Refundable Investment Credit (RIC)

Grant Provider
Singapore Economic Development Board (EDB).

Max Amount / Support Rate
10%, 30% or 50% of qualifying expenditures.

Project Duration
Qualifying Period up to 10 years per award.

• Applicant is a Singapore-incorporated company or Singapore-registered branch of a foreign company.
• Project involves significant new investments in priority growth areas and activities carried out in Singapore.
• Minimum thresholds by profile: at least $3m and 8 employees for 10%, $5m and 10 employees for 30%, $7m and 18 employees for 50%.
• Meet milestone conditions on implementation, Investments and Employment, with annual audited progress updates to EDB.
• Submit audited claims for qualifying expenditures in EDB’s prescribed format.

• Investing in new productive capacity.
• Expanding or establishing digital services, professional services and supply chain management.
• Expanding or establishing headquarters activities or centres of excellence.
• Carrying out R&D and innovation activities.
• Implementing solutions with decarbonisation objectives, and activities by commodity trading firms.

Support Rate → 10%, 30% or 50%.

Qualifying Expenditure Details

• Singapore-incurred costs for qualifying activities, including manpower and capital expenditure
• Excludes depreciation, amortisation, maintenance, staff not based in Singapore, and expenses incurred outside Singapore.

• New or expanded capabilities and capacity in high value-added activities.
• Deepening of value creation capabilities, including centres of excellence, R&D, innovation and IP generation.
• Advancements in sustainability and decarbonisation.
• Strengthening Singapore’s position in sectoral leadership and global or regional value chains.
• Spillovers to the local ecosystem through partnerships and multiplier effects.