Research Incentive Scheme for Companies (RISC) Detailed Introduction (Singapore Incentive Policy)

The Research Incentive Scheme for Companies (RISC) is an incentive measure launched by the Singapore Economic Development Board (EDB), aimed at supporting enterprises in enhancing their R&D capabilities and promoting the development of technological innovation and high-value economic activities. By providing financial support to eligible enterprises, RISC incentivizes companies to invest in R&D projects in Singapore, promoting technological advancement and industrial upgrading.

1. Background and Objectives of the RISC Scheme

The establishment of the RISC scheme aims to encourage enterprises to concentrate their R&D activities in Singapore and promote the development of the local technology ecosystem. With intensifying global competition, innovation and technological R&D have become key to maintaining competitive advantages for enterprises. RISC reduces R&D costs by providing financial support for corporate technology projects, encouraging enterprises to invest more resources in cutting-edge technology development and new product development.

2. Content of the Incentive Policy

Financial Support:
RISC provides partial funding subsidies for eligible R&D projects to reduce the financial pressure on enterprises during the R&D process. These funds can be used to cover the following expenses:

Salaries and training costs for R&D personnel, to support skills enhancement and talent development.
Equipment and laboratory acquisition or rental costs, for necessary equipment to conduct R&D activities.
Material costs and other direct R&D expenditures, consumables and material costs closely related to project implementation.

Project Scope:
The scope of RISC support covers multiple technology fields, including but not limited to:

Advanced Manufacturing and Engineering: Supporting R&D projects involving industrial automation, robotics technology, precision engineering, and other fields.
Information and Communication Technology (ICT): Including R&D of cutting-edge technologies such as artificial intelligence, big data analytics, cybersecurity, and Internet of Things.
Biomedical and Life Sciences: Supporting innovative drug development, medical device development, and biotechnology innovation.
Green Technology and Sustainable Development: Encouraging enterprises to conduct R&D related to clean energy, environmental technology, and circular economy.

3. Application Requirements

Enterprises applying for RISC incentives need to meet the following basic requirements:

R&D projects must be conducted in Singapore and meet the technology fields and value-added requirements specified in the RISC policy.
Projects must demonstrate their contribution to Singapore's economy and technology ecosystem, such as enhancing local R&D capabilities, technology transfer, and talent development.
Enterprises must have sufficient technical capabilities and resources to execute R&D projects and submit detailed project proposals explaining expected outcomes and innovation value.

4. Advantages of RISC and Enterprise Benefits

Through the RISC scheme, enterprises can enjoy the following benefits:

Reduced R&D costs: Financial support helps enterprises invest in research projects, reducing their financial burden and allowing them to focus on technological innovation and new product development.
Enhanced competitiveness: With RISC support, enterprises can develop new technologies and products with market competitiveness more quickly, maintaining technological leadership.
Talent development and skills enhancement: RISC supports enterprises in cultivating high-quality R&D personnel, promoting professional development of technical staff and skills enhancement of local talent.

5. RISC's Role in Promoting Singapore's Technological Innovation

The RISC scheme not only supports corporate R&D activities but also plays a key role in Singapore's technology ecosystem:

Promoting technology transfer and industry collaboration: By encouraging cooperation between enterprises and research institutions, RISC promotes the commercial application of technology and cross-domain knowledge exchange.
Enhancing Singapore's global technology position: By promoting the implementation of high-value technology projects, the RISC scheme helps Singapore attract more international technology companies and research talent, enhancing its competitiveness in the global technology field.
Supporting sustainable development and green technology: RISC helps enterprises develop more environmentally friendly and energy-efficient technological solutions by supporting R&D projects related to green technology and sustainability, advancing Singapore's sustainable development goals.

6. Application Process

When enterprises apply for the RISC incentive scheme, they typically need to go through the following steps:

Submit preliminary application: Enterprises submit a letter of intent to the Singapore Economic Development Board (EDB), outlining the proposed R&D project and its expected outcomes.
Prepare detailed project proposal: Enterprises need to provide a detailed proposal including project objectives, technical roadmap, budget arrangements, and expected economic benefits.
EDB evaluation and review: The Singapore Economic Development Board will evaluate the project's feasibility and value-added effects to determine whether to provide financial support.
Sign agreement and execute project: Once the application is approved, the enterprise will sign relevant agreements with EDB and execute the R&D project according to plan.

The Research Incentive Scheme for Companies (RISC) is an important incentive policy supporting technological innovation and R&D activities in Singapore. By providing financial support to enterprises, RISC reduces R&D costs and incentivizes companies to invest more resources in technology development and innovation activities. At the same time, RISC promotes the development of Singapore's overall technology ecosystem and enhances Singapore's attractiveness as a global innovation center. Enterprises can leverage RISC incentives to achieve breakthrough progress in technological R&D and achieve commercial success.