Why Foreign Companies are Doubling Down on Singapore—And Getting Paid to Do It

​Singapore: The Fast Lane into Asia, with the Wind at Your Back

Setting up in a new market is never easy - even for the most seasoned founders or global expansion leads. There’s the legal maze, the talent equation, the brand recalibration. And if that market is Asia? The stakes are even higher.

Singapore, long known for its “ease of doing business,” has now evolved into something more compelling: a launchpad where government-backed capital actively supports your growth.

And this isn’t fluffy PR or small change. Through the Economic Development Board (EDB), Singapore offers serious financial incentives—some refundable in cash—that reduce your burn, build your local team faster, and accelerate your innovation footprint. If you’re a tech-driven, global-minded company looking to establish a meaningful APAC presence, here’s what you need to know.

Top 2 Featured Incentives

1. Refundable Investment Credit (RIC)

Summary:
The RIC is a refundable tax credit scheme launched in 2024 aimed at encouraging companies (including foreign multinationals) to make major new or expanded investments in substantive economic activities and sectors like advanced manufacturing, R&D, sustainability initiatives, and other priority areas.

Key Benefits (Grants/Caps):

• The RIC can be used to offset Singapore corporate income tax liabilities (including any domestic or multinational enterprise top-up taxes).
• Any unutilised RIC is refunded in cash, within four years from the claim application.
• Companies may nominate group entities to enjoy RIC benefits.
• Minimum qualifying investment and employment thresholds apply, dependent on support tier (see “Support %” below).
  
  

Support %:

• 10%: For investments that lead to new/expanded capabilities in high value-added sectors.
  • Minimum: S$3 million investment and 8 Singaporean employees.
    
    
• 30%: For deeper value creation or capability building (e.g., centers of excellence, significant R&D, IP creation, innovation for new markets).
  • Minimum: S$5 million investment and 10 employees.
    
    
• 50%: For best-in-class, ecosystem-transformational, or pioneering investments which elevate Singapore’s status regionally or globally.
  • Minimum: S$7 million investment and 18 employees.
    
    

Other Key Features:

• Eligible expenditures: manpower, capex, relevant professional fees, training, etc. (excluding items like depreciation, out-of-Singapore expenses).
• Qualifying period: Up to 10 years per award.
  
  

2. Research and Innovation Scheme for Companies (RIS(C))

Summary:
RIS(C) is a cash grant scheme supporting companies to establish or expand their R&D and Innovation teams and activities in Singapore, targeting the development of new or significantly improved products, services, or processes. It aims to build R&D/innovation capabilities and anchor high-value functions locally. Companies must demonstrate financial ability and a credible innovation/R&D plan.

Key Benefits (Grants/Caps):

• Awards are made as fixed quantum (“grant packages”) based on milestones met over a typical 3-year period.
• Three packages: S$500,000, S$1,000,000, S$1,500,000—corresponding to project scale, headcount, and expenditure commitments.
  
  

Support %:

• For qualifying costs during the 3-year period:
  • Local Manpower: 60% (S$4,000–S$20,000 monthly salary range per head).
  • Foreign Manpower & Equipment: 30%. Combined cap (up to S$750,000 for largest package).
    
    
• Minimum headcount:
  • S$500,000: 5 R&D/Inno staff (of whom 3 newly added)
  • S$1,000,000: 10 (6 new)
  • S$1,500,000: 15 (9 new)
• Qualifying costs: Direct staff costs (excl. CPF), and equipment directly used for the project.
• Non-qualifying: Marketing, admin, sales, indirect roles, routine technology adoption, costs incurred outside Singapore.
  
  

Other Key Features:

• Qualifying period: 3 years typically, must start within a year of grant award.
• Funds disbursed annually upon submission and audit of qualifying costs.
• Only one grant per company under RIS(C) at a time.

Others Incentives
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1. Pioneer Certificate Incentive (PC)

Summary:
The PC incentivizes companies to introduce and manufacture pioneering products or activities in Singapore, ones that bring advanced technology, skills, or knowhow to the country.

Benefit in $ / Caps:

• Recipients enjoy corporate tax exemption on income from approved “pioneer” manufacturing products.
• Duration: 5 years (extensions possible).
  
  

Support %:

• 100% tax exemption on qualifying pioneer income.
  ​

Other Key Features:

• Required additional fixed asset investment: S$44 million by Year 5.
• Job creation: at least 30 new skilled employees, all based in Singapore by Year 5.
• Assessment includes technological advancement, quality jobs, and economic spin-offs.
  
  

2. Development and Expansion Incentive (DEI)

Summary:
The DEI targets companies engaging in the expansion of existing or new high value-added services, HQ functions, or manufacturing and R&D activities in Singapore.

Benefit in $ / Caps:

• Reduced corporate tax rates (5%, 10%, or 15%) on income above a pre-established base.
• Concessionary tax rate applies for 5 years with extension options.
  
  

Support %:

• Tax rates: 5%, 10%, or 15% on qualifying profits, depending on the scale of job and expenditure commitments.
  
  

Example (for Services):

• At 5% rate: At least 30 new skilled jobs and S$13 million additional annual business expenditure by Year 5.
• At 10% rate: 25 jobs, S$9 million Total Business Expenditure (TBE).
• At 15% rate: 13 jobs, S$5 million TBE.
  
  

Other Key Features:

• Applies to both services and manufacturing (criteria adjust by sector).
  
  

3. Finance & Treasury Centre (FTC) Incentive

Summary:
FTC aims to attract companies to establish regional or global treasury/finance centres in Singapore, managing cash, risk, corporate finance, and similar functions.

Benefit in $ / Caps:

• Concessionary corporate tax rate: 8% on qualifying FTC income (standard corporate tax is 17%).
• Withholding tax exemption for certain interest payments.
  
  

Support %:

• 8% tax rate for up to 5 years (extensions possible).
  
  

Other Key Features:

• Minimum requirements: Employ 4 FTC professionals and S$1.5 million annual business expenditure by Year 1.
• Separate accounts for non-qualifying activities.
  
  

4. Tech@SG Programme

Summary:
Tech@SG supports fast-growing tech companies in building core teams in Singapore by facilitating the approval of Employment Pass (EP) applications, ensuring access to global tech talent.

Benefit in $ / Caps:

• Up to 10 new EPs (work passes) over two years for foreign core team hires.
• Coverage of the first renewal for each new EP (up to three years more).
  
  

Support %:

• Not a grant, but a facilitation scheme for talent recruitment.
  
  

Other Key Features:

• Requires incorporation in Singapore and a technology/digital core business.
• Must have raised US$10 million+ from recognized investors in past 36 months (flexibility for fast-growth ventures).
• Fast-track EP endorsements, especially valuable for foreign venture-backed firms.
  
  

5. Global Founder Programme (GFP)

Summary:
Launched in April 2025, GFP is designed to attract experienced, high-impact entrepreneurs to set up and scale their new global ventures in Singapore.

Benefit in $ / Caps:

• Personalised onboarding, streamlined business setup and regulatory guidance.
• Access to Singapore’s business and innovation networks.
• Support with high-value work passes (ONE Pass), team formation, and capital introductions.
  
  

Support %:

• Not a direct cash grant, but intensive facilitation and tailored support towards scaling high-growth ventures.
  
  

Other Key Features:

• Curated founder network, access to pilot customers, venture builders, and visibility through EDB partners.
• Expert advisory, introductions to investors, and market expansion support.
• Structured 3-phase participation: Start, Build, Accelerate.

 
6. Salary Grant – Career Conversion Program (CCP)

Summary:
The CCPs are government-funded schemes administered by Workforce Singapore (WSG) to help companies reskill mid-career individuals (Singaporeans/PRs) for new, in-demand jobs and job roles impacted by industry transformation. Companies receive substantial salary support to facilitate on-the-job or structured training for these reskilled or converted employees, either as new hires or existing staff moving into new or redesigned roles.

Key Features:

• Applicable across ~30 growth sectors in Singapore.
• Available to both new Singaporean hires (career switchers) and current Singaporean employees transitioning into new job roles as part of business transformation.
• Main CCP modes:
  1. Place-and-Train: Hire new mid-career employees and train them for new roles.
  2. Job Redesign (JR) Reskilling: Send existing staff for training to take on redesigned job roles, supporting transformation efforts.
     
     

Benefit in $ Grant (Caps):

• Salary Support: Up to 70% of salary for most mid-career workers during the training period (typically 3-6 months, depending on role/sector).
• Enhanced Support: Up to 90% salary support for:
  • Long-term unemployed (≥6 months)
  • Mature workers (≥40 years old)
• Grant is capped at S$7,500 per month per employee - subject to salary ceilings per CCP; actual amount depends on staff profile and length of programme.
  
  

Other Key Conditions/Features:

• Open to all companies registered in Singapore (including foreign companies and MNCs with local entities).
• Employee must be Singapore Citizens or Singapore Permanent Residents, aged 21+.
• Companies must offer employment (or attachment) relevant to the reskilled job and make a commitment to OJT training arrangements set in the CCP.
  
  

Conclusion

Sounds Great. But What’s the Catch?

Here’s the thing: not everyone gets funded.

To qualify, you need more than just a presence—you need credible plans, measurable outcomes, and sharp execution. Grant agencies want to fund impact, not intentions. That’s why most companies don’t go it alone.

At Real Inbound Consulting (RIC), we specialize in turning your Singapore entry strategy into a fully fundable proposition. We’ve helped over 500 companies—across AI, manufacturing, SaaS, clean energy—secure grants ranging from S$30K to S$7 million, all without the internal overhead.

From planning your 3-year roadmap, drafting grant-worthy business cases, to ensuring compliance through claim audits—our team handles the full grant lifecycle. Our clients get peace of mind, smooth payouts, and real money in the bank.

And yes, we only charge if you succeed.

Start Smart, Scale Fast: Your Singapore Expansion Deserves It

If your company is serious about setting up in Singapore, don’t leave money on the table. Whether you're scouting for office space or already hired your first GM, the time to plan your grant strategy is now—not after your costs rack up.

Let RIC be your in-country grants department. We’ll match you to the right schemes, build your business case, and push for outcomes that fuel your next stage of growth.

→ Ready to explore what you qualify for? Contact our team here.