1) Productivity and Innovation Credit (PIC): This grant will reward you for making the purchases or investments you have made to increase the level of productivity and innovation if your company. This can include factors like purchasing or leasing office equipment or other assets or imparting training skills such as soft skills or management skills to your company’s staff. The government of Singapore will reward you through two options: The first option involves claiming a tax deduction of 400% of the expenses for each of the following six business activities, available from Years of Assessment (YAs) 2011 to 2015:
- Research and Development (R&D) projects
- Intellectual Properties (IP) and Rights including designs, trademarks, patents, etc.
- Purchase of IP for business usage
- Purchase or leasing of equipment
- Training of employees
- Design projects
An important thing you have to note, however, is that the total expenses should not exceed $1,200,000 for the fiscal years 2013 to 2015. The second option involves converting the company’s expenditures on any of the six business activities that we have mentioned above towards a cash payout. This expenditure can range from $400 to $100,000. A maximum of 60% can be claimed for a cash payout of $60,000 for the fiscal year 2013 to 2015. You must also keep in mind that in order to qualify for the cash payout option, you must fulfill certain requirements such as employing at least three Singapore citizens and/or PRs and paying for CPF contributions. In addition, your business must also be active in Singapore. From years of assessment 2013 to 2015, your business can also enjoy a PIC Bonus, which is a dollar-for-dollar matching cash bonus, given on top of the benefits mentioned above.
2) Singapore Certified Energy Manager Training Grant (SCEM): Administered by NEA, this is a co-funding scheme to develop local expertise and capability in professional management of energy. It is aimed at engineers and managers who overlook manufacturing facilities and buildings as well as provide engineering consulting services or energy services. With this grant, candidates only have to pay S$963, which also covers the general sales tax, for the complete professional level SCEM program that comprises of 144 credit hours. It consists of 4 core and 2 elective modules. The full free course would cost $5885 to regular purchasers. The program is also supported by Absentee Payroll funding of the Singapore Workforce Development Agency. You can apply for the funding through the Registered Training Providers or in the SkillsConnect system. You will only become eligible for the training grant once you sign up for the full SCEM program at professional level. You must also be a Singaporean or Permanent Resident, Have a relevant degree in engineering or science as well as a minimum of 1 year of relevant engineering experience and be able to show a company’s letter of support from the current employer in order to qualify for this training grant.
3) The Innovation & Capability Voucher (ICV): The main aim of this grant is to encourage small and medium enterprises to enhance their capabilities in areas of productivity such as technology innovation services, technical feasibility studies, technical support and knowledge development, human resources and financial management. This is a voucher worth $5,000 and you can utilize this for any of the services mentioned above. An SME may apply for two vouchers per area in the ICV scheme, but each project has to be finished before a new application is considered. Each project must also be completed within six months. All SMEs in Singapore are eligible to apply for this grant if they are physically present and registered in Singapore, have at least 30% local shareholding, and make annual sales of not more than $100 million or do not apply more than 200 employees. You can apply online via the ICV Online Portal.