【Singapore Fiscal Benefits Series 3】Focus on the Last Few Areas!

Jan 29, 2023 elitestage No Comment

For more information on Singapore’s investments and incentives, today we’ve summarized the last few areas: human resources, sustainability, and shipping and logistics. Come and learn more about it~

Human Capital and Competency Development

Corporate Training Grant (TGC)

This subsidy is designed to support human resource development in the application of new technologies, industrial skills and expertise. Subsidies are available for eligible costs (such as trainee salaries and overseas trainer fees), subject to sub-category cap limits.

Sustainable Development Preference Program

Decarbonization Projects

Emission Reduction Investment Subsidy – Investment subsidies for capital expenditures on energy efficiency or green data center projects.

Energy Efficiency Projects

This offer supports energy efficiency and competitiveness improvement of Singapore companies by funding up to 50%of eligible costs.

“The Energy Efficiency Fund (EF2) and the Energy Resource Efficiency Grant (REG(E)) are available to companies, including small and medium-sized manufacturing companies undertaking energy efficiency projects in Singapore.

Training grants are also available to fund the development of local expertise and capacity in professional energy management.

Subsidies for Emission Reduction Projects

Investment subsidies for capital expenditure on energy efficiency or green data center projects.

Corporate Sustainability

The Sustainable Bond Subsidy Scheme (SBGS) encourages the issuance of green-social-sustainable and sustainability-related bonds in Singapore, and is open to first-time and re-issuers. Funding support of up to 100% or S$100,000 is provided for each eligible issuance cost.

Transport Sustainability

This program funds innovation and technological advancement in Singapore’s land transport for concept stage research and piloting of innovative ideas for the transport ecosystem.

In addition, it reduces initial registration fees, annual tonnage tax and preferential port charges of up to 25% for ship owners who voluntarily adopt solutions such as enabling ships to exceed environmental regulatory standards, encouraging Singapore-flagged ships to reduce greenhouse gas emissions and ocean-going vessels to adopt pollutant reduction solutions.

Water Source Technologies

Funding and technical support is provided for approved industrial water user collaborative projects, as well as support for high intensity and innovative industrial water treatment and fresh water recovery projects.

Companies are also encouraged to accelerate the commercialization of new and promising water source technologies locally at an early stage. Eligible costs include labor, training, equipment and professional services costs.

Waste Management

The program funds up to 80% of eligible costs as an incentive to reduce waste emissions or dispose of waste in designated incineration plants and facilities by implementing waste minimization and recycling projects. Approved projects must result in an increase in solid waste recycling or a decrease in solid waste generation.

Urban Solutions

An open innovation platform that allows innovators to work together to develop solutions for improving the living environment and quality of life. There are five focus areas: energy, urban greening, living environment, water and waste, and building technology. The grant program is open to entrepreneurs and businesses and encourages the development, implementation and commercialization of solutions with funding of up to 70% of eligible development costs.

Food Production

Funding is provided to local farmers to expand production capacity, increase yields, and improve productivity and sustainability through the development of pre-defined ranges of farming systems, prototype test bed components, and new agricultural technology systems.

Maritime, Shipping and Logistics Related Businesses

Maritime Business Incentive Scheme – Singapore Ship Registry / Chartered International Shipping Enterprise Award

Qualifying shipping income is tax deductible for a period of 5 or 10 years. Eligible shipping income includes the operation of Singapore and foreign flagged vessels, the provision of designated ship management services to eligible parties, the dispatch, arrest or discharge of designated vessels, aggregated income and risk management activities related to ship operation incidents.

Maritime related support service concessions

Qualified chartering income or management income is eligible for a preferential tax rate of 10% for a period of up to five years.

Maritime Innovation and Technology Fund

This fund aims to support research and development or technology testing of new or upgraded products, processes and applications relevant to Singapore’s maritime industry.

Funding is available up to 50% of the project cost, with total project cost expenditure including manpower cost, equipment cost, material cost, professional services, intellectual property and other ancillary costs.

Projects considered to be of strategic importance or industry impact may be eligible for a higher percentage of the funding amount.

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