years). Interested companies must satisfy the following requirements:
Interested individual companies must satisfy the following requirements:
Visit this website to know more. 5.2 Tech.Pass For hassle-free visits to Singapore, Tech.Pass allows established tech entrepreneurs, leaders or technical experts from around the world to perform frontier and disruptive innovations. Individuals may also apply for a pass directly from the Singapore Economic Development Board. To qualify for the pass, satisfy two of the following:
Visit this website to know more. 5.3 RISC (Research and Innovation Scheme for Companies) Supports companies’ technology development and innovation activities, to bring about the development of product and processes from Singapore. The RISC is a grant scheme aimed at encouraging companies in Singapore to conduct or expand their Research & Development (R&D) activities in science and technology.
For detailed information about the scheme, visit this website. 5.4 Training Grant for Company (TGC) Encourages manpower capability development in applying new technologies, industrial skills and professional know-how through the support of training programmes for companies’ employees. For detailed information about the scheme, visit this website. 5.5 Intellectual Property (IP) Development Incentive (IDI) Encourage the use and commercialization of intellectual property rights arising from research and development (R&D) activities. Type of Support:
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For detailed information about the scheme, visit this website. 6. Productivity-Related 6.1 Resource Efficiency Grant for Energy (REG(E)) Supports manufacturing facilities and data centres to be more energy efficient and improve competitiveness. Type of Support:
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For detailed information about the scheme, visit this website. 6.2 Land Intensification Allowance (LIA) LIA helps promote the intensification of industrial land use towards more land-efficient and higher value-added activities. Available to businesses in manufacturing and logistics sectors, and also integrated construction and prefabrication hubs, which have large land takes and low Gross Plot Ratios (GPR). Type of Support:
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Examples of Qualifying Expenditure: (a) cost of feasibility study on the layout of the building or structure; (b) design fees of the building or structure; (c) cost of preparing plans for obtaining approval for the building or structure; (d) piling, construction and renovation/extension costs; (e) demolition costs of an existing building or structure; (f) legal and other professional fees in relation to the approved construction or approved renovation/extension; and (g) stamp duties payable in respect of title of the building or structure. Qualifying criteria:
For detailed information about the scheme, visit this website. The Government of Singapore through the Ministry of Trade and Industry offers a wide range of assistance to interested and qualified local enterprises. Local enterprises in Singapore are highly encouraged to send their applications to respective schemes, depending on their company's line of business and needs that will support their continued growth and future endeavors. We hope that reading this blog gave you some useful information regarding the EDB program and inspired you to submit your grant application. On the other hand, this blog from Propel X might be quite helpful if you are an investor searching for informational blog about funding alternatives for start-up firms. Comments are closed.
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October 2024
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