PRODUCTIVITY AND INNOVATION CREDIT (PIC)
Business are encouraged to establish an online presence to grow their reach organically. Inland Revenue Authority of Singapore (IRAS) offers the Productivity and Innovation Credit (PIC) scheme to allow businesses to enjoy up to 400% tax deduction or allowances or a 40% cash payout for six qualifying PIC activities.
These activities include: (1) acquisition and leasing of PIC IT and automation equipment; (2) training of employees; (3) acquisition and licensing of Intellectual Property Rights (IPR); (4) registration of patents, trademarks, designs and plan varieties; (5) research and development activities; and (6) design projects approved by Design Singapore Council.
MARKET READINESS ASSISTANCE (MRA)
Is your business expanding overseas? IE Singapore provides the Market Readiness Assistance (MRA) Grant to allow businesses to get up to 70% of eligible third-party costs for: (1) overseas market set-up; (2) identification of business partners: (3) overseas market promotion.
To support businesses in overseas market promotion, funding can be used for online marketing activities such as search engine marketing (SEM) and/or search engine optimisation (SEO), social media marketing campaigns and online advertising campaigns.
Funding support is capped at S$200,000 per company per fiscal year. Companies can make a maximum of two applications per fiscal year and limited to one activity per application.
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