Financial Sector Incentive (FSI) Scheme

What does it support?

FSI covers approved banking, capital-markets, fund-management and other financial-sector functions. The activity must fall within the relevant award category.

Who can apply?

Applicants are MAS-regulated or otherwise qualifying financial institutions with substantive activities in Singapore. The category determines the required business, employment and economic contribution.

How does the support work?

Under the streamlined framework, new and renewal awards principally use 10% or 13.5% tax rates, depending on category. The benefit depends on qualifying income; there is no fixed monetary cap.

What expenditure can qualify?

The scheme applies to qualifying financial-sector income. It does not reimburse the costs of establishing or operating the institution.

Key conditions

Qualifying-income rules and continuing substance commitments apply throughout the award. MAS reviews factors including headcount, business growth, economic contribution and incentivised income annually.

Timing and application process

Engage MAS to establish the appropriate FSI category, covered income and application requirements. The current scheme information states 31 December 2028 as the closing date.

Important programme distinctions

There is no single rate that can be applied to every financial institution. Confirm the category and income scope before modelling the benefit.

Related funding routes

• Insurance Business Development
• FSTI 4.0 – Institution Project