A Guide to the Business Incentives and Grants You Can Earn in Singapore

Singapore’s government is known the world over for its hands-off approach to business. While there is some truth to this, qualified businesses do enjoy a range of incentives and public funding. Corporations and start-ups that are engaged in high-value activities or are in fields that the government deems to be of strategic importance to Singapore’s economy and future development may qualify for special grants, incentives, and subsidies.

The Singapore Economic Development Board (EDB) has identified three priority areas for public funding. These include: 

1. Growing industries 
2. Innovation, R&D, and capability development
3. Productivity

Below are some of the EDB grants for business Singapore-based enterprises enjoy.

Growing Industries

Industry diversification is part of Singapore’s overall strategy for growth. Diversification adds to the country’s capacity for innovation and helps the local economy become more resistant to external shocks. Grants and incentives in this area include the following:

Special Situation Fund for Startups (SSFS)

This fund is intended to promote promising startups in early to late-stage development. Priority is given to enterprises whose promised output may benefit Singapore’s economic plans.

Pioneer Certificate Incentive (PC) & Development and Expansion Incentive (DEI)

The Pioneer Certificate Incentive (PC) and the Development and Expansion Incentive (DEI) are intended to help established businesses update and expand their capabilities. Special consideration is given to companies that have global or regional activities.

Finance & Treasury Centre (FTC) Incentive

Singapore is a world-leading finance centre, and this is due in no small part to the government incentivising local businesses to update their financial capabilities. The Finance and Treasury Centre (FTC) Incentive is directly intended to help Singapore-based businesses expand their treasury management capabilities, ultimately reducing overhead costs while making the country more attractive for strategic finance.

Aircraft Leasing Scheme (ALS)

Singapore is a globally important logistics hub, and having civilian aircraft of all types available when needed may help the country maintain its comparative advantage. The Aircraft Leasing Scheme (ALS) is thus intended to directly help grow the emergent Singaporean aircraft leasing industry.

Innovation, R&D, and Capability Development

Investments in R&D, innovation-creation, and capability expansion are key ingredients of Singapore’s successes thus far. Funding in these areas is intended to help grow the country’s capacity for indigenous breakthroughs and value-creation. Publicly funded incentives in this area include the following:

Tech@SG Programme

This initiative is intended to encourage global startups and tech companies to set up their head offices in Singapore. The Tech@SG Programme incentivises talented tech innovators to create value within the country.

Tech.Pass

This is a special visa that makes it easy for well-regarded thought leaders, entrepreneurs, and technical experts to visit and create new ventures in Singapore.

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

This initiative is meant to help locally based businesses with innovation and technology development to foster home-grown breakthroughs in tech and related fields.

Training Grant for Company (TGC)

The TCG initiative is designed to support existing employee training programmes. The incentive focuses on increasing professional knowledge, particularly in the application of emerging technologies and other useful skills.

Intellectual Property (IP) Development Incentive (IDI)

The IDI aims to embolden intellectual property owners to commercialise their IPs. This incentive focuses mostly on IPs developed from R&D.

Productivity

The last category of grants and incentives involves funding to increase business efficiency. These include the following:

Land Intensification Allowance (LIA)

This incentive is intended to maximise Singapore’s limited industrial land resources. LIA encourages businesses to use less land and shift to activities that create more value.

Resource Efficiency Grant for Energy (REG(E))

REG(E) is a grant meant to address emerging challenges in providing clean and consistent power for data centres and manufacturing facilities. This grant aims to encourage Singapore-based businesses to reduce carbon emissions and invest in energy-efficiency solutions.

Boost Your Business with Public Grants and Incentives

These are just the grants and incentives for business Singapore-based companies enjoy through the EDB. Other public institutions may also offer incentives and assistance that you might find useful for growing your business. Make sure to consult with an expert in Singaporean legal matters to learn how best to manage these incentives.