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The Singapore government has unveiled the Research, Innovation and Enterprise (RIE) 2030 Plan, the nation’s most ambitious five-year blueprint for scientific development and technological transformation. With a massive commitment of S$37 billion, a significant increase from the previous RIE 2025 plan, understanding these national priorities translates directly into public funding opportunities for companies that can effectively align their R&D strategy with the plan’s key domains.  

For multinational corporations (MNCs) and local enterprises alike, RIE 2030 sets the definitive agenda for where public-private research partnerships will thrive, ensuring Singapore remains a vital hub for innovation in the volatile global landscape. 

 

The RIE 2030 Commitment: S$37 Billion R&D Injection  

The RIE 2030 plan is the nation’s strategic roadmap for the next five years, designed to strengthen national competitiveness and societal resilience by prioritizing key scientific and technological domains. 

This commitment represents an exponential evolution in Singapore’s long-term investment in R&D. Since the RIE masterplans began in 2010, the financial allocation has consistently increased, growing from S$16 billion in RIE 2015 (2011–2015) and S$28 billion in the current RIE 2025 plan (2021–2025), to the upcoming S$37 billion commitment for RIE 2030 (2026–2030). This massive scaling of the budget underscores Singapore’s ambition to remain a global R&D hub. Understanding these national priorities translates directly into public funding opportunities for companies that can effectively align their R&D strategy with the plan’s key domains. 

Source: National Research Foundation 

 

Key Budget Allocation Snapshot 

The funding allocation directly reveals the government’s priorities, highlighting areas where companies can expect the most robust support and collaboration: 

Allocation Area	Budget Share	Focus for Companies
Mission-Oriented R&D (Four Domains)	29%   (S$10.8 Billion)	Direct research in key economic and social sectors.
Innovation & Enterprise	20%   (S$7.5 Billion)	Supports commercialization, venture building, and deep tech cluster growth. Crucial for grants and scaling.
Foundational Research	24%   (S$8.9 Billion)	Strengthens university and A*STAR capabilities, offering partnership opportunities.
Talent Development	10%   (S$3.5 Billion)	Nurturing R&D talent; supporting manpower schemes and research attachments.

 

Strategic Access: The Four Pillars of R&D Opportunity 

RIE 2030 maintains and sharpens the focus on four key domains. For companies seeking to anchor their R&D activities in Singapore, aligning your innovation strategy with these pillars is paramount for securing funding and maximizing impact. 

1. Manufacturing, Trade & Connectivity (MTC) 

This domain aims to reinforce Singapore’s position as an advanced manufacturing and logistics powerhouse. 

• Opportunities: High-value corporate R&D, advanced packaging, supply-chain technologies, robotics, AI applications in manufacturing, and emerging sectors like the space economy and bioeconomy. 

• Strategic Access: The new Semiconductor RIE Flagship is a dedicated national program aimed at deepening local capabilities, offering unparalleled opportunities for industry leaders and deep tech startups to co-develop world-leading technologies. 

2. Human Health & Potential (HHP) 

A focus on building Singapore as a biomedtech and biomanufacturing hub, while addressing demographic shifts. 

• Opportunities: Precision health, disease prevention and treatment, translational research, and cognitive development. 

• Strategic Access: The Maximising Healthy and Successful Longevity RIE Grand Challenge focuses on active ageing. Companies working on preventative health technologies, diagnostics, and age-related cognitive solutions will find strong governmental support and data platforms for research validation. 

3. Urban Solutions & Sustainability (USS) 

Driving Singapore’s transition to a climate-resilient and sustainable future. 

• Opportunities: Low-carbon technologies, climate science and adaptation, real-world technology deployment, and building Centres of Excellence focused on green solutions. 
• Strategic Access: This pillar prioritizes the deployment of technologies in real-world testbeds, creating fast-track opportunities for companies with market-ready sustainable solutions. 

4. Smart Nation & Digital Economy (SNDE) 

Deepening capabilities in frontier digital technologies to drive the Smart Nation ambition. 

• Opportunities: Advanced AI and compute, quantum technologies, digital trust and security, and cross-sector digital deployment. 

• Strategic Access: This domain directly invests in local AI research talent and infrastructure, enabling companies to partner with public institutions to accelerate AI engineering and deployment across all sectors. 

 

Direct Funding Channels: Grant and Enterprise Opportunities 

The RIE 2030 plan explicitly earmarks S$7.5 billion for Innovation & Enterprise, signalling a clear commitment to moving research out of the lab and into the market. 

For Companies, This Means: 

• Anchor R&D with Flagships: Participating in RIE Flagships (e.g., Semiconductors) allows companies to co-fund and co-develop R&D programs alongside government agencies and A*STAR, ensuring their research priorities are aligned with national strategic investment. 
• Accessing Commercialization Funds: The emphasis on Innovation & Enterprise includes support for venture building, building competitive deep tech clusters, and strengthening the pipeline of commercially viable technologies. This translates to direct or indirect funding access through various government-backed schemes (e.g., those managed by Enterprise Singapore and NRF). 
• Leveraging Tax Incentives: While RIE is primarily a funding plan, the R&D investments strengthen Singapore’s attractiveness for existing tax incentives like the Enterprise Innovation Scheme (EIS), which is significantly enhanced when R&D activities are clearly anchored and aligned with national priorities. 
• Talent Subsidies and Manpower Schemes: The S$3.5 billion for Talent Development provides opportunities to utilize grant-supported talent schemes, placing high-calibre researchers and engineers into corporate labs and deep tech start-ups. 

 

How FI Group Helps Your Company Capitalise on RIE 2030 

The S$37 billion RIE 2030 plan is a monumental opportunity, but navigating the complex landscape of government funding, program alignment, and R&D strategy can be challenging. 

As experts in innovation funding FI Group Singapore is uniquely positioned to help your company create and leverage these opportunities: 

• Strategic Alignment: We help you map your core R&D projects directly to the specific pillars, Flagships, and Grand Challenges of RIE 2030, significantly improving your success rate in obtaining support. 
• Grant Acquisition: Our team of experts specializes in identifying, structuring, and applying for grants relevant to the RIE 2030 priorities, including schemes that fund R&D activities, talent development, and commercialization efforts. 
• Maximizing Returns: We ensure your project documentation meets the rigorous evaluation criteria, which now focus not just on commercial output, but also on long-term scientific impact and contribution to national strategic outcomes. 

Don’t let this five-year window of unprecedented investment pass your company by. The time to integrate your innovation agenda with RIE 2030 is now. 

To learn how FI Group can strategize your R&D projects to secure funding and establish a lasting strategic R&D foothold in Singapore book a meeting with out experts.  

A Guide to Government Bodies and Their Grant Schemes

Singapore’s reputation as a global innovation hub is backed by a robust network of government agencies offering targeted grants and tax incentives. These programmes are designed to help businesses, from startups to large enterprises, accelerate R&D, adopt new technologies, and build future-ready capabilities. 

In this guide, we explore the key government bodies present in Singapore and the innovation schemes they offer. Whether you’re looking to co-fund a digital transformation project or claim tax deductions for R&D, there’s a programme tailored to your needs. 

Check out our Types of Grants In Singapore | 2025 Guide for CFOs and Founders.

Enterprise Singapore (EnterpriseSG) 

EnterpriseSG is the government agency championing enterprise development. It supports startups and SMEs in building capabilities, innovating, and expanding internationally through targeted grants and programmes.  

Key Programmes: 

Grant	Purpose	Funding
EDG	Business transformation	Up to 70%
CTC Grant	Worker-centric transformation	Up to 70%
T-Up	R&D capability via A*STAR secondment	Up to 70%
Startup SG Tech	Early-stage tech development	Up to S$800,000
Resource Efficiency Grant for Emissions (REG(E))	Emissions reduction through energy-efficient upgrades	Up to 70% for SMEs, capped at S$30,000 (Base Tier) or S$350,000 (Advanced Tier)

 

Economic Development Board (EDB) 

EDB is Singapore’s lead agency for attracting investments and fostering innovation in high-value sectors. It supports companies undertaking strategic R&D and expansion projects that contribute to national economic priorities. 

Key Programmes: 

Grant	Purpose	Funding
Research and Innovation Scheme for Companies (RISC)	Supports companies in expanding R&D teams and executing innovation projects that develop new or improved products or processes	60% support for local manpower; 30% for foreign manpower and equipment
Refundable Investment Credit (RIC)	Encourages significant new or expanded investments in Singapore across manufacturing, services, and growth sectors	10%, 30%, or 50% refundable tax credit on qualifying expenditures

 

 

Monetary Authority of Singapore (MAS) 

MAS is Singapore’s central bank and financial regulator. It drives innovation in the financial sector through the FSTI framework, supporting fintech, ESG, AI, and quantum technologies. 

Key Programmes: 

Grant	Focus	Funding
FSTI Quantum Track	Quantum tech pilots	Up to 50%
FSTI Centre of Excellence	Financial innovation hubs	Up to S$250,000
FSTI Innovation Acceleration	Nascent tech	Up to S$400,000
ESG FinTech Grant	Sustainable finance	Up to S$500,000
AIDA Grant	AI & analytics	Up to S$500,000

 

Infocomm Media Development Authority (IMDA) 

IMDA leads Singapore’s digital transformation agenda. It empowers businesses to adopt emerging technologies and build internal digital capabilities through strategic funding programmes. 

Key Programmes: 

Grant	Purpose	Funding
Digital Leaders Programme (DLP)	Supports companies in building internal digital teams and implementing impactful digital transformation projects	Up to S$200,000 over 2 years for hiring up to 4 dedicated digital roles

 

 

Maritime and Port Authority of Singapore (MPA) 

MPA promotes innovation in the maritime sector, supporting companies in developing advanced technologies and intellectual property that enhance Singapore’s position as a global maritime hub. 

Key Programme: 

Grant	Purpose	Funding
MINT – Research & Product Development (MINT-RPD)	Supports maritime companies in developing technologies and IP through R&D, test-bedding, and commercialisation	Co-funding of up to 50% of qualifying project costs

 

Building and Construction Authority (BCA) 

The Building and Construction Authority (BCA) drives transformation in Singapore’s built environment sector. It supports firms in adopting advanced technologies, improving enterprise capabilities, and upskilling manpower to meet evolving industry standards. 

Key Programme: 

Grant	Purpose	Funding
Built Environment Technology and Capability (BETC) Grant	Supports holistic transformation in construction through tech adoption, enterprise development, and manpower upskilling	Up to 70% (SMEs), up to 50% (non-SMEs)

 

Inland Revenue Authority of Singapore (IRAS) 

IRAS offers tax-based innovation support via the Enterprise Innovation Scheme (EIS). 

• The Enterprise Innovation Scheme (EIS) offers enhanced tax deductions of up to 400% or a cash payout of up to S$20,000 per year for qualifying innovation activities. It’s designed to support companies investing in innovation, especially those in early growth stages or not yet profitable. 

 

How FI Group Supports Your Innovation Funding Journey 

At FI Group Singapore, we go beyond identifying funding opportunities—we guide you through every stage of the grant journey. From analysing your innovation roadmap to matching the right grants, managing applications, and ensuring post-approval compliance, our structured process is designed to maximise your success. 

Whether you’re applying for EnterpriseSG grants or claiming EIS tax benefits, our expert team ensures your innovation efforts are fully supported. 

Frequently Asked Questions 

What types of businesses can apply for Singapore innovation grants? 

SMEs, startups, and large enterprises across sectors can apply, depending on the grant’s scope and eligibility criteria. 

Can I combine grants with tax incentives like the Enterprise Innovation Scheme? 

Yes. Many companies use grants for upfront funding and EIS for tax optimisation or to receive a cash payout of up to S$100,000 annually. 

How do I know which grant suits my project? 

FI Group offers tailored advisory services to help match your innovation goals with the most suitable funding scheme, whether it’s a grant or a tax incentive. 

Singapore has once again proven its global innovation prowess, ranking 5th in the 2025 Global Innovation Index (GII) published by the World Intellectual Property Organization (WIPO). This achievement is a signal to businesses, researchers, and policymakers that Singapore is fertile ground for innovation-led growth, supported by strong public funding, world-class infrastructure, and a future-ready workforce. 

 

Key Highlights from the GII 2025 

Category	Singapore’s Rank	Notable Strengths
Overall GII Rank	5th	Top 5 globally for 3rd year
Innovation Inputs	1st	15th consecutive year
Innovation Outputs	9th	Highest in over a decade
Top-Ranked Indicators	10 (1st place)	Government effectiveness, FDI inflows, unicorn valuations, high-tech manufacturing

Why Singapore Continues to Lead in Innovation Inputs 

Singapore’s top global ranking in innovation inputs, which include institutions, human capital, infrastructure, and business sophistication, reflects its long-term commitment to building a resilient and future-ready economy. 

• Institutions: Ranked 1st globally, thanks to policy stability, regulatory quality, and government effectiveness. 

• Human Capital & Research: Ranked 2nd, driven by world-class universities and public-private R&D collaboration. 

• Business Sophistication: Ranked 3rd, with strong knowledge absorption and innovation linkages. 

A Leap in Innovation Outputs: From Ideas to Impact 

While Singapore has traditionally excelled in inputs, 2025 marks a turning point in outputs, jumping two spots to 9th globally. This reflects the country’s growing ability to translate innovation investments into tangible economic value. 

Key drivers of this output surge include: 

• High-tech manufacturing and export capabilities 

• Cultural and creative services exports 

• Unicorn valuations and startup ecosystem maturity 

• Intangible asset intensity and brand value creation 

Unlocking Innovation Through Public Funding in Singapore 

Singapore’s rise in the Global Innovation Index is powered not only by private sector dynamism but also by strategic public funding. From R&D tax incentives to sector-specific grants, the government plays a pivotal role in enabling innovation across industries. 

At FI Group Singapore, we help businesses navigate and access these funding opportunities to accelerate their innovation journey. Whether you’re a startup, SME, or multinational, our team can guide you through: 

• R&D Tax deductions under the Enterprise Innovation Scheme (EIS) 

• Innovation Grants 

Download our free guide:

“Singapore R&D Handbook”
Discover key grants, incentives, and strategic tips for international companies to unlock innovation funding in Singapore.
👉 Download the guide now

Looking Ahead: Innovation as a National Imperative 

Singapore’s performance in the GII 2025 is a testament to its whole-of-nation approach to innovation. As the country advances its IP Strategy 2030, business that 

 align with national priorities, such as sustainability, digitalization, and advanced manufacturing, will be best positioned to lead. 

At FI Group Singapore, we’re here to help you navigate this evolving landscape and turn innovation into impact. 

 

📞 Ready to innovate with confidence? 

Contact FI Group Singapore today to explore how we can support your innovation journey. 

On July 3, 2025, Singapore and the United Kingdom convened in London for the 10th UK-Singapore Financial Dialogue, reaffirming their commitment to deepening cooperation across key areas of financial innovation. This milestone event signals a growing alignment between two global financial hubs, one that presents new opportunities for businesses operating at the intersection of technology, finance, and sustainability.

At FI Group Singapore, we see this dialogue as a strategic moment for companies seeking to innovate, expand, and leverage public support mechanisms. Here’s what you need to know.

 

AI in Financial Services: From Showcase to Strategy

One of the most notable outcomes of the dialogue was the launch of the FCA-MAS AI Innovation Showcase. This initiative aims to spotlight cross-border AI solutions in financial services, with a focus on:

• Responsible AI adoption
• Regulatory frameworks
• Sharing best practices between jurisdictions

For businesses developing AI-driven financial tools, this collaboration offers a pathway to international exposure and regulatory clarity. It also lays the groundwork for future funding programs and innovation sandboxes that could support AI development in both markets.

Tokenisation and Digital Assets: Building the Infrastructure

The dialogue also emphasized continued collaboration on asset tokenisation, particularly through initiatives like Project Guardian. Working with industry bodies such as the UK Investment Association and the Investment Management Association of Singapore, regulators are exploring investor-focused use cases for tokenised assets.

This signals a maturing regulatory environment that supports digital asset innovation, an area where businesses may soon benefit from targeted incentives or pilot programs.

Sustainable Finance: Aligning with Global Standards

Sustainability was another key theme. Singapore shared updates on the Singapore-Asia Taxonomy, while the UK highlighted its work on transition finance and climate risk regulation. Both countries expressed support for the phased adoption of ISSB standards for sustainability disclosures.

For companies aligning with ESG goals, this regulatory convergence could unlock access to green finance schemes, tax incentives, and preferential funding.

What This Means for Innovation-Driven Businesses

While no specific grants or incentives were announced during the dialogue, the frameworks and partnerships discussed are likely to pave the way for future support programs. Businesses operating in AI, tokenisation, and ESG-focused sectors should monitor these developments closely.

At FI Group Singapore, we specialize in helping companies identify and secure public funding, tax credits, and innovation support. This dialogue reinforces Singapore’s position as a global innovation hub—and we’re here to help you make the most of it.

 

Stay Ahead with FI Group

Whether you’re a startup exploring AI, a fintech scaling tokenised solutions, or an enterprise investing in green transformation, the time to act is now. Reach out to our team to explore how these developments could benefit your business.

Contact us

 

Singapore’s startup ecosystem continues to evolve in response to global economic shifts and changing investor priorities. As companies seek to innovate and scale, understanding the latest funding trends and government support mechanisms is essential for success. Recent analysis of Singapore’s venture funding landscape reveals several key developments that are shaping opportunities for startups and established enterprises alike.

 

Key Funding Trends and What They Mean for Your Business

The report underscores that, despite a global slowdown, Singapore remains Southeast Asia’s leading destination for venture capital. Deep tech, biotech, and quantum technology have emerged as priority sectors, with government agencies and investors focusing their attention on early-stage innovation. Notably, the Startup SG Equity scheme has received a significant boost, expanding the pool for deep tech co-investment to over S$1 billion. New initiatives, such as the upcoming SG Growth Capital platform and Stage One, are set to further connect local founders with global resources and partners.

While overall deal values and volumes have moderated, Singapore’s share of regional funding has grown, and sectors like IT Solutions and Manufacturing are seeing robust investment. The funding environment is increasingly competitive, with investors placing greater emphasis on resilience, profitability, and long-term value creation.

How FI Group Adds Value

While Singapore’s funding ecosystem is vibrant, navigating grant applications and compliance requirements can be complex-especially for early-stage startups. FI Group Singapore specializes in guiding startups and innovative SMEs through every step of this journey, ensuring they maximize their chances of success.
Our expert consultants:

• Identify the most suitable grants. One example is the Startup SG Tech Grant, which offers up to S$400,000 for Proof-of-Concept projects and up to S$800,000 for Proof-of-Value projects. This grant is a cornerstone for tech startups looking to validate and commercialise proprietary technology in Singapore.
• Manage the end-to-end application process: From eligibility checks and crafting compelling proposals to compliance, milestone reporting, and post-award support, we streamline the entire process so founders can focus on innovation.

By leveraging our deep technical, financial, and regulatory expertise, FI Group helps clients transform innovative ideas into market-ready solutions-removing administrative hurdles and accelerating access to crucial public funding.

 

FI Group and Asia Market Entry, a market expansion specialist for software and technology companies, announce a strategic alliance aimed at empowering businesses to innovate and scale across the Singaporean market.  

This partnership combines Asia Market Entry’s deep industry knowledge and proven track record in the Asia Pacific technology landscape with FI Group’s two decades of expertise in R&D and Innovation public funding across 13 countries. Together, they will provide integrated solutions that merge innovation funding strategies with market entry expertise, creating new opportunities for international software and technology companies seeking to establish a presence in Singapore’s thriving ecosystem.  

This unique combination addresses two critical challenges faced by tech companies expanding to Asia: securing funding for their R&D and Innovation projects and navigating complex market entry processes.  

Singapore’s Precision Engineering sector is undergoing a digital transformation, with smart factories at the forefront of this new industrial revolution. But what exactly makes a factory ¨smart¨, and why does it matter for Singapore’s future a global manufacturing hub? 

 

What Are Smart Factories? 

Smart factories integrate advanced technologies, such as the Industrial Internet of Things (IIoT), artificial intelligence (AI), robotics, and big data analytics, into every stage of production. Unlike traditional factories, smart factories are highly connected, automated, and able to self-optimize their operations in real time. 

 

Key Features of Smart Factories 

• Real-Time Data Monitoring: Machines, sensors, and systems communicate seamlessly, providing live data on production efficiency, equipment health, and quality control. 

• Predictive Maintenance: AI-powered analytics anticipate equipment failures before they happen, minimizing downtime and reducing maintenance costs. 

• Flexible Manufacturing: Automated systems and robotics allow for rapid reconfiguration of production lines, making it easier to switch between products or customize orders. 

• Enhanced Quality Control: Vision systems and machine learning algorithms detect defects instantly, ensuring higher product quality and consistency. 

For a deeper look at how Singapore is advancing this sector, read Precision Engineering Innovations: How Singapore is Shaping the Future.

 

Singapore’s Smart Factory Initiatives 

Singapore is investing heavily in smart manufacturing. The Advanced Remanufacturing and Technology Centre (ARTC) and the Smart Industry Readiness Index (SIRI) are just two examples of national initiatives helping companies assess and accelerate their digital transformation. Local firms are piloting projects in digital twins, autonomous robotics, and cloud-based manufacturing platforms. 

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Looking to transform your factory into a smart manufacturing powerhouse?
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.

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Business Impact 

• Increased Productivity: Automation and data-driven decision-making lead to faster throughput and reduced waste. 

• Greater Agility: Companies can respond quickly to market changes or supply chain disruptions. 

• Workforce Transformation: New roles are emerging in data analysis, robotics maintenance, and digital operations—creating opportunities for upskilling and talent development. 

 

Government Funding: Powering Singapore’s Smart Factory Transformation  

Singapore’s commitment to digital transformation is matched by a robust suite of government funding schemes designed to help precision engineering companies embrace smart factory solutions. One example is the Enterprise Innovation Scheme (EIS) that offers tax deductions of up to 400% to companies conducting R&D.  

Learn more about Are R&D Expenses Tax Deductible in Singapore? and how your business can benefit from innovation incentives.

 

Explore a Real-World Success Story 

Curious about how precision engineering companies in Singapore are leveraging innovation and R&D incentives to stay ahead? Download our free case study, where we showcase how a leading manufacturer secured government funding to drive business growth with FI Group’s help. 

Download the Case Study Here and discover actionable insights that can help your business innovate and scale in Singapore’s thriving precision engineering sector. 

• The acquisition by EPSA results in an expanded business unit dedicated to global innovation funding.
• With this operation, a new leader in innovation funding emerges at international level, with projected 2025 revenues of over €182 million and in this business area.
• The executive shareholders of FI Group will continue in the company´s operations, leading the transition and ensuring the continuity of the day-to-day business.

FI Group, global consulting company specialising in the management of funding incentives, has reached an agreement with EPSA Group, European performance specialist, for the acquisition of 100% of its capital.

The purchase by EPSA results into an expanded global business unit dedicated to innovation funding. With the support of EPSA, FI Group will be able to continue expanding its reach to address global issues faced by large multinational companies while providing local advisory services to businesses of all sizes in a greater number of countries. From this moment on, the clients of FI Group and EPSA will rely on a global converage and diversified offering focused an optimizing financial performance, backed by the same professional management of both companies in the various countries in wich they operate.

Thus, a new leader in the category of innovation funding emerges at international level, with a projected global turnover for 2025 of over 182 million euros in this specific area. It will provide services in twenty countries, turning the value proposition into the most global in the sector, and will add more than 1,800 specialists in innovation financing worldwide, with more than 19,000 clients, over 20,000 projects reviewed annually, and managing more than 2.6 billion euros in innovation incentives. This operation will implement strategies for inorganic growth, consolidate an original global proposal in optimising financial performance with the incorporation of more countries and more services under a single management. The unique EPSA solutions platform, which focuses on purchasing performance, innovation financing and the energy and environmental transition, will unlock greater opportunities across the combined portfolios and deliver increased value for customers. At the same time, the ongoing digitisation and AI strategy will continue to enhance the value proposition, while investments aimed at unifying company culture will ensure that the shared values and vision are clearly and effectively communicated to all employees.

 

Global Leadership in innovation funding

FI Group becomes part of a Group based in Paris (France), a European performance specialist in constant and strong growth; optimising financial, operational and environmental results, EPSA is recognised for its technical know-how and the diversity of its business expertise.

Furthermore, from this moment on, a new Executive Committee for the governance of the new innovation unit is established, composed of members from both EPSA and FI Group. This ensures the continuity of FI Group’s operations without affecting its clients and employees, as well as maintaining the current management team to guarantee the success of the integration in front of the various stakeholders.

Xavier Cazabon, founder, shareholder, and president of FI Group, has stated:

“This step, hand in hand with our new partner EPSA, will help us reach levels of positioning that we couldn’t imagine when we started this project 25 years ago. We have grown organically over the last 20 years, but now we need something more, and we have found in EPSA the perfect partner for this; for their complementarity, entrepreneurial culture, and alignment of their vision with ours. Likewise, the extraordinary synergies derived from this union create the optimal environment of stability and business continuity, ensuring that the integration of both companies can be carried out in an operational context of maximum focus on our current and future clients. Additionally, we provide the necessary security for our employees to perform their tasks with the utmost peace of mind and remain focused on our purpose: the commitment to supporting innovation and providing quality service to our stakeholders.”

In this regard, María Corominas, CEO and shareholder of FI Group, points out:

“Today’s announcement marks the culmination of a journey began some time ago, when we first considered opening to an investor to strengthen our financial capacity, support expansion into new markets, accelerate our digitisation and diversification strategies, and enhance our management capabilities. This process prompted meaningful internal reflection and led to significant improvements in how we operate as a company. What makes this next step with EPSA particularly exciting is not only the strategic fit but also the cultural alignment. We share a common vision, underpinned by values such as integrity, excellence, and a commitment to compliance. With EPSA’s global reach and expertise, we are now positioned to offer an even more robust and international value proposition, one that sets a new benchmark in the innovation funding sector and opens the door to ambitious projects and long-term success for our teams and our clients.”

Godefroy de Colombe, CEO of the EPSA group, states:

“The acquisition of FI Group reinforces EPSA’s leadership in Innovation financing, which will continue to be strategic for public institutions and companies navigating global macroeconomic and geopolitical trends. It also bolsters EPSA’s strong footprint in Southern Europe and DACH and allows to accelerate in the US and Hispanic Americas. The combined capabilities of EPSA and FI Group will reinforce our ability to serve our customers with an extended service offering, both locally (in Spain for instance) and at an international level for global clients.”

The operation is effective from the 29^th of April 2025, and its amount has not transpired.

As we wrap up the first quarter of 2025, Singapore has once again proven its position as a global hub for innovation and research and development (R&D). The city-state’s commitment to fostering a conducive environment for technological advancement and business growth has attracted significant investments from multinational corporations, further solidifying its position as a prime destination for cutting-edge research and development. 

Key Investments and Expansions 

• Meta and Singapore Government Launch Llama Incubator Program 

Meta has partnered with the Singapore government to launch the Llama Incubator Program, aimed at supporting local AI startups and researchers. This initiative will provide access to Meta’s large language model technology and foster innovation in the AI sector. 

• Micron’s Groundbreaking HBM Facility 

In a major boost to Singapore’s semiconductor industry, Micron Technology has broken ground on a new High Bandwidth Memory (HBM) advanced packaging facility. This state-of-the-art facility, the first of its kind in Singapore, is set to begin operations in 2026 and will significantly expand Micron’s advanced packaging capacity to meet the growing demands of AI technology. 

• SAP Labs Singapore Boosts AI Innovation 

SAP Labs Singapore has announced a significant expansion of its AI capabilities, focusing on nurturing local talent and driving innovation. The lab is set to play a crucial role in developing AI solutions for SAP’s global customer base, leveraging Singapore’s robust tech ecosystem and talent pool. 

• Heineken Launches Global GenAI Lab 

Heineken has chosen Singapore as the location for its new Global GenAI Lab, demonstrating the country’s appeal for cutting-edge technology research. This lab will focus on developing AI applications to enhance Heineken’s operations and customer experiences worldwide. 

• Salesforce’s Billion-Dollar Investment 

Salesforce has committed to investing USD 1 billion in Singapore over the next five years. This substantial investment will go towards expanding the company’s operations, fostering local talent, and driving innovation in cloud computing and AI technologies. 

• Nestlé R&D Expands Innovation Capabilities 

Nestlé has expanded its research and development capabilities in Singapore, focusing on plant-based food innovation and sustainable packaging solutions. This expansion underscores Singapore’s importance as a hub for food technology and sustainability research. 

• Indicon’s UL-Certified Singapore Facility 

Indicon, a leading manufacturer of industrial control panels, has expanded its global footprint with a new UL-certified facility in Singapore. This expansion allows Indicon to serve international markets more effectively and showcases Singapore’s capabilities in advanced manufacturing and quality certification. 
 

• Honeywell’s AI Center of Excellence 

Honeywell has announced the establishment of a Center of Excellence in Singapore focused on reducing commercial building carbon emissions through artificial intelligence. This initiative aligns with Singapore’s sustainability goals and reinforces its position as a hub for green technology innovation. 

• Sioux Technologies Expands R&D Presence 

Sioux Technologies, a Dutch technology company, has expanded its R&D presence in Singapore. This move strengthens Singapore’s position in high-tech engineering and software development, particularly in areas such as mechatronics, electronics, embedded systems, and industrial mathematics. 

• Visier Launches AI Lab and Expands APAC Operations 

Visier, a leader in people analytics, has launched its AI Lab in Singapore and expanded its Asia-Pacific operations. This move highlights Singapore’s growing importance in the field of data analytics and AI-driven business solutions. 

• Oracle Launches AI Centre of Excellence 

Oracle has launched its AI Centre of Excellence in Singapore to drive AI adoption and innovation across Southeast Asia. This center will serve as a hub for collaboration and training, helping organizations leverage AI technologies to transform their operations. 

• AWS GenAI x Digital Leaders Initiative 

AWS has deepened its commitment to Singapore with the GenAI x Digital Leaders initiative, in collaboration with the Infocomm Media Development Authority (IMDA). This program aims to help local enterprises develop and deploy customized generative AI solutions, enhancing their business capabilities. 

• GE Vernova’s $20M Investment in Advanced Manufacturing 

GE Vernova has announced a $20 million investment to enhance its Advanced Manufacturing Repair Technology Center in Singapore. This investment will focus on developing next-generation repair capabilities and technologies for GE Vernova’s high-efficiency gas turbines, leveraging AI and advanced robotics. 

Economic Impact and Future Prospects 

These investments and initiatives are expected to have a significant impact on Singapore’s economy. As Singapore continues to foster a conducive environment for technological advancement and business growth, these developments in Q1 2025 demonstrate the country’s commitment to remaining at the forefront of innovation and R&D on the global stage.  

For companies looking to leverage Singapore’s thriving R&D landscape and navigate the complex world of R&D and Innovation Grants and Tax Incentives, FI Group Singapore stands ready to provide expert guidance and support. Our team of specialists can help businesses maximize R&D potential and take full advantage of the opportunities presented by Singapore’s dynamic innovation ecosystem.  

To help international companies better understand the R&D grants and tax incentives available in Singapore, we’ve prepared a comprehensive handbook. This resource offers valuable insights into how your company can benefit from Singapore’s supportive R&D environment. Download our “R&D Grants and Tax Incentives Guide for International Companies in Singapore” now to unlock the full potential of your innovation initiatives in this thriving tech hub.   

In a bold move that reaffirms Singapore’s commitment to remaining at the forefront of global biotechnology, the government’s Budget 2025 has earmarked a $1 billion envelope to be shared between the modernization of the one-north area, including the iconic Biopolis research hub, and with the creation of R&D facilities for the semiconductor industry. This investment builds upon a remarkable 20-year journey that has transformed Singapore from a pharmaceutical manufacturing outpost into a thriving ecosystem for biotech, life sciences, and medtech innovation. 

The Rise of Singapore’s Biotech Powerhouse

Singapore’s ascent in the biotechnology sector is no accident. It’s the result of a carefully orchestrated strategy that has positioned the city-state as an irresistible destination for global biotech firms, researchers, and investors. 

Here’s why Singapore has become a magnet for the industry: 

1. Strong Government Support

The Singaporean government has been instrumental in fostering the biotech ecosystem through various initiatives:  

• Research, Innovation and Enterprise (RIE) Plan: The Research, Innovation and Enterprise (RIE) plan is a cornerstone of Singapore’s strategy to develop a knowledge-based, innovation-driven economy, updated every five years, with the latest iteration being RIE2025. 
• Economic Development Board (EDB) and Agency for Science, Technology, and Research (A*STAR): These agencies provide grants, partnerships, and infrastructure support to biotech startups and multinational corporations.  
• Biopolis and Fusionopolis: Purpose-built campuses that offer state-of-the-art facilities for biomedical research and innovation. 

2. World-Class Infrastructure

The development of Biopolis has become a global benchmark for innovation clusters. Housing over 500 biotech companies, Biopolis facilitates collaboration between public research institutions, biotech startups, and multinational pharmaceutical giants. 

3. Talent Development and Attraction

Singapore has invested heavily in developing a skilled workforce for the biotech sector. The country now boasts five times more biomedical researchers per capita than the US, with 128 biomedical researchers per 100,000 residents in 2018. (source: Cambridge Industrial Innovation Policy) 

4. Pro-Business Environment

Singapore’s robust intellectual property protection, business-friendly regulations, and strategic location as a gateway to Asian markets make it an ideal base for biotech companies looking to expand globally. 

5. Collaborative Ecosystem

The “triple helix” model in Singapore intertwines academia, industry, and government, fostering rapid innovation and commercialization. This is evident in initiatives like the Industry Alignment Fund – Industry Collaboration Project (IAF-ICP), which supports strategic R&D collaborations between public research performers and industry partners. 

Additionally, explore Collaboration as the Key to Innovation: Lessons from Singapore’s R&D Ecosystem for insights into how collaboration drives innovation.

Looking to enhance your biotech innovation?
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.

Funding Innovation: Singapore’s R&D Incentives

ingapore’s biotech boom is fueled by a robust framework of public funding opportunities for R&D and innovation. Key initiatives include: 

• Research and Innovation Scheme for Companies (RISC): Offered by EDB to support companies to establish or expand Rr&D center or Innovation lab within the island. 
• Industry Alignment Fund – Industry Collaboration Project (IAF-ICP): Supports strategic R&D collaborations between public research institutions and industry partners. 
• Concessionary tax rate such as the Pioneer Certificate Incentive (PC) & Development and Expansion Incentive (DEI) which encourage companies to grow capabilities and conduct new or expanded economic activities in Singapore. 

These funding mechanisms, coupled with Singapore’s strategic vision and world-class infrastructure, have created a fertile ground for biotech innovation. The recent $1 billion investment announced in Budget 2025 for the modernization of one-north, including Biopolis, signals Singapore’s intent to maintain its position as a global leader in biotechnology for years to come. 
Singapore’s commitment to fostering innovation, attracting global talent, and providing robust funding mechanisms ensures that it will remain at the cutting edge of biomedical breakthroughs, driving advancements that promise to reshape healthcare worldwide. 

For a full breakdown of support measures, see Budget 2025: Unlocking Singapore’s Innovation Potential.

How FI Group Supports Biotech Innovation in Singapore

As Singapore’s biotech industry continues to flousrish, companies in this sector need expert guidance to navigating the complex landscape of R&D incentives and financial strategies. With a deep understanding of local regulations and incentives, we assist businesses in optimizing their R&D investments and leveraging available grants and tax incentives opportunities.  

To find out more about how your business can benefit from Singapore’s R&D incentives, download our comprehensive handbook: R&D Grants and Tax Incentives for International companies in Singapore.

In his 2025 Budget speech, Prime Minister Lawrence Wong emphasized the essential role of technology, innovation, and investment in driving Singapore’s economy. With a consistent investment of around 1% of GDP in R&D over the past 20 years, Singapore continues to position itself at the forefront of technological advancements and industrial transformation. 

Industries to watch 

PM Wong highlighted several key industries that are anticipated to be the focus of future investments and innovations: 

• Artificial Intelligence (AI) 

• Quantum Computing 

• Semiconductors 

• Life Sciences 

• Precision Engineering 

• Pharmaceuticals and Medical Devices 

These sectors represent the backbone of Singapore’s strategy to remain competitive in a rapidly evolving global economy. 

Key R&D and innovation-related action items in Budget 2025 

1. 3$ Billion Top-Up for the National Productivity Fund (NPF)  

The National Productivity Fund (NPF) receives a significant boost of $3 billion, reinforcing its role as a cornerstone of Singapore’s productivity and innovation efforts. Initially focused on productivity enhancement, the NPF’s scope has expanded to include investment promotion and industrial transformation. According to a 2023 parliament speech, the NPF supports the Construction Productivity and Capability Fund (CPCF), which incentivases firms to adopt productive technologies and develop their workforce. The NPF also backs the SkillsFuture Work-Study Programme for similar purposes.  

Now, with the age of BEPS2.0 posing new challenges to the attractiveness of Singapore as a destination for investment from MNCs, the NPF will also support the newly launched Refundable Investment Credits (RIC). The top-up for NPF at this point of time further demonstrates the government’s commitment to attracting more quality investments.  

2. $1 Billion Investment in new R&D facilities for Life Science and Semiconductor industries 

A substantial investment of SGD 1 billion will be allocated to refresh biotech and medtech infrastructure in the great one-north area, and to build a new national semiconductor R&D facility. These facilities aim to keep Singapore’s capabilities in biotechnology and semiconductor research at the cutting edge.  

3. Encouraging Adoption of AI Solutions with 150$ Million Enterprise Compute Scheme 

To further encourage the adoption of innovative solutions, the government will continue to support programs such as the Productivity Solutions Grant (PSG) and SME Go Digital. These initiatives provide SMEs with the necessary resources and guidance to integrate digital solutions into their operations, driving productivity and growth. 

A newly announced Enterprise Compute Scheme will see SGD 150 million dedicated to helping companies adopt advanced solutions from established cloud service providers and consulting firms. This initiative is designed to enhance business efficiency and competitiveness through the integration of AI and other cutting-edge technologies.  

4. $200 Million Top-Up for NTU CTC Grant 

An additional SGD 200 million will be injected into the NTU Company Training Committee (CTC) grant. This top-up aims to support upskilling workers and improving business outcomes, ensuring that Singapore’s workforce remains competitive and well-equipped for future challenges.  

Innovation at the Heart of Sustainable Growth  

Singapore recognizes that innovation is fundamental to achieving sustainable long-term GDP growth. Budget 2025 reinforces this vision by maintaining investments in existing initiatives while launching new programs focused on emerging technologies like AI, life sciences, and semiconductors.  

By prioritizing R&D, workforce development, and cutting-edge infrastructure, Singapore is not only addressing current challenges but also laying the groundwork for a resilient, innovation-driven economy that can thrive well into the future.  

新加坡经济的高速发展离不开企业投资与科技创新。在科技创新方面，新加坡在2024年全球创新指数中名列全球第四、亚洲第一，有力地证明了新加坡的创新实力。同时，在2024年预算中，新加坡政府更是宣布将为研发项目投资逾110亿新元，足见其对研发创新相关产业的高度重视与大力支持。

企业投资方面，新加坡的创新硬实力与政府对创新产业的支持力度使其成为各产业科技创新型企业青睐的投资对象。新加坡经济发展局发布的《2024年度报告》显示，在固定资产投资方面，2024年新加坡共吸引135亿固定资产投资。其中新加坡电子业吸引了最多投资，总额度高达76.65亿新元。

新加坡政府为跨国企业提供的经济支持分为税收优惠和资金补助两方面。其中主要政府补助项目如下：

1. 企业研究优惠计划（RISC）

企业研究创新计划由新加坡经济发展局（EDB）主导。该计划支持企业在本地进行技术研发、创新活动、设立卓越中心等活动，旨在鼓励企业提升科技创新能力、研发尖端技术、开发新产品/工艺/流程等。该计划针对企业活动中发生的以下费用，提供最高50%的资金支持：

• 资本性支出
• 人员人工费用
• 培训费用
• 专业服务费
• 无形资产成本
• 材料与耗材成本

RISC 项目获批后，企业可获得长达3年的资金支持。企业进行RISC申请时可申报多个子项目，最终由EDB决定RISC项目支持的活动范围。

2. 研发费用税前扣除 + 企业创新计划（R&D Tax Measures & EIS）

研发费用税前扣除政策与企业创新计划旨在为开展研发活动的企业提供税收优惠。企业在本地开展的研发活动中发生的费用，可按照一定比例申请加计扣除，从而降低应缴纳的企业所得税税额。

具体地，企业研发活动中发生的前40万新元费用，可按照实际发生额的400%进行税前扣除，等效于享受68%的研发费用优惠（按17%企业所得税率计算）。超过40万新元的部分可按照实际发生额的250%进行扣除，等效于42.5%的研发费用优惠。

适用税前扣除与企业创新计划的研发费用类型包括人员费用、消耗品费用、委托/外包费用等。加计扣除产生的未吸收损失可无限结转，保证跨国企业在新加坡落地后能充分享受研发费用相关税额优惠，不受盈利状况等因素影响。企业在所得税申报时自主核算研发费用，并向税务局（IRAS）提交相关文件以享受税收优惠。五年内项目相关资料须留存备查。

3. 可退还投资税收抵免（RIC）

税基侵蚀与利润转移第二支柱（BEPS 2.0）由经济合作与发展组织（OECD）提出，要求年收入不低于7.5亿欧元的跨国企业缴纳15%的全球最低税率（Global Minimum Tax）。这使得当前新加坡通过降低企业所得税税率并提供税前加计扣除以吸引跨国企业的方式将不再适用于受全球最低税率限制的跨国企业。

随着BEPS 2.0时代的到来，新加坡政府推出可退还投资税收抵免 (RIC) 计划，旨在提高新加坡的投资吸引力。顾名思义，RIC计划基于企业投资，为企业提供可退还（折现）的税收优惠。该计划支持的企业投资活动包括以下类型：

• 投资新生产能力
• 开展研发与创新活动
• 开展总部活动或设立卓越中心
• 开设数字化服务、专业服务、供应链等，或是扩展相关服务范围
• 通过大宗商品交易商开展活动或扩展活动范围
• 实施脱碳相关解决方案

不同于税率优惠等传统优惠政策，RIC 计划鼓励企业开展有助于新加坡经济增长和创新的项目，并为这些企业提供资金支持。该计划旨在促进企业大力投资制造业、研发、绿色经济和数字化转型等关键领域。同时，为确保入围项目对新加坡经济的正面影响，新加坡经济发展局将通过项目的投资规模、预期创造岗位数量等方面，对项目预期带来的经济成果进行考察，并决定项目应获的税收抵免比例。不同税收抵免比例对项目的要求如下：

税收抵免比例	项目要求
10%	目标：扩展企业在高价值经济活动中的相关能力 投资规模：不小于300万新元 新创造岗位：不少于8个岗位
30%	目标：增强企业在研发、卓越中心、可持续发展等领域的相关能力 投资规模：不小于500万新元 新创造岗位：不少于10个岗位
50%	目标：引入一流设施，或为行业带来重大进步 投资规模：不小于700万新元 新创造岗位：不少于18个岗位

RIC计划为以下企业活动费用类型提供税收抵免：

• 资本性支出
• 人员人工费用
• 培训费用
• 专业服务费
• 无形资产成本
• 新加坡境内委托工作相关费用
• 材料与耗材费用
• 运费与物流费用

4. 企业所得税税率优惠（Concessionary tax rate）

新加坡注册企业可通过先锋企业优惠 (PC) 和发展与扩张优惠 (DEI)政策获取所得税税率优惠。一般情况下，新加坡注册企业的所得税税率为17%，而上述两项政策允许企业获取5%、10%或15%的优惠税率。企业申请PC与DEI政策需要满足创造岗位数量、相关项目预算规模、固定资产投资等相关要求，同时项目也须符合研发创新活动要求。

 

5. 产业指向型补助项目

新加坡科技研究局、国立研究基金会及各产业管理部门（例如新加坡咨询通信媒体发展局（IMDA）、金融管理局(MAS)等）也推出针对不同产业的指向型补助项目，为各类企业提供研发创新资金支持。企业可以为计划开展的研发项目寻找合适的补助项目，或是结合政府补助项目细则决定此后的研发方向。

 

专注创新补助管理，助力企业创新之旅——关于FI集团

FI 集团致力于为全球企业提供研发资金补助项目申报与管理服务。集团在全球14个国家共设有43个办公室，与超过1.8万企业客户合作，进行创新补贴项目的申报和管理，每年获批补助超过25亿美元。FI集团咨询团队集合来自不同行业领域的专家，拥有丰富技术背景，同时专精创新补助政策与项目管理，保障客户从相关政策中获益最大化。

若您有意向拓展企业在新加坡的业务，FI集团可为您针对包括但不限于上述的创新资金补贴项目，量身定制合作模式，携手面对项目选择、补贴申报到后续管理的一系列挑战。 我们衷心期待与您在新加坡共创辉煌！

Imagine a world where financial transactions happen instantly across borders, where artificial intelligence detects fraud before it occurs, and where sustainable finance is reshaping global markets. In Singapore, this is not a vision of the future—it’s the reality of 2025.

As one of the world’s leading FinTech hubs, Singapore is at the forefront of financial innovation. Supported by a progressive government, cutting-edge technologies, and a vibrant startup ecosystem, the city-state is setting new standards for what FinTech can achieve. From AI-driven financial services to decentralized finance (DeFi) solutions, Singapore is leading the way in creating a more connected, inclusive, and sustainable financial system

1. Key Trends Shaping FinTech in 2025

Singapore’s FinTech ecosystem is evolving rapidly, driven by innovation in key areas such as:

• Digital Payments: Ubiquitous adoption of real-time payment platforms like PayNow and cross-border digital payments has made transactions seamless. In 2025, new interoperability standards are being developed to enhance global payment networks.
• Decentralized Finance (DeFi): Singapore-based FinTechs are pioneering blockchain-powered solutions, offering decentralized lending, borrowing, and asset management platforms.
• AI in Financial Services: Artificial intelligence is being used to automate customer service, credit risk assessments, and fraud detection, making financial services faster and more secure.
• Green Finance: Sustainable finance solutions, including green bonds and ESG-focused investments, are becoming mainstream, with Singapore as a key player in driving environmentally conscious financial innovations.

2. Government Support for FinTech in Singapore

Singapore’s FinTech sector benefits from significant government support, creating a fertile environment for growth. Some Fintech grants and funding programs initiatives are the R&D Tax Incentives and the MAS Financial Sector and Technology Scheme (FSTI).

Navigating the landscape of grants and incentives can be challenging for FinTech companies. FI Group Singapore provides tailored solutions to help businesses unlock their full potential, including:

• Identifying Relevant Programs: We match your FinTech innovation with appropriate funding schemes, including MAS grants and R&D tax incentives.
• Simplifying Applications: Our experts guide you through the complexities of grant applications and ensure compliance with regulatory requirements.
• Maximizing Tax Incentives: We optimize tax relief for R&D activities and ensure your business benefits from available schemes like the Productivity and Innovation Credit (PIC).

By partnering with FI Group, FinTech companies can focus on scaling their solutions while we handle the intricacies of public funding and tax optimization.

4. The Future of FinTech in Singapore

As Singapore continues to innovate, the FinTech industry is set to further integrate AI, blockchain, and sustainability into financial services. With strong government support and expert guidance from partners like FI Group, FinTech companies are poised to shape the future of global finance from the heart of Asia.

Download our comprehensive FinTech case study to learn more about how innovative solutions are transforming the financial landscape.

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.

Singapore has once again demonstrated its unwavering commitment to innovation, securing the 4th position in the Global Innovation Index (GII) 2024. This impressive ranking reflects the nation’s strategic investments in technology, education, and infrastructure, underscoring its status as a global hub for innovation and economic development.

Singapore is recognized worldwide as dynamic economy which particularly invest in R&D and innovation sectors. The country’s ability to foster innovation has been reflected in its ranking on the Global Innovation Index 2022, where it placed 7th, gaining one spot compared to the 2021 ranking. With generous R&D and innovation funding policies, the Singaporean innovative ecosystem is very favorable to make new technologies flourish in the country.

However, despite the fact that many innovations are held within foreign corporations established in Singapore, a lot of them are struggling to claim the public funding schemes. The burden of holding 30% of local shareholders within the company is weighing on many of them.

This raises the following question:

How foreign companies established in Singapore can successfully access public R&D funding?

In this article, we will address it through 2 complementary strategies: direct funding and indirect funding.

• Direct funding

The first thing that comes to company’s mind when talking about R&D public incentives is the grant & subsidy system.

In Singapore, like in many countries around the world, grants are provided by public agencies through call of projects. They announce, evaluate, and allocate the grant depending on specific objectives and requirements defined depending on the government and agency’s agenda.

As a company, you will not qualify for every grant available at a given period. The first step in establishing a winning strategy on direct public funding is to find the right type of grants for your project and establish a contact with the public agency in charge. You will find below a non-exhaustive list of main actors that can provide foreign companies with adequate direct public fundings:

• The Singapore Economic Development Board (EDB) with Innovation Scheme for Companies (RIS(C)): this government agency under the Ministry of Trade and Industry is responsible for strategies that enhance Singapore’s position as a global center for business, innovation, and talent. One of their missions is to attract foreign investment into Singapore. The scheme that aims at financing innovative projects is Research Innovation Scheme for Companies (RIS(C)). It supports company’s developments of technologies, product and processes, innovation activities from Singapore.
• Monetary Authority of Singapore (MAS) and their Financial Sector Technology and Innovation Scheme: It seeks to attract financial institutions to set up innovation centers of excellence or laboratories in Singapore. Financial companies looking to establish or expand its R&D efforts in Singapore, especially by testing innovative ideas and roll out market solutions can benefit from this direct funding scheme.
• Marine and Port Authority (MPA) with their MINT Fund Call for Proposals: This fund aims at developing a competitive edge for the port of Singapore, transform the Singaporean maritime sector in an innovative cluster and build up technological capabilities locally in key niche areas.
• Energy Market Authority (EMA) with their Research Innovation, Enterprise and Deployment plan: This plan focuses on catalyzing research and innovation, supporting enterprise development and facilitating deployment of promising solutions in the energy sector. The decline of costs for clean energy have spurred investments, which EMA tries to include in a sustainability strategy.

Once the right grant has been identified, you must enter the application process in the right period, which can be difficult for companies with limited resources allocated to claim such incentives.

In conclusion, your strategy on public fundings will rely on the availability of subsidies in your sector at a given time, which can be anticipated correctly if you establish a good contact with the appropriate administration.

 

• Indirect funding

Though less popular than subsidies and grants, indirect funding can make up for a significant amount of companies’ R&D funding if correctly claimed and done.

It refers to all tax incentives, tax credits and tax deductions that a company can benefit from running R&D activities. The Singaporean government has been supporting companies in that sense in the past already through the Productivity and Innovation Credit (PIC) scheme, which has ended and been replaced in 2018 by a generous R&D Tax Incentive. This scheme enables a tax a deduction of 250% of R&D expenses incurred during the year, corresponding to a net saving of 42.5% (when applying the 17% corporate tax rate). Moreover, it is accessible to any company registered in Singapore, regardless of the nationality of shareholders.

As a counterpart to this generous and open tax incentive, the claiming company has to be the beneficiary of the R&D work. In other words, no re-invoicing to other companies in the group is possible, and the IP must be located accordingly. When deciding on a funding strategy for your R&D activities, this is an important matter to consider if you are an international group with already constituted financing and IP policies that are hard to modify.

 

In conclusion, a well-thought-out strategy for R&D public funding must rely on these two components: direct and indirect funding. These two types of funding intervene at different moments of the project: before the start of expenses for the grants and each year at the time of the tax return for the R&D tax deduction. Although grants are generally preferred by companies as they limit initial investment to launch a new R&D activity, the R&D Tax Deduction ensures stability and predictability of the financial support received by the government.

FI Group as an expert in public R&D funding strategy can assist you in the definition and execution of your strategy, customizing it to your company needs and specific challenges.

Contact our experts!