High technology companies are defined as companies engaged in promoted activities or in the production of promoted products in areas of new and emerging technologies. High technology companies are eligible for the following incentives:

• Pioneer Status with full tax exemption at statutory income level for a period of five years; or
  
  
• Investment Tax Allowance of 60% on qualifying capital expenditure incurred within a period of five years. The allowance can be offset against the statutory income for each assessment year without 100% of

The high technology company must fulfil the following criteria:

• Local research and development (R&D) expenditure to gross sales should be at least 1% on an annual basis. However, companies are allowed a period of three years from the date of operation / commencement of business to comply with this requirement
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• The percentage of science and technical graduates to total workforce should be at least 7%