Israel has developed a highly dynamic and vibrant Financial Services IT sector. In order to capitalize on the capabilities of this sector the Ministry of Industry, Trade and Labor has devised an innovative support program directed at foreign Multi-National financial and banking corporations.
To qualify the following criteria must be met:
1. The applicant is a foreign company and does not conduct any R&D activities in Israel
2. Operates in the financial sector
3. Has a turnover in excess of $10 billion.
The type and level of Support
The support is an up-front grant and no royalties will be required. The grants will be paid as a percentage (%) of the total budget approved. The grant payments schedule will be as follows:
1 & 2 40%
3 & 4 30%
If the R&D Center is located in a Priority Area (namely the Galilee in the north and the Negev in the south) the grant schedule will be 10% higher, as follows:
1 & 2 50%
3 & 4 40%
The maximum period of support per R&D project submitted will be 5 years.
In order to receive this support the company must also obligate itself to employ the following number of R&D workers by the end of each given year:
Year No. of R&D workers
The R&D Center may execute the project(s) through a subcontractor as long as the project(s) are executed in Israel and at least 90% of the subcontractor's employees working on the project(s) are Israeli citizens.
The program is administered by the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor.
Disclaimer: The above is a brief summary of the main points of the program. For more information please contact either Invest in Israel or the OCS directly.