For entrepreneurs, building a profitable and successful company is the ultimate dreamStarting a business in Singapore, a country with strong trade and investment is even betterSingapore is one of the easiest places to do business in the world.
Moreover, the Singapore government offers various grants and incentives for businessesIt is applicable to both startups and established firmsIndeed, Singapore has the resources, the market, and the opportunities to achieve your business goalsPlus, with the help of 3E Accounting Singapore’s support, the formation of company in Singapore is even more convenient.
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Singapore Government Grants to Help Businesses Establish a Presence in Singapore
Business grants and incentives are made available with the annual national budget announcementYear after year, companies and starting businesses in Singapore can anticipate and avail of various government’s grant offeringsCompanies under specific fields have more chances of claiming when their activities qualify and achieve the government’s targeted goalsHere 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 schemesThe Standards, Productivity, and Innovation Board (SPRING) Singapore manages the programStartup SG provides Singapore-based startups access to funding sources and mentorship programsThe goal of the program is to help companies turn their innovative ideas into thriving businessesUnder 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 manageUnder this scheme, the Singapore government co-invests with 11 private investment partners in Singapore startupsQualifying 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 governmentAfter that, the government will invest SG$ 1 for every SG$ 1 fundedprivate 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$ 500,000Afterwards, SG$ 1 is invested for every SG$ 1 supportedprivate investors, up to SG$ 4 millionDeep tech companies are enterprises that develop products based on scientific or technological breakthroughsThese products must be unique, differentiated, and hard to reproduce.
Startup SG Tech
The Startup SG Tech grants project funding for local Singapore’s companiesThe grant aims to develop breakthrough technologiesThe government provides these grants hoping that these technologies can disrupt existing markets or even create new marketsStartup 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) projectsPOC projects are those projects testing the technical and scientific viability of new technologyPOC projects can receive funding of up to SG$ 250,000Meanwhile, POV projects are designed to test the commercial viability of a lab-proven technologyPOV projects can get up to SG$ 500,000 funding.
Startup SG Founder
Singapore explicitly created the Startup SG Founder to support entrepreneurs with innovative businessesThis grant provides up to SG$ 30,000, matching every SG$ 3 raised with SG$ 1Additionally, Startup SG Founder grantees receive mentorship and guidance from Singapore-based incubatorsFor 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 foundationsAdditionally, this grant is also to fund companies to pursue innovation, improve productivity, and expand overseas marketsThe grant covers 30% to 70% of qualifying project costsApproval 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 productivityThe grant funds up to 70% of the costs of investing in government-approved long-term technology solutionsThese 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 sectorThe BIF is targeted explicitly at encouraging technology innovation and adoption and the redesign of business models to improve productivity and competitivenessThe level of funding under the BIF depends on the size of the companyGrant 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 operationsThe Singapore Center for Social Enterprise (raiSE) and the Ministry of Social and Family Development manage this grantGrantees 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 SingaporeThose mentioned above are only some of the many other schemes that the Singapore government provides to help startupsThere 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 themIf 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 professionalsOur firm provides business support services to companies including, but not limited to company incorporationWe can assist you in your business registration and filing the compliance requirements to incorporate a companyAdditionally, 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 requirementsFor example, some of the conditions will include the appointment of a corporate secretaryOur 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 SingaporeTo avail or inquire about our corporate services, you may visit our web page or contact our office today.