Recently, the Economic Development Board (EDB), together with our Association has set performance targets for the local food manufacturers for the coming years. These include to grow 45 globally oriented local food companies by 2010, to develop 70 new products, to add 40 HACCP certified companies and to upgrade 40 factories by 2006.
In order to accomplish the targets, EDB has reserved S$10 million to be granted to our members via various grants and incentives. Our Association has thus engaged a full time officer to promote and to administer this scheme, so that our members can fully understand the contents of the incentives and to take advantages of the same. Our officer shall pay visits to our members in their offices. During the visits, he can explain to our members the details of all the incentives and if the members are interested, assist them to fill up the forms, to do submission and to follow up with the applications etc. A list of incentives offered by the various government agencies for manufacturing, R&D, marketing etc can be found in the attached.
EDB also attempts to link up the research and development workers performed by the local tertiary institutions with the food industry. In the meantime, these higher learning institutions shall provide searching services for technology, experts processes and equipment for the local food operators. Our colleagues in food industry, please come forward to help us help you!
|DEI (Development Expansion Incentive)||Lower Tax||For New or Expansion projects, enjoy a lower corporate tax rate for up to 10 years.||EDB|
|IA (Investment Allowance)||Lower Tax||For New or Expansion projects, part of new investment in productive equipment can be deducted against taxable income.||EDB|
|INTECH (Initiatives In New Technology)||Grant||Grant for the training of professionals and technicians for operations start-up or R&D. Training can be conducted locally or overseas.||EDB|
|RPFS (Resource Productivity Feasibility Study)||Grant||Grant to carry out feasibility studies for Automation, water conservation, land intensification and energy saving projects.||EDB|
|RPS (Resource Productive Scheme)||Financing||Loan for investments in Automation, water conservation, land intensification and energy saving projects.||EDB|
|LETAS (Local Enterprise Technical Assistance Scheme)||Grant||Grant for SMEs on a co-sharing basis for technical upgrading, e.g. consultancy for getting HACCP-certification to ready for exports.||SPRING|
|LEFS (Local Enterprise Financing Scheme)||Financing||Help local enterprises by government sharing risks with banks for loans to SMEs. It is contingent on the participating financial institutions being comfortable after doing their due diligence. Covers:
|RFS (Regionalization Finance Scheme)||Financing||Finances SMEs overseas projects through fixed rate loans for acquiring fixed assets.||IE SINGAPORE|