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WHY WORKFORCE UPSKILLING IS CRITICAL FOR INNOVATION, AND WHAT SUPPORT EXISTS IN SINGAPORE
How can Singaporean Companies future-proof their teams for innovation? In a landscape shaped by rapid technological change, upskilling is no longer optional; it’s a strategic imperative for every sector from manufacturing and electronics to healthier, green industries to fintech. Here’s why investing in your people is key to staying ahead, and how Singapore’s latest government initiatives make it easier than ever.
Why Is Upskilling Essential for Innovation?
- Technological disruption is accelerating. Industry 4.0, AI, automation, and digitalization are transforming job roles and business models across manufacturing, electronics, logistics, and more. Companies that invest in upskilling build resilience and adaptability, enabling their teams to embrace new tools and drive innovation.
- Closing the skills gap fuels growth. As new technologies emerge, demand for specialized skills outpaces supply. Upskilling programs help close this gap, ensuring your workforce remains competitive and ready to seize new opportunities.
- Employee engagement and retention improve. Companies that prioritize learning and career development see higher productivity, satisfaction, and retention rates, all of which are crucial for long-term innovation.
What Government Support Exists for Workforce Upskilling in Singapore?
Singapore’s government offers a robust suite of grants and programs to help companies of all sizes and sectors transform their workforce for the future:
The CTC Grant supports companies that form a Company Training Committee to co-develop transformation plans with NTUC. It funds initiatives that improve both business capabilities and worker outcomes.
Key Features:
- Up to 70% funding for qualifying costs
- Covers training, consultancy, equipment, and software
- In-house training funded at $9/hour
- External non-SSG-supported courses funded up to 70%
Eligibility:
- Must be legally registered in Singapore
- Must have an established CTC
- Government entities and subsidiaries are not eligible
Learn more about the CTC Grant here.
Key Takeaways
Workforce upskilling is the foundation of innovation across all sectors in Singapore. With generous government funding, tailored programs, and national commitment to lifelong learning, now is the time for businesses to invest in their people, and secure their place at the forefront of the innovation economy.
If you need guidance on navigating these schemes contact FI Group Singapore for expert support.
Is My Company Eligible for the Enterprise Development Grant (EDG)?
Short Answer: If your business is registered in Singapore, has at least 30% local equity, and is financially ready to start and complete a project that drives growth or transformation, you likely qualify.
But let’s break it down clearly.
What Is the EDG?
The Enterprise Development Grant (EDG) supports Singapore-based companies in upgrading, innovating, and expanding overseas. It covers costs related to:
- Consultancy
- Equipment and software
- Internal manpower
It’s administered by Enterprise Singapore and is one of the most versatile grants available.
EDG Eligibility Checklist
Here’s a quick way to know if your company qualifies:
| REQUIREMENT | DETAILS |
| Business Entity | Registered and operating in Singapore |
| Local Equity | At least 30% held by Singaporean(s) or PR(s) |
| Financial Health | Able to start and complete the project |
| Project Status | Must not have started before application |
| Project Type | Must fall under one of the 3 supported categories (see below) |
What Types of Projects Are Supported?
Your project must fall under one of these three strategic categories:
- Core Capabilities
- Business strategy development
- Financial management
- Human capital development
- Strategic branding and marketing
- Innovation & Productivity
- Process redesign
- Automation
- Product development
- Market Access
- Overseas market expansion
- International branding
- Market entry strategies
How Much Funding Can You Get?
- Up to 50% of eligible costs for most projects
- Up to 70% for sustainability-related projects (until 31 March 2026)
Funding is reimbursed after project completion and audit.
Learn more about the EDG here
Not Sure If You Qualify?
FI Group Singapore offers free eligibility assessments. We’ll help you:
- Identify the right grant
- Prepare your application
- Maximise your funding
Contact us for a free consultation
How Singapore Supports MNCs and High-Growth Enterprises with Strategic Funding
Singapore continues to refine its tax and incentive ecosystem to attract multinational corporations (MNCs) and high-growth companies. With global tax reforms such as OECD’s Pillar Two on the horizon, the landscape is evolving rapidly-but so are the opportunities for companies that know how to navigate it.
Singapore’s Forward-Looking Tax Environment
EDB’s approach is proactive: incentives are tailored to encourage substantive economic activity, innovation, and advanced manufacturing. As the government adapts to global tax changes, it ensures Singapore remains a premier base for regional headquarters and R&D centers. The merger of key investment arms and the launch of new platforms like SG Growth Capital further enhance the support available for companies investing in Singapore.
A range of strategic funding and incentive schemes are now available, including:
- R&D Tax Measure and Enterprise Innovation Scheme (EIS): Tax deductions and allowances for qualifying R&D activities, supporting companies that invest in innovation.
- Refundable Investment Credit (RIC): designed to attract and anchor large-scale investments in Singapore.
- Research and Innovation Scheme for Companies (RISC): designed to encourage companies to invest in technological development, innovation activities, and the establishment of centers of excellence in Singapore.
The FI Group Advantage
FI Group Singapore is uniquely positioned to help MNCs and ambitious enterprises unlock these incentives. Our services include:
- Assessing eligibility for grants and R&D tax credits, including the Enterprise Innovation Scheme (EIS) or the Refundable Investment Credit (RIC).
- Structuring projects for maximum tax efficiency while ensuring compliance with international standards.
- Providing ongoing advisory as incentive schemes and regulations evolve, ensuring your business can fully capitalize on Singapore’s strategic tax environment-without the administrative burden.
Our team’s expertise in both local and global funding frameworks ensures that your business can fully capitalize on Singapore’s strategic tax environment, without the administrative burden.
Download our Handbook for International Companies
To help you navigate Singapore’s complex but rewarding incentive landscape, FI Group’s experts have created the Singapore R&D Handbook – Best Grants and Tax Incentives for International Companies in Singapore. This comprehensive guide reveals the most powerful R&D incentives available, offering a clear roadmap to maximize tax benefits, secure generous grants, and strategically position your company at the forefront of innovation in Asia.
Download the handbook today and unlock the full potential of Singapore’s innovation ecosystem for your business.
Funding Investments
Network Projects: Funding for Projects in France and Singapore
France and Singapore have launched a collaborative funding initiative, via Eureka, to support international research and development (R&D) projects. This program aims to foster innovation and strengthen ties between the two countries by providing financial support to eligible projects.
Funding Opportunties
The funding is available for projects that involve at least two organizations from different Eureka countries or regions. The call for applications is open from March 25, 2025, to July 4, 2025
Key Benefits
- Financial Support: The grants offer substantial financial backing, which can significantly reduce the financial burden on participating entities.
- Collaboration: These programs promote collaboration between different organizations, fostering a spirit of teamwork and shared knowledge.
- Innovation: By supporting R&D projects, the funding aims to drive technological advancements and bring innovative solutions to market.
Conclusion
The network projects funding initiative by France and Singapore offers a valuable opportunity for organizations to advance their R&D efforts. By leveraging these grants, entities can achieve their project goals and contribute to the broader innovation ecosystem.
Are you ready to take your project to the next level? FI Group can help you navigate the application process for this and other grants in Singapore. Our experts are here to support you every step of the way. Contact us to learn more about how we can assist you in securing funding and driving innovation. Visit our FI Group page for more details.
How RISC Helps International Companies Innovate
Why Singapore is the Smart Choice for Innovation
In today’s fast-moving global economy, innovation isn’t just an advantage—it’s a necessity. Businesses that invest in research and development (R&D) gain a competitive edge, unlocking new technologies, improving efficiency, and creating market-leading products. But innovation comes at a cost, and for international companies looking to expand their R&D footprint, Singapore offers a game-changing solution: the Research and Innovation Scheme for Companies (RISC).
Singapore is already a leading innovation hub, attracting global companies with its business-friendly environment, world-class research institutions, and strong government backing for R&D. RISC is one of the key incentives that make Singapore an ideal location for companies looking to push the boundaries of innovation.
What is RISC?
The Research and Innovation Scheme for Companies (RISC) is a Singapore government initiative designed to support businesses in setting up and expanding their R&D activities. It provides co-funding and financial incentives to companies that establish R&D operations in Singapore, making innovation more accessible and cost-effective.
Key Benefits of RISC:
- Financial Support – Receive funding to offset R&D costs
- Access to Top Talent – Work with Singapore’s leading researchers and universities
- Expansion Opportunities – Use Singapore as a gateway to the Asia-Pacific market
- Government-Backed Credibility – Strengthen your innovation credentials with local support
Whether you’re a tech giant, a biotech firm, or a manufacturing leader, RISC provides the resources you need to turn bold ideas into reality.
Looking to enhance your R&D through RISC?
At FI Group, we help businesses access R&D tax incentives, innovation grants, and government funding.
Talk to our experts and discover how we can support your growth.
Why International Companies Should Consider RISC
Singapore isn’t just another business hub—it’s a global leader in innovation. Companies that invest in R&D here benefit from:
- A Strategic Location – Singapore sits at the heart of Asia, offering access to key markets.
- A Pro-Innovation Ecosystem – The government actively supports R&D through grants, tax incentives, and partnerships.
- Strong IP Protection – Singapore ranks among the best in the world for intellectual property security.
- Top-Tier Talent & Infrastructure – With cutting-edge research facilities and a highly skilled workforce, your R&D projects have the best chance of success.
For companies looking to establish a presence in Asia, RISC is a golden opportunity to innovate while reducing costs.
How FI Group Can Help You Secure RISC Funding
At FI Group, we specialize in helping businesses navigate the RISC application by following this process:
- Project eligibility asessment
- Proposal Crafting
- Submission
- Post-award Management
With our global expertise and local knowledge, we make securing RISC funding easy and efficient.
If you’re an international company looking to expand your R&D operations in Singapore, there’s no better time to take advantage of RISC.
Empower Your SME: Top 5 Public Funding Options in Singapore
Singapore SMEs: A Powerhouse of Innovation
Small and Medium Enterprises (SMEs) are the backbone of Singapore’s economy, playing a significant role in driving innovation. According to a 2020 national survey by A*STAR, 58% of companies engaged in R&D in Singapore are local SMEs.
However, these businesses account for only 25% of private R&D spending annually. To help bridge this gap, the Singaporean government offers a range of public funding programs and tax incentives aimed at encouraging SME innovation and growth. At FI Group, we specialize in guiding SMEs through this complex landscape, ensuring they secure the best funding opportunities. Let’s explore how local SMEs are leveraging government support to elevate their innovation.
Top 5 Public Funding Options for Singapore SMEs
1. Global Innovation Alliance (GIA)
- Benefits: Supports international collaboration, helping SMEs co-create innovative solutions with global partners. Provides financial assistance for exploring foreign markets and identifying business opportunities.
- Ideal for: SMEs looking to expand globally and collaborate with international partners on innovative projects.
2. Enterprise Innovation Scheme (EIS) and R&D Tax Measures
- Benefits: Up to 68% net savings for the first $400,000 of expenditure yearly, and 42.5% after that. Qualifying costs include manpower, consumable and outsourced costs. SMEs can claim expenses through a self assessment scheme that would provide annual tax savings.
- Ideal for: Tax paying SMEs focused on technological advancement and operational efficiency.
3. Enterprise Development Grant (EDG)
- Benefits: Provides up to 50% co-funding for projects that drive transformation in Core Capabilities, Innovation & Productivity, and Market Access. EDG supports SMEs in product development, testing, and commercialization, especially for sustainable products and services, helping reduce financial risks tied to innovation.
- Eligible activities: Includes market viability assessment, product roadmap, market validation, commercialization plan, IP strategy, and prototype development. Sustainable projects should focus on durability, efficiency, recyclability, or using recycled materials.
- Exclusions: Does not cover first product development or projects with low technological innovation.
- Ideal for: SMEs seeking to transform operations and achieve sustainable growth.
4. Technology for Enterprise Capability Upgrading (T-Up)
- Benefits: Provides up to 70% funding to SMEs for contracting R&D talent, including scientist and engineers from A*Star, to accelerate product and technology development. The program supports innovative projects by embedding specialized talent for up to two years, and includes funding for local and overseas R&D costs.
- Ideal for: SMEs aiming to enhance their R&D capabilities by accessing high-level expertise and developing advanced products or technologies for market readiness.
5. Partnerships for Capability Transformation (PACT)
- Benefits: Encourages collaboration between Singapore-based SMEs and larger companies, including multinational corporations, to develop innovative solutions and share expertise. This program helps SMEs access resources from established companies, accelerating growth and building strong industry relationships.
- Ideal for: SMEs seeking collaborative innovation and faster scaling through partnerships with larger companies and local enterprises.
Partner with FI Group for Funding Success
Navigating the complex public funding landscape can be challenging. FI Group offers expert guidance to help SMEs:
- Assess eligibility for various funding programs
- Prepare compelling funding applications
- Ensure compliance with funding regulations
- Full support during and after application
Contact FI Group today to unlock the potential of public funding for your SME.
Grow, Innovate and Lead: FI Group’s Insights into Enterprise Singapore’s Annual Report 2023/2024
How Enterprise Singapore is Paving the Way for Singapore’s Business Success
The Enterprise Singapore Annual Report 2023/2024 provides an in-depth look at the latest business growth opportunities available in Singapore. This article highlights the government initiatives that support local enterprises in expanding, innovating, and embracing sustainability and digital transformation.
If you’re looking to grow your business, understanding the grants, tax incentives and transformation programs available through Enterprise Singapore is essential. Keep reading to learn how your company can make the most of these opportunities.
1. Enterprise Growth: More Resources for Expanding Locally and Globally
One of the highlights of the Enterprise Singapore Annual Report 2023/2024 is the emphasis on expanding Singapore’s local enterprises into international markets. The government’s support takes multiple forms, from direct funding initiatives to market readiness assistance.
Opportunities for Your Business:
- Market Readiness Assistance (MRA) Grants: If your company is considering market expansion, the MRA grants provide crucial financial assistance, covering market research, participation in international trade fairs, and feasibility studies.
- Enterprise Development Grant (EDG): For businesses looking to upgrade capabilities, the EDG offers comprehensive support across productivity, innovation, and expansion initiatives, which includes both overseas and domestic development projects.
Leveraging these grants can be a powerful way to help your company grow and reach audiences.
2. Accelerating Innovation: Harnessing Technology to Stay Competitive
The 2023/2024 report underlines Singapore’s commitment to driving innovation through digital transformation. Enterprise Singapore is putting significant resources behind initiatives aimed at encouraging businesses to adopt new technologies, develop innovative products, and integrate digital solutions.
Key Opportunities:
- Productivity Solutions Grant (PSG): This grant provides financial support for companies adopting pre-approved productivity solutions, such as cloud computing, AI-powered customer management, and advanced manufacturing technology.
- Enterprise Financing Scheme – Venture Debut: This funding is designed for high-growth businesses looking to expand into innovative technologies and research and development (R&D), giving them a competitive edge in a rapidly evolving market.
By tapping into these programs, businesses can foster a culture of innovation that drives long-term growth and sustainability.
3. Sustainability Grants: Building a Greener Business Future
Sustainability is a core requirement for the modern business environment. The Enterprise Singapore Annual Report 2023/2024 reveals expanded funding options for businesses that wish to incorporate sustainable practices into their operations.
Key Opportunities:
- Sustainable Enterprise Funding: This is aimed at helping businesses adopt environmentally friendly technologies, like renewable energy solutions or waste reduction systems.
- Green Economy Initiatives: Specific funding incentives are offered to companies that align their operations with Singapore’s Green Plan 2030, promoting circular economy principles and reducing carbon footprints.
Taking advantage of these sustainability incentives will not only help your business reduce costs but also align with Singapore’s broader environmental goals.
4. Digital Transformation: Preparing for the Future Economy
The report also places a spotlight on Enterprise Singapore’s investments in building digital capabilities for SMEs across various sectors. Digital transformation remains a cornerstone of improving efficiency and resilience, particularly in the face of supply chain disruptions and evolving market dynamics.
Key Opportunities:
- Advanced Digital Solutions (ADS): Enterprise Singapore supports SMEs with integrated digital solutions, which are critical for seamless operations, efficient supply chain management, and enhanced customer engagement.
- E-Commerce Booster Package: Businesses looking to establish or enhance their e-commerce presence are eligible for grants that provide assistance for building e-commerce capabilities, including digital marketing support and website optimization.
5. Upskilling for the Future: Supporting Human Capital Development
A recurring theme in the Enterprise Singapore Annual Report 2023/2024 is the importance of upskilling Singapore’s workforce. The government’s emphasis on skills development ensures that businesses are equipped with the human capital they need to excel in an increasingly competitive landscape.
Key Opportunities:
- SkillsFuture Enterprise Credit (SFEC): This funding helps companies invest in enterprise transformation and workforce upskilling. It can be used for training programs that focus on digital skills, advanced manufacturing, or leadership development.
- Enterprise Leadership for Transformation (ELT): Aimed at senior leaders of promising SMEs, this program provides access to advisory support to drive strategic business transformations.
Conclusion: Empowering Businesses for Sustainable Success
The Enterprise Singapore Annual Report 2023/2024 showcases a wide array of initiatives designed to elevate Singaporean businesses to new heights of innovation, sustainability, and global competitiveness. For businesses seeking grants and incentives to support growth, this report represents a roadmap to opportunities that can be effectively leveraged.
Leveraging these grants and incentives can make all the difference for your company – and that’s where FI Group comes in. Our expertise lies in navigating the complex world of public funding and maximizing the benefits available to your business. By partnering with us, you can focus on your core business while we manage the complex process of securing the public funds that fuel sustainable growth.
Let FI Group Help you Unlock Public Funding Opportunities
Get in touch with our experts today to explore how we can assist you in unlocking government grants and funding to take your business to the next level. Our team of experts is ready to guide you every step of the way, ensuring your company captures every available opportunity that aligns with Singapore’s enterprise growth vision.
