The Singaporean government is allocating a budget of S$ 19 billion to support R&D, research and entrepreneurship between 2016 and 2020 as part of its Research Innovation Enterprise 2020 plan (RIE2020).
Singapore introduced in 2010 the Productivity and Innovation Credit (PIC) system distant equivalent of our French CIR.
This device aims to supporting innovation and increasing the productivity of companies based in Singapore. The successive reforms of the budget since its launch have really worked in favor of companies and make this device very attractive.
The PIC allows companies established in Singapore to benefit from significant tax reductions as well as cash refunds on the basis of their investments for the following activities:
- Purchase or rental of industrial or IT equipment (automation)
- Internal and external staff training
- Acquisition of Intellectual Property rights and licenses
- Registration of patents or trademarks
- Research and development
- Product design (subject to prior approval by authorities).