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In Singapore, there are various sources of
investment incentives to assist the business/company in areas of
business development, human resource, IT development and innovation.
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In addition, the Economic Review Committee (ERC) was established in
Oct 2001 to review our development strategies and formulate a
blueprint to restructure the economy in Singapore, covering most
sectors like service & manufacturing, domestic enterprises,
entrepreneurship and internationalization. |
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A good source of various schemes/incentives can be found under website
of Economic Development Board (EDB) - www.sedb.com with links to
related useful sites as well. |
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EDB is one of Singapore’s main government agencies for trade and
business development, offering a range of tax & financial incentives
to attract and assist investors in financing long-term projects. It
also has an extensive network of international offices in US, Europe
and Asia Pacific region. |
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Other government agencies include the Trade Development Board (TDB),
Jurong Town Corporation (JTC), Infocomm Development Authority of
Singapore (IDA) and Singapore Productivity Standards Board (PSB);
offering a wide range of market & investment development assistance
schemes and developmental programmes. |
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There are also professional bodies in Singapore with resources that
businesses can tap upon; for instance Export Credit Insurance
Corporation of Singapore (ECICS), Singapore Federation of Chambers of
Commerce & Industry (SFCCI), Singapore Manufacturers’ Association
(SMA). |
Highlights of Investment Incentives
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Taxation
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Tax Relief covering Expanding Enterprises, Pioneer status where
dividends income are tax-exempted |
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Deduction of Capital Allowances under taxation for Finance companies |
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Tax incentives for promoting Offshore & Financial Services |
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Tax exemption on dividend paid out of foreign income |
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Tax exemption incentive for Unit Trust Industry’s of trust income
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Investment Allowances |
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Export Incentive
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Any company that manufactures export products in Singapore may apply
for an export certificate. |
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If the export enterprise is also a pioneer enterprise, the tax relief
period may be 8 years (versus the normal tax relief period of 5
years). |
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Exemption may be extended to 15 years if it satisfies certain
pre-requisites on its fixed capital expenditure. |
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Technopreneurship & High-Tech Investment
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To encourage the growth of technopreneurship and investment in high
tech startups in Singapore, a US$1 billion Technopreneurship
Investment Fund (TIF) was set-up and launched as part of the
comprehensive suit of measures under the Technopreneurship 21 Concept
Plan. |
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It also serves the role of developing a vibrant venture capital
industry in Singapore. |
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Technopreneur Investment Incentive (TII) tax benefit whereby
investment loss can be net-off against taxable income |
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Details can be found under EDB, at www.sedb.com and see other
assistance from EDB under 2.2 below |
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Other Incentives
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International Traders (Approved Mega-Traders) status grant of 10% tax
rate for approved international traders versus the usual corporate tax
rate. |
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Approved International Shipping Enterprise (AIS) scheme where
ship-owners if qualified, may enjoy tax exemption on income from
operation of all vessels whether these are registered in Singapore or
otherwise. |
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Development and Expansion Incentive of concessionary tax rate of 10%
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Water Recycling Plant Incentive with capital allowance grant |
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Incentive for Pollution Control Equipment with depreciation benefit of
100% in the 1st year on energy conserving equipment |
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Promotion of E-commerce Investment |
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Comprehensive Business Assistance under EDB
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Business Development
Franchise 21 Assistance Programme
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Local Enterprise Financing Scheme (LEFS) |
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Local Enterprise Financing Scheme-Micro Loan Programme |
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Local Enterprise Technical Assistance Scheme (LETAS) |
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New Business Creation Incentive |
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Pioneer Incentive (Manufacturing & Services) |
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Retail Essentials Assistance Porgramme (REAP) |
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Social Pass |
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Technopreneur Investment Incentive Scheme (TII) as mentioned above |
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Technopreneur Pass |
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Venture Investment Support Start-ups (VISS) |
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Human Resources
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Critical Enabling Skills Training (CREST) Programme |
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Critical IT Resource Programme (CITREP) |
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Critical Skills Scheme |
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Initiatives in New Technology Scheme (INTECH) |
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IT Training Assistance Scheme (ITAS) |
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National Skills Recognition System (NSRS) |
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On-the-Job Training (OJT) Programme |
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People Developer Assistance Programme |
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Scheme for Housing of Foreign Talent (SHiFT) |
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Skills Redevelopment Programme (SRP) |
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SME Manager Scheme (SMS) |
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Total Company Training Plan Scheme |
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Training & Attachment Programme |
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Training Assistance Scheme (TAS) |
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Training Expertise & Assistance Management (TEAM) |
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Training Leave Scheme (TLS) |
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Training Voucher Scheme (TVS) |
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IT Development
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The Approved Cyber Trader (ACT) incentive |
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FastTrack Programme |
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Infocomm Local Industry Upgrading Programme (iLIUP) |
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Initiatives in New Technology Scheme (INTECH) |
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Innovation Development Scheme (IDS) |
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IT Training Assistance Scheme (ITAS) |
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Local Enterprise Technical Assistance Scheme (LETAS) |
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Innovation
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Initiatives in New Technology Scheme (INTECH) |
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Innovation Development Scheme (IDS) |
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Pioneer Incentive (Manufacturing & Services) |
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Startup EnterprisE Development Scheme (SEEDS) |
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Technopreneur Home Office Scheme |
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Venture Investment Support for Start-ups (VISS) |
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(Refer details of the above business assistance/incentives from EDB
under www.sedb.com)
Other Recommended Useful Websites
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