Before even gathering your paperwork, do make sure that everything is in order. Singapore may create the perfect environment for entrepreneurs, but it does not tolerate fake claims, especially when it comes to the PIC. Do be 100% certain that everything is in order to maximize your chances at success.
There is absolutely no doubt about the fact that Singapore is one of the best developed countries in the world, especially from an economic point of view. In a few decades, this small country on the map of the world has managed to transform itself into a true economic power and the main way through which they have gotten so far is precisely their policy towards business (even when it comes to foreign entrepreneurs). With a set of laws that seem to put business before everything and that are always advantageous for entrepreneurs, it is no wonder that this small island has managed to attract so much attention throughout the years.
Another reason for which Singapore is so attractive is the fact that their tax system and their opportunities for obtaining various kinds of funds are extremely well developed and they actually pay attention to the needs entrepreneurs have when it comes to their business in this country. The PIC is probably one of the most well-known funding opportunities in Singapore and you should definitely continue reading if you want to learn more about this opportunity.
Steps to claiming PIC FAQs
Yes, all businesses (regardless of a branch, a subsidiary, sole proprietorships, or partnerships) are eligible for PIC.
Yes, all types of businesses in Singapore are eligible to claim the PIC benefits (including the branches and subsidiaries of companies that are foreign).
Yes, all types of businesses in Singapore are eligible to claim the PIC benefits (including the branches and subsidiaries of companies that are foreign).
6 business activities that are qualified for PIC are:
- Research and Development (R&D) projects
- Intellectual Properties (IP) and Rights including designs, trademarks, patents, etc.
- Purchase of (Intellectual Property) IP for business usage
- Purchase or leasing of equipment
- Training of employees
- Design projects
