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Singapore Offers Automation Incentives for Engineering Companies

Written by: Bridgewest

Singapore-offers-automation-incentives-for-tech-companiesSingapore is known as one of the largest producers of computer parts in the world which is why a great number of engineering companies are registered here on an annual basis. This is year, their number is expected to grow even more as the Singapore government has enables various incentive schemes meant to compensate the lack of specialists in the automatic engineering industry. Our local agents can assist foreign investors interested in starting a business with the company registration process in Singapore.

What are the Singapore companies to benefit from these programs?

First of all, the Productivity and Innovation Credit Scheme is one of this year’s largest programs developed for engineering companies in Singapore. However, it is required to specify what these companies are as the engineering industry is made up of several branches which is why the incentives offered by the authorities are so important. 

Some of the best performing industries in terms of export orders are related to the precision engineering, the semiconductor, the electronics and the automotive sectors for which the city-state is launching programs worth millions of Singapore dollars which will help companies in their production, automation, and research activities.

Our Singapore company formation specialists can assist foreign investors interested in opening engineering companies in the city-state.

Singapore is one of the world’s greatest supporters of the engineering sector

This affirmation comes from several representatives of foreign companies which have moved their operations to Singapore after investing in the last years in neighboring countries like South Korea and Japan.

Returning to the programs meant to support the automation processes of Singapore companies, through the Productivity and Innovation Credit the government is setting aside 3.6 billion SGD until 2018. Another program is the Future of Manufacturing program dedicated to small companies seeking to test new technologies. This incentive is worth another 500 million SGD.

For full information on the programs developed by the government to support the engineering industry, please contact our Singapore company formation consultants. Our representatives can also help if you want to open a company in Singapore.

 

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