Refundable Investment Credit

Who qualifies

• Must be registered in Singapore.
• The applicant must be a company incorporated in Singapore or a branch of a foreign company registered in Singapore.
• 10% tier: the project should involve investments of no less than S$3 million and no less than 8 employees.
• 30% tier: the project should involve investments of no less than S$5 million and no less than 10 employees.
• 50% tier: the project should involve investments of no less than S$7 million and no less than 18 employees.
• Qualifying activities must support the proposed Project and be in line with Singapore's priority economic growth areas.
• Qualifying expenditures must be incurred in Singapore during the Qualifying Period.
• Depreciation, amortisation, maintenance, manpower costs for staff not based in Singapore, and expenses incurred outside Singapore are not qualifying expenditures.
• The Qualifying Period is limited to no more than 10 years for each RIC award.
• The company must meet economic milestone conditions on project implementation, level of investments and level of employment.
• The company must submit an annual progress update (APU) in the prescribed format, with investment and employment levels externally audited by a Public Accountant or ACRA-registered audit firm.

What it funds

• R&D, product development, prototyping, IP
• Energy efficiency, decarbonisation, green certification, waste reduction
• Core capabilities — strategy, HR, finance, branding, processes
• Adopting digital tools, software, e-commerce, cybersecurity

Costs covered: Internal staff salary attributable to the project; Hardware, machinery, IT equipment; Third-party consultant or professional service fees; Physical materials and consumables consumed by the funded project (e.g. construction materials, prototypes); IP registration and licensing costs; Course fees and trainer costs; Explain in notes.

Maximum support: up to 50%.

Support rates of 10%, 30% or 50% on qualifying expenditures, set upfront before the project starts based on the project profile.

No maximum credit amount per company is stated. Depending on the project, qualifying expenditure may include professional fees, freight and logistics costs, materials and consumables, intangible asset costs, training costs and financing costs.

Payment: Delivered as a tax deduction, allowance or credit.

How to apply

Approach EDB to discuss the proposed project, then submit the application in the format provided by EDB.

1. Approach EDB to discuss the proposed project.
2. Prepare the application in EDB’s provided format.
3. Submit the application to EDB for assessment and approval.

Before applying

• The support rate, qualifying expenditures and Qualifying Period are determined upfront before the commencement of the Project.

Documents

• Application in the format provided by EDB

Claiming support

Submit a claim application with documents on qualifying expenditures incurred, externally audited by a Public Accountant or ACRA-registered audit firm. One claim per Financial Year is recommended. If in order, EDB issues a Letter of Confirmation and transmits its details to IRAS. RICs offset taxes first-in-first-out; the company may nominate group entities to use them or elect cash payout. Remaining unutilised RICs, or elected cash payout, are paid within four years from the claim application date according to the stipulated schedule.

Contact: https://www.edb.gov.sg/en/contact-us

Application window: No closing date stated on the index or factsheet.