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Published on: 05 Jan 2017 by arnoldrad
GAC Group is an international consulting firm with expertise in R&D tax credits, innovation financing and international development.
You will find out below some information about opportunities to improve your access to public funding in Singapore, and a few tips to help you finance your innovation.
Do not hesitate to contact us, we will be delighted to help you !
Cash payout claims for YA 2016 and YA 2017
You can now claim qualifying costs from January to June 2015 for the Year of Assessment 2016 if you are closing your accounts in December.
You are closing your accounts earlier than December during the year? You may be able to claim qualifying costs for the whole financial year related to YA 2016 and the first two quarters of YA 2017.
Enhanced tax deductions for YA 2015
The 30th of November 2015 is the deadline to submit your PIC claims for enhanced tax deductions with your form C. But if you are submitting the form online, you can benefit from a few extra days to do it: until the 15th of December 2015. It is time to start optimising and securing your PIC claims for a smooth process!
PUBLIC FUNDING IN SINGAPORE
Technology Enterprise Commercialisation Scheme (TECS)
The Technology Enterprise Commercialisation Scheme (TECS) by SPRING provides start-ups with early-stage funding for the developmental efforts towards the commercialisation of proprietary technology solutions based on strong technology Intellectual Property and a scalable business mode. It’s a competitive grant in which proposals are evaluated based on both technical and commercial merits by a team of reviewers, and the best are funded.
Applicants may apply for either the Proof Of Concept (POC) grant or the Proof Of Value (POV) grant, depending on the stage of development of the technology or solution/concept. Up to 100% of the qualifying costs can be supported for POC grant with a cap at 250,000 SGD. Up to 85% of the qualifying costs can be supported for POV with a cap at 500,000 SGD.
Claim of software and web solutions development
If your technical team has spent time developing IT tools for the needs of your business, the staff cost related to this development can be claimed within the PIC scheme, provided that you match the requirements from IRAS.
With a team of Masters Degrees owners in Engineering and strong expertise in IT, GAC Group can help you to optimise and secure your PIC claims by identifying eligible technical projects, calculating how much you are entitled to claim, preparing technical reports and required records, and assisting you in case of IRAS queries.
We have successfully claimed projects of different kinds of IT tools (software, modules, web-based solutions, mobile applications,…) for:
· Project management solutions
· Mobile apps
· Dashboards and analytics tools
· Tailor-made CRM
· Customization of a CMS
· Automated deployment routines
We will be giving a talk about “How to optimize and secure your PIC Scheme?” in partnership with the French Chamber of Commerce in Singapore and the SME Centre on September 23rd at 8.30 am
TechInnovation and TechVenture 2015 in Singapore
The TechInnovation 2015 event held from 22nd-23rd Sept is a premier industry-to-technology matching event and marketplace that brings more than 80 exhibitors and 300 emerging ready-to-market technologies together to accelerate the commercialisation of emerging technologies, seed licensing opportunities and foster collaborations. The intense two-day event is packed with plenary talks, fast-paced technology pitchings, calls for collaboration and productive one-to-one pre-matched meetings. In the meantime, TechVenture event will take place next to TechInnovation. GAC Group will be present for this exciting two-day event.