For entrepreneurs, building a profitable and successful company is the ultimate dream. Starting a business in Singapore, a country with strong trade and investment is even better. Singapore is one of the easiest places to do business in the world.
Moreover, the Singapore government offers various grants and incentives for businesses. It is applicable to both startups and established firms. Indeed, Singapore has the resources, the market, and the opportunities to achieve your business goals. Plus, with the help of 3E Accounting Singapore’s support, the formation of company in Singapore is even more convenient.
Singapore Government Grants to Help Businesses Establish a Presence in Singapore
Business grants and incentives are made available with the annual national budget announcement. Year after year, companies and starting businesses in Singapore can anticipate and avail of various government’s grant offerings. Companies under specific fields have more chances of claiming when their activities qualify and achieve the government’s targeted goals. Here are some of the grants to help businesses establish a presence in Singapore.
Startup SG
The program Startup SG is a consolidation of previous startup assistance schemes. The Standards, Productivity, and Innovation Board (SPRING) Singapore manages the program. Startup SG provides Singapore-based startups access to funding sources and mentorship programs. The goal of the program is to help companies turn their innovative ideas into thriving businesses. Under Startup SG, qualifying companies can access cash grants, equity financing, and business loans.
Startup SG Equity
Startup SG Equity is an investment fund that SPRING Seeds Capital and SGInnovate manage. Under this scheme, the Singapore government co-invests with 11 private investment partners in Singapore startups. Qualifying startups are businesses that require significant capital expenditure and take a long time to commercially viable.
Startups that aim to improve existing technologies will receive 70% funding in an initial investment of SG$ 250,000 from the Singapore government. After that, the government will invest SG$ 1 for every SG$ 1 funded by private investors, at a cap of SG$ 2 million.
Moreover, for companies qualifying as “deep tech”, the government will provide initial funding through an investment of SG$ 500,000. Afterwards, SG$ 1 is invested for every SG$ 1 supported by private investors, up to SG$ 4 million. Deep tech companies are enterprises that develop products based on scientific or technological breakthroughs. These products must be unique, differentiated, and hard to reproduce.
Startup SG Tech
The Startup SG Tech grants project funding for local Singapore’s companies. The grant aims to develop breakthrough technologies. The government provides these grants hoping that these technologies can disrupt existing markets or even create new markets. Startup SG Tech supports companies under industries like advanced manufacturing and robotics, biomedical sciences and health, information and communication technologies, and transportation technology.
With the Startup SG Tech, qualifying companies will get funding for proof-of-concept (POC) and proof-of-viability (POV) projects. POC projects are those projects testing the technical and scientific viability of new technology. POC projects can receive funding of up to SG$ 250,000. Meanwhile, POV projects are designed to test the commercial viability of a lab-proven technology. POV projects can get up to SG$ 500,000 funding.
Startup SG Founder
Singapore explicitly created the Startup SG Founder to support entrepreneurs with innovative businesses. This grant provides up to SG$ 30,000, matching every SG$ 3 raised with SG$ 1. Additionally, Startup SG Founder grantees receive mentorship and guidance from Singapore-based incubators. For this grant, first-time entrepreneurs must apply through an accredited mentorship partner (AMP).
Enterprise Development Grant (EDG)
The Enterprise Development Grant aims to support projects that help startup companies strengthen their business foundations. Additionally, this grant is also to fund companies to pursue innovation, improve productivity, and expand overseas markets. The grant covers 30% to 70% of qualifying project costs. Approval of the funding would depend on whether you are an SME and whether the expenses are related to software and equipment.
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant aims to support companies adopting IT solutions and equipment to enhance business processes and productivity. The grant funds up to 70% of the costs of investing in government-approved long-term technology solutions. These technology solutions include customer management solutions and human resource management systems.
Business Improvement Fund (BIF)
The Business Improvement Fund is available to grant funding for businesses in the tourism sector. The BIF is targeted explicitly at encouraging technology innovation and adoption and the redesign of business models to improve productivity and competitiveness. The level of funding under the BIF depends on the size of the company. Grant applicants who are successful SMEs can receive up to 70% funding support on qualifying costs like training, hardware, software, internal human resources, and third-party related costs.
VentureForGood (VFG) Grant
The VentureForGood grant is created specifically for new and existing social enterprises who need support to either start-up or expand their operations. The Singapore Center for Social Enterprise (raiSE) and the Ministry of Social and Family Development manage this grant. Grantees of the VFG grant can receive up to SG$ 300,000 funding for start-up or expansion activities.
3E Accounting in Helping Set Up Business and Tapping into Government Grants
You can avail of many more government grants and funding in Singapore. Those mentioned above are only some of the many other schemes that the Singapore government provides to help startups. There are also others you can take advantage of when you need extra help while conducting business.
Moreover, the grants mentioned above require you to have an established company before applying for them. If you have not yet done so, and need the extra professional help to get through the processes efficiently, you can avail of 3E Accounting Singapore services.
Opening a company in Singapore is much more comfortable with the help of our competent and expert professionals. Our firm provides business support services to companies including, but not limited to company incorporation. We can assist you in your business registration and filing the compliance requirements to incorporate a company. Additionally, we can provide you with professional insights on issues and other concerns that may arise during the process.
Further, once you have successfully set up your company and applied to one of the grants mentioned above, we can assist you in complying with Singapore’s regulatory requirements. For example, some of the conditions will include the appointment of a corporate secretary. Our firm can assist you in managing your grant requirements and also provide corporate secretarial services for you.
Set up your business and avail of government grants in Singapore today with 3E Accounting Singapore. To avail or inquire about our corporate services, you may visit our web page or contact our office today.
