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Grant Guide
Refundable Investment Credit
RIC
Supports significant new or expanded investments in Singapore across areas such as headquarters activities, centres of excellence, R&D, innovation, decarbonisation and strategic economic activities.
Quick Facts
Key information about this grant, including agency, support level, funding cap, supported costs and application window.
AGENCY
Singapore Economic Development Board / Enterprise Singapore
SUPPORTED COSTS
May support manpower, capital expenditure, professional fees, logistics, materials, intangibles, training and financing costs, depending on project scope.
SUPPORT LEVEL
10%, 30% or 50% of qualifying expenditures, depending on project profile.
APPLICATION WINDOW
No fixed application closing date.
FUNDING CAP
Funding quantum varies by project and approved qualifying expenditures.
LAST REVIEWED
August 13, 2026
What This Grant Supports
May support manpower, capital expenditure, professional fees, logistics, materials, intangibles, training and financing costs, depending on project scope.
Who This Grant May Suit
Companies incorporated in Singapore, or branches of foreign companies registered in Singapore, that are planning significant new or expanded investments contributing to Singapore’s economy or advancing Singapore’s capabilities in globally leading or new growth industries.
Typical Project Examples
Typical projects may include investments in new productive capacity, expansion or establishment of headquarters activities, centres of excellence, digital services, professional services, supply chain management activities, R&D and innovation activities, decarbonisation solutions, commodity trading activities, advanced manufacturing operations, international trade functions, AI or digitalisation capabilities, green economy projects and strategic regional or global business functions anchored in Singapore.
Key Eligibility Notes
RIC is open to companies making significant new investments that contribute to Singapore’s economy or advance Singapore’s capabilities in globally leading or new growth industries. The applicant must be a company incorporated in Singapore or a branch of a foreign company registered in Singapore.
Qualifying activities must support the proposed project and be aligned with Singapore’s priority economic growth areas, including Advanced Manufacturing, International Trade, Supply Chain Management, Mobility, Digitalisation & Artificial Intelligence, and the Green Economy.
Projects are assessed based on quantitative factors such as local business spending, fixed asset investments and employment, as well as qualitative factors such as capability development, capacity creation, resource efficiency improvements, multiplier effects and collaborations with public or private sector players. EDB also considers the company’s track record in Singapore and elsewhere, and its resources to carry out the project successfully.
Indicatively, projects at the 10% support level should involve investments of no less than S$3 million and no less than 8 employees. Projects at the 30% support level should involve investments of no less than S$5 million and no less than 10 employees. Projects at the 50% support level should involve investments of no less than S$7 million and no less than 18 employees. Final support depends on EDB assessment and approval.
Grant eligibility depends on the latest programme requirements, company profile, project scope, timing and supporting evidence. RIC assesses grant fit based on the specific project context.
FAQs
What is the Refundable Investment Credit?
The Refundable Investment Credit is a refundable tax credit that supports companies making significant new or expanded investments in substantive economic activities in Singapore. It is intended to encourage investments in key economic sectors and new growth areas.
Who can apply for RIC?
RIC is open to companies that make significant new investments contributing to Singapore’s economy or advancing Singapore’s capabilities in globally leading or new growth industries. The applicant must be a company incorporated in Singapore or a branch of a foreign company registered in Singapore.
What activities can RIC support?
RIC can support qualifying activities such as investing in new productive capacity, expanding or establishing digital services, professional services or supply chain management activities, expanding or establishing headquarters activities or centres of excellence, carrying out R&D and innovation, implementing decarbonisation solutions, and setting up or expanding commodity trading activities.
What support rates may apply?
RIC may support qualifying expenditures at 10%, 30% or 50%, depending on the profile of the project. The support rate is determined upfront before the project commences.
What determines whether a project receives 10%, 30% or 50% support?
The support rate depends on the project’s profile, including the scale of investment, employment commitments, value-added activities, capability development, value creation, industry impact, strategic importance and contribution to Singapore’s ecosystem.
What types of expenditures may qualify?
Qualifying expenditures may include manpower, capital expenditure and, where relevant, professional fees, freight and logistics costs, materials and consumables, intangible asset costs, training costs and financing costs.
What expenditures are not qualifying?
Depreciation, amortisation, maintenance expenses, manpower costs for staff not based in Singapore, and expenses incurred outside Singapore are not qualifying expenditures.
How long can the qualifying period be?
The qualifying period depends on the duration of the proposed project and is limited to no more than 10 years for each RIC award. Only qualifying expenditures incurred during the qualifying period are supportable.
How can RIC be used?
RIC can be used to offset Corporate Income Tax, including Domestic Top-up Tax and Multinational Enterprise Top-up Tax, levied on or due from the company under the relevant Singapore tax legislation. Unutilised RICs may be carried forward to offset tax liabilities in subsequent years, up to the stipulated payment date.
Can unutilised RICs be paid in cash?
Any remaining unutilised RICs will be paid in cash to the company by the stipulated payment date, which must be no later than four years from when the company makes the claim application for qualifying expenditures incurred. Companies may also elect to receive the RICs as a cash payout instead of using them to offset taxes, subject to the applicable process and schedule.
What milestone conditions may apply?
Companies must meet economic milestone conditions, including implementing the approved project, incurring the approved level of investments and achieving the approved level of employment. Other standard terms and conditions in the Letter of Award will also apply.
Are annual updates required?
Yes. Companies are required to submit annual progress updates to EDB. Updates on investment levels and employment levels must be externally audited by a Public Accountant or audit firm registered with ACRA.
How are RIC claims made?
Companies must submit audited documents on qualifying expenditures incurred for EDB’s review. If the claim documentation is in order, EDB will issue a Letter of Confirmation stating the amount of RICs to be given and the payment date for any unutilised RICs.
Is there a stated application deadline or expiry date for RIC?
No stated expiry date is provided in the available materials. Interested applicants may approach EDB to discuss a proposed project and must submit an application in the format provided by EDB.
How can RIC help assess Refundable Investment Credit fit?
RIC helps companies assess whether a proposed Singapore investment project may be suitable for the Refundable Investment Credit, including project scope, investment commitments, employment plans, qualifying expenditures, milestone conditions, strategic positioning and application readiness.
