Enterprise Innovation Scheme
Topics To Be Discussed
Key Facts about the Enterprise Innovation Scheme
2. Company must carry out innovation activities.
Benefits of Singapore Enterprise Innovation Scheme
The Enterprise Innovation Scheme offers a range of significant benefits to eligible businesses, providing a robust framework for fostering innovation and growth.
- Enhanced Tax Deduction. Under the EIS, eligible companies can claim up to 400% tax deduction for five categories of qualifying activities. It enables businesses to allocate resources towards pioneering initiatives and technological advancements, fostering a culture of innovation and excellence within their operations.
- Cash Conversion Option. In addition to the enhanced tax deductions, eligible businesses have the option to convert up to S$100,000 of the total qualifying expenditure for each Year of Assessment into cash at a conversion rate of 20%. This cash conversion option provides companies with the flexibility to manage their financial resources effectively, facilitating the seamless integration of innovative practices and initiatives within their operations.
Eligibility Criteria for the Enterprise Innovation Scheme
To qualify for the Enterprise Innovation Scheme, companies must meet specific eligibility criteria outlined by the government.
Singapore-based company: An applicant should be a company incorporated in Singapore and tax resident in the country.
Eligible projects: A company should implement any of the following projects:
- R&D Activities. Businesses engaged in R&D projects can avail of tax benefits if their initiatives meet specific criteria. These include the acquisition of new knowledge, the creation of new products or processes, or the enhancement of existing products or processes. The EIS provides a robust framework for businesses to undertake pioneering R&D activities, facilitating the exploration of groundbreaking ideas and concepts that contribute to their long-term growth and competitiveness.
How to Apply for the EIS
How We Can Help
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