The grant defrays up to 70 percent* of qualifying project costs such as consultancy, training, certification and equipment costs. You can take on large scale upgrading projects in areas like increasing productivity, process improvement, product development and market access.
To encourage more SMEs to build business capabilities, the application process for grant support of S$30,000 or less has been simplified. You can look forward to simpler application forms and reduced documentation requirements for such projects.
* SPRING’s enhanced funding support of up to 70% would be effective for three years until 31 March 2018.
Explore CDG Development Areas
Registered and operating in Singapore
At least 30% local shareholding
Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
SPRING will assess the application based on your needs, the project scope and competency of the service provider in improving your business capabilities. All applications are subject to SPRING’s approval.
**Above information has been extracted from Spring website: https://www.spring.gov.sg/Growing-Business/Grant/Pages/capability-development-grant.aspx**
The Productivity and Innovation Credit (PIC), dispensed under the Inland Revenue Authority of Singapore, allows your business to enjoy 400% tax deductions up to $400,000 or 60% cash pay out up to $100,000, for investments in innovation and productivity improvements. The six activities covered under PIC include:
Research & development
Registration of intellectual property rights (IPRs) – e.g patents, trademarks, designs and plant varieties
Acquisition and in-licensing of IPRs – e.g. Buying a patented technology or copyright for use
Acquisition or leasing of prescribed automation equipment
Training of employees
Approved design projects
From YA2013 to 2015, you may also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing tax deductions and cash payout.
Find out more or apply for the Productivity and Innovation Credit (PIC).
**Above Information Extracted from IRAS Website: https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/Six-Qualifying-Activities-under-PIC/Acquisition-and-Leasing-of-PIC-IT-and-Automation-Equipment/**